Exchange Rates of Philippine Pesos

Philippine Peso is the currency being used in the Philippines.

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The exchange rates of which, as of writing (June 2020) are the following:

• 1 US Dollar = 49-51 Philippine Pesos

• 1 Euro = 54-56 Philippine Pesos

• 1 Japanese Yen = 0.46-0.48 Philippine Pesos

For live updates on exchange rates, there are several online websites offering the service also for other currencies, like the following: https://www.xe.com

 

Changing Money in the Philippines

Money exchange counters are widely available especially in urban areas most especially in airports, malls and in counter stalls. Usually, establishments ask to see your passport or fill-out a form as mandated before the transaction. Exchange rates are generally better in urban areas than in small rural areas or islands. Euro and US Dollars are commonly accepted for money exchange, as well as many other international currencies (ie Australian Dollars, Swiss Franc, Chinese RMB, others).

We usually advise not to change your money in your own country: Philippine Pesos are not easy to collect for foreign banks and exchange rates aren’t advantageous.

 

Automated Teller Machines (ATMs) in the Philippines

ATMs that dispense the local currency are widely spread in urban areas. Be aware, though, that a “transaction fee” will be charged to your account per withdrawal. You may have to check this with your bank as rates vary per bank. Also the local bank might charge an extra fee for this service.

ATMs become rarer in more provincial areas, and may even be sometimes “offline”, while some places don’t even have these convenient machines.

 

Use of Credit Cards in the Philippines

Major credit cards are accepted in most big establishments in the cities and more urbanized areas. However, in the smaller, remote islands and more rural areas, especially in small shops, accommodations and restaurants, they would only accept cash payments.

We advise to bring along enough cash with you for your purchases when you’re heading to these far and remote places.