Suppose you want to send money overseas, which involves converting one currency to another currency at the time of transfer. In that case, you need to keep an eye on the exchange rate as it impacts how much money your recipient receives.
You want the best US dollars to Philippine Pesos exchange rate when sending money from the United States to the Philippines. The best exchange rate gives you more pesos for your dollars.
Since the value of the exchange rate between two currencies is never constant and varies depending on the supply and demand of it in the market, you want to send your money when the exchange rate is in your favor.
Setting an alert when the rate reaches the desired value and locking in on the rate can save a lot of money. Try CompareRemit's App.
By the end of this article, you will learn how to get the best US dollar to Philippine Peso exchange rate (USD to PHP).
You will need to understand a few things before you can make out if you are getting the best rates on your money transfer overseas or, in this case, USD to Philipino peso transfer. Read on to find out.
But first, let's get to know how Overseas Filipino Workers (OFWs) contribute to the Philippines' economy.
Because of their contributions to the Philippine economy through remittances, migrant workers from the Philippines, commonly known as Overseas Filipino Workers (OFWs), are revered as Bagong Bayani (modern-day heroes).
A significant portion of their foreign income is sent to their family in their home countries in the form of remittances. Remittances put money directly into the hands of the people and households in developing economies like the Philippines, rescuing millions from poverty and promoting economic growth by facilitating access to credit and enhancing access to healthcare, education, and entrepreneurship.
The Philippines is recorded as the 4th highest remittance recipient country in the world, only behind India, China, and Mexico for years in a row. It is not surprising that the Philippines is one of the top recipients of remittances in the world, given the over 10 million Filipinos who work abroad.
Remittances from OFWs are one of the country's main sources of foreign currency. Every year, remittances amount to billions of dollars, adding to a large portion of the country's gross domestic product (GDP).
According to Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, the remittance of $34.88 received in 2021 accounted for 8.9% of the country's gross domestic product (GDP).
Personal remittances, cash, or in-kind transfers between families totaled $34.88 billion in 2021, up 5.1% from $33.19 billion in 2020.
OFWs based in the United States were the leading source of remittances received in the Philippines for years. In 2021, it amounted to around 12.74 billion US dollars. But sadly, millions of dollar sent gets lost in transfer fees and bad USD to PHP exchange rates.
The USA-Philippines remittance corridor is one of the competitive marketplaces because many money transfer companies are available to provide you with better exchange rates and lower fees than conventional money transfers via banks.
Now, let's get to the main topic of the article.
The process of converting one currency into another at a predetermined rate is known as foreign exchange.
The exchange rate, put simply, determines how much one currency is worth in relation to another. For instance, at the time of writing, the dollar to philippine peso rate today (USD/PHP exchange rate) is 1 USD to 55.83 PHP.
Because of supply and demand market pressures, conversion rates for virtually all currencies are constantly changing.
The exchange rate of a country is vital as it provides a window into its economic stability. It is closely watched and studied. It affects how countries trade with one another. It impacts how much money you can get when converting one currency into another.
The midpoint between the buying and selling values of any two currencies at any one time is known as the mid-market rate, sometimes referred to as the interbank exchange rate.
Banks trade currencies with one another at the mid-market rate. This is the exchange rate that you see on Google or Reuters when you type in to see the exchange rate of a currency pair.
Currency's buy and sell rates are based on the constantly changing demand and supply of the currency, which is influenced by national and international macroeconomic conditions.
Therefore, each currency pair has its unique mid-market exchange rate, which fluctuates based on various factors such as imports, exports, trade agreements, economic conditions, etc.
Although banks and money transfer services use the mid-market rate when they trade between themselves, they add a margin to the mid-market rate when offering money transfer services to customers.
The percentage difference between the mid-market rate and the rate provided to consumers is known as the exchange rate margin.
The difference in the two rates is one of the ways banks and money transfer providers make money. Even a slight difference in the rate can make a big difference when sending vast sums of money.
Banks and money transfer providers make money by offering a marked-up exchange and charging transfer fees, or a combination of the two.
Even a small rate change might have a significant impact when sending large amounts of money.
The currency conversion costs are often hidden from the customers. And they end up paying high fees without their knowledge. To entice customers, companies offer 0% fee or no commission but hide the charges in their marked-up exchange rate, exhibiting a lack of transparency in money transfer fees.
