44.68 Pesos For A Dollar

[OnMyWay]

44.68 at XE.com

 

BPI Online Low 44.49 (<$1000) , High 44.55 (>$20,000)

 

I don't have any dollars here to exchange so I have been using my Capital One Mastercard a lot.  I can use it for groceries and gas, and used it for several Xmas gifts.  The exchange rate is usually somewhere between BPI and XE rate.

[earthdome]

Thanks for the reminder. I just did USD to peso fx online with BPI, got 44.51.

[JJReyes]

One possible reason why the Philippine peso is going down against major currencies is foreign flight capital. The Commissioner of the Bureau of Internal Revenue has been very aggressive in interpreting taxation laws. Fairness does not seem to be an issue with her. It's "Take me to court if you don't like it." The result is foreign investments are being pulled out of the country. This is good for forum members who need to convert their home currency to Philippine pesos. 

[Americano]

I hope this US Dollar Exchange Rate increase lasts a long time and goes even higher. What do the readers here think, has the rate peaked or will it go higher?  Watching the Exchange Rate is like trading on the Stock Market, we can only guess when it hits a high or low.

 

I have a Pesos account at BPI but not a Dollar account yet. Since I have an account there can I take US Dollars in BPI and exchange them for Pesos?

 

I have a Dollar account at LandBank and my wife has a Pesos account there so I can withdraw Dollars but LandBank doesn't exchange Dollars for Pesos which means I have to get the Dollars and then exchanged some where. I plan to open a Dollar account at BPI to eliminate this problem.

[Tukaram (Tim)]

I have a dollar and a peso account at BPI.  I cannot do it online but at the branch I can exchange the money to pesos. 

[JJReyes]

I hope this US Dollar Exchange Rate increase lasts a long time and goes even higher. What do the readers here think, has the rate peaked or will it go higher?  Watching the Exchange Rate is like trading on the Stock Market, we can only guess when it hits a high or low.

 

The Bangko Sentral ng Pilipinas policy was to allow the currency to float within a 40 to 45 pesos range. The BSP would intervene whenever necessary. If the exchange rate is above 45 pesos for more than two weeks, it would indicate that there has been a BSP policy change. 

[OnMyWay]

I have a dollar and a peso account at BPI.  I cannot do it online but at the branch I can exchange the money to pesos. 

 

Tuka, you should be able to exchange between your dollar and peso accounts (or vice versa) online between 0930 and 1530.  If you can't, ask them about it.  Maybe a form was missed when you opened the account.

 

Americano, BPI should take your dollars, exchange them to pesos and put them in your peso account.  However, much better to have the dollar account there because then you have the flexibility to exchange anytime when the rate is good.  

 

Also, the exchange rate signs on the desk are not always what you will get.  Especially if you have a lot to exchange, ask the manager what the best rate available is.  BPI exchange rates are centralized at the head office and the branches must submit a request in the computer.  The rate is very volatile now and BPI updates the central system several times a day, but not always the signs.  The managers and exchange staff can even ask central for a better rate than the computer has and it might get approved.  When I bought my car I exchanged 10k dollars and the manager submitted for a few centavos higher than the computer had, and it came back approved in 5-10 minutes.  On other days, that might not happen.  It just depends on the Forex market trends for the day.

 

It never hurts to get to know your bank manager too!

[Malcolm Graham]

A money changer in Baclaran told me the best time to change foreign currency is when the banks are open.  He would always beat their rates but if the banks were closed then his exchange rate was his decision.  And he always gave me 5php over the exchange rate if I went in banking hours

[JJReyes]

A money changer in Baclaran told me the best time to change foreign currency is when the banks are open.  He would always beat their rates but if the banks were closed then his exchange rate was his decision.  And he always gave me 5php over the exchange rate if I went in banking hours

 

The banks and money changers are brokers who make their money through a small fee that is included as part of the exchange rate. Banks have a higher overhead compared to money changers so what they give you might be lower. When banks are closed, which means the Central Bank clearinghouses are also closed, the money changers assume a risk as to the conversion rate. 

 

If the money changer is giving you P5 per USD more as a regular customer, that may indicate he is not reporting the transaction. The dollars are resold to someone who needs them either to store undisclosed wealth or make undisclosed purchases overseas. 

[Americano]

I was wondering about that P5 above the exchange rate too. Maybe he meant to say .5 pesos.  US $10,000. at P5 = P50,000. I don't think anyone will give you that much extra.