USD-PHP Exchange Rate blues

[The_Sage1 2]

It wasn't even that long ago(last summer) that we were getting 48 PHP to a USD. Does anyone else notice that when they send money via Western Union, Money Gram or Xoom that the exchange rate is always a peso lower per dollar than what it actually is? Lately the exchange rate has been 44 PHP to the USD but every time I send on those services it comes out to be about 43.3. What gives?

A weak US Dollar affects us all. I haven't seen any signs of it getting better, either.

[Scott and Mhay 57]

Yeah i know...but I just gave my wife an ATM card and she gets money out....I only get charged 1% the transaction and of course now the 150-200 peso surcharge depending on the bank atm. Cheaper than using other services though.

[Jared and May 16]

I always send USD and let Milagros handle the local exchange.. I think she usually gets 1-2 PHP higher than the current rate..

[Gumbolette 58]

what happens is.. when you send money through WU, XOOM, or any money agent.. The receiver will never received the exact amount that s/he is expecting.

say you send $200 and s/he received it in Peso, the actual total amount will always be lesser eventhough its based from the US-Php exchange rate.

The reason is, they have the processing fee for your transaction and they normally take it out from the amount. That's how they make money, out of your money.

Edited April 20, 2010 by Cutie_Patootie

[Adam & May 4]

I too send in US Dollars but I know what you mean.

Since my first visit in August of 2008, the exchange rate has coninuted to fall.

Adam & May

[andresbonifacio 7]

just think about it this way, when the dollar falls against the Peso, it helps the Philippine economy somehow even a little bit.

[Filipinawife0210 15]

I too always send USD. When I first started sending my wife money the rate was 56php = $1USD those were the good ol' days!

[mikeuday19 0]

I too always send USD. When I first started sending my wife money the rate was 56php = $1USD those were the good ol' days!

wow P56 = $1! as of now, i don't see it happening again, so sad...

[loveaboo 0]

It wasn't even that long ago(last summer) that we were getting 48 PHP to a USD. Does anyone else notice that when they send money via Western Union, Money Gram or Xoom that the exchange rate is always a peso lower per dollar than what it actually is? Lately the exchange rate has been 44 PHP to the USD but every time I send on those services it comes out to be about 43.3. What gives?

A weak US Dollar affects us all. I haven't seen any signs of it getting better, either.

If you noticed, the cost of sending money in PhP via Xoom is so much cheaper than sending money in USD. The reason for that is because they are already earning money from the exchange rate since their rate is usually PhP 1 lower than the real exchange rate.

[Andrelle 1]

Oh yeah, I noticed that the rate now is not that good...Before when I was in the Philippines, I was the one hoping to get the good exchange rate but now it's my brother's turn hehehe. What we were thinking is to just send the funds good for 3 months through LBC. I think they charge like $10 from $501-3,000...

[Scott and Mhay 57]

yeah my first trip to the PI in 2002 the exchange rate was like 52 or 53 Php to the dollar. My wife said that during part of her time in korea the exchange rate went down to 38 or 39. (2007-2008)I know she wanted to exchange korean won to american dollars because the exchange rate was a little better than using the won.

[andresbonifacio 7]

yeah my first trip to the PI in 2002 the exchange rate was like 52 or 53 Php to the dollar. My wife said that during part of her time in korea the exchange rate went down to 38 or 39. (2007-2008)I know she wanted to exchange korean won to american dollars because the exchange rate was a little better than using the won.

it didnt go down to 38-39, just almost 40ish in the early 2008.

[Mark and Ivy 0]

It wasn't even that long ago(last summer) that we were getting 48 PHP to a USD. Does anyone else notice that when they send money via Western Union, Money Gram or Xoom that the exchange rate is always a peso lower per dollar than what it actually is? Lately the exchange rate has been 44 PHP to the USD but every time I send on those services it comes out to be about 43.3. What gives?

A weak US Dollar affects us all. I haven't seen any signs of it getting better, either.

Moneygram and all those instant money places will give you a lower than actual rate to make a little more off of people in a tight spot.

I signed up for a HSBC Direct online account. You can transfer money from your checking account into the HSBC account for no charge and they give you an ATM card.

I sent the ATM card to my wife and then called HSBC and told them I will be in the Philippines indefinitely. That way they don't think it is stolen and being used there by someone else.

It does take four business days for the money to transfer, but as far as I know it is the cheapest way to get money there. The only fee you get hit with is a small ATM fee when money is taken out.

I think I actually got this idea from someone on this forum, so thanks to whoever that was for a great idea.

[Scott and Mhay 57]

it didnt go down to 38-39, just almost 40ish in the early 2008.

My wife said that when she sent while in korea it was below 40 when she sent...she was sending from korea so it was possible that they were giving less of an exchange from there too. I know the won to peso rate wasnt very good either.

[Fudpukker 18]

The reason for the Peso being strong is due to the upcoming elections, all the candidiates are pumping out money for campaining, bribing the local barangay captains, putting 500 peso bills in envelopes to buy the peoples votes. In short the economy is in a good state right now because of the abundant amount of money flowing due to election time.

Back when the Peso when up to 55 to 56 was during the time of President Joseph Estrada, this guy was an idiot and many foreign investors backed out of investing in the Philippines hence demanding the need for the US dollar and therefor making the Philippine Peso weak. Joseph was the worst president of all to where the Peso really dipped and economist believe that if he was not ousted the pesos would have gone as high as 75. Luckily when GMA took over, a educated and only slightly corrupt president the peso got its strenght back and went from 56 to now 43, mark my words, after election it will go back to 45 to 48.....

I have a feeling that either NOY NOY or VILLAR will be president, Villar is somewhat corrupt and NOY NOY is secretly corrupt, it remains to be seen where the peso will go.