Depending on the money transfer service you choose to use and the amount of money you're sending, these exchange rate margins can range from 0.01% to 10% or more.
Start by searching Google or Reuters for the mid-market rate of the currency combination you want to use. Convert US dollars to Philippine pesos online by typing in the value with any online currency conversion tool.
Knowing the mid-market rate will make it easier to assess how fair of an exchange rate the service provider of your choice is providing. Your recipient will receive more money the closer you are to the mid-market rate.
Over time, the Peso's value has declined. One benefit of the weak PHP compared to the USD is that you can remit more pesos for your US dollars to your families in the Philippines.
The exchange rate varies widely with different money transfer service providers. This is why you should shop around to get the best deal on your transfer.
Many money transfer providers offer promotional rates on your first transfer with them, along with reduced fees.
When you sign up with these transfer companies to send money overseas, they will display the offered exchange rate to you after you've entered all the necessary information to make the transfer.
You can also lock in the desired rate for a limited time with some of the transfer companies. This way, you can send your money using your locked-in even if the market's actual rate changes.
Some companies, such as Wise, Instarem, et., offer the mid-market rate for your international money transfers.
The majority of transfer providers include price estimators on their websites that let you double-check an estimate before sending it. The best option is to select a provider that is transparent about its costs.
CompareRemit, a leading online marketplace for remittance service providers, allows you to compare exchange rates given by multiple money transfer services in real-time with a single press of a button on their online comparison tool.
You just need to enter the sending and the receiving country and how much you want to send. You will be able to compare transfer fees, speed, and amount receivable and read verified reviews of the top money transfer companies. This way, you can choose the best option for your transfers.
It is accessible in a few countries, like the U.S., Canada, the United Kingdom, and Australia, where there are significant outflows of remittances.
CompareRemit Mobile App lets you:
Once you've compared all the remittance providers at your fingertips, you can seamlessly switch from the CompareRemit app to the money transfer app (of their partnered companies) of your choice to initiate your transfer.
The app provides all the tools and data required to send money abroad at the most advantageous exchange rates. Get the best rates and fees on your transfer by signing up and quickly comparing your options on your phone.
You can customize your homepage only to display your preferred transfer corridors or currencies.
So, comparing service providers is highly recommended.
To sign up for CompareRemit App, follow the steps below:
If you want to save money on your money transfers by comparing top money transfer companies, CompareRemit's comparison engine is the way to go.
Use CompareRemit to find today's best US dollar to Philippine peso exchange rate!
When it comes to repatriating large sums of money from India, it puts every NRI in a situation where he has to consider different obligations regarding monetary cross-transfer. Taxation, reliability and transfer timelines are a few things that influence these decisions.Personal finances have to be dealt with delicately and ensured that there is no loss during the due process of remittances. There are various options available in the marketplace today, be it via traditional banking or the modern ways of online transfers.CompareRemit offers a platform that allows you to compare different players in the market and pick the best rates that suit your needs.Repatriation from an NRE AccountAs a component of the liberalization scheme of the Reserve Bank of India, remitting funds from India has become relatively easier. Balances in NRE (Non-Resident External) accounts are freely repatriable. No formalities or requisite permissions are required for remittances abroad be it any amount. Funds in accounts are usually funds deposited from abroad or current income like interest or dividends on investments made through foreign funds.Repatriation from an NRO accountBalances in NRO (Non-Resident Ordinary) accounts are subject to certain conditions. The remittance of USD 1 million per financial year from NRO accounts is allowed subject to certain procedural formalities. NRO account balances include income earned locally or certain capital account transactions. Form 15-CA and 15-CB need to be submitted before a remittance can go through.Read more on difference between NRE and NRO account on CompareRemit.The Traditional Option - BanksThe most sought after choice for remittances to the UK are banks. Banks are the most popular means of transferring money to the UK because:There is a high level of trust owing to the various government regulations.Familiarity and the comfort of knowing the neighborhood-friendly banker.There are two ways one could remit funds using banking services:Online - If your bank has given you access to internet banking and allows repatriation through online instructions.In-Person - One could walk into the bank yourself and have the formalities completed there and then and have the satisfaction of seeing it to its destination with a receipt in your hand.However, it is important to note that INR to GBP/GBP to INR exchange rates may not always be competitive. The transfer fees can be high and the charges, not always transparent.Selection of Remittance Service ProviderShould you want to avoid remitting through banks, approaching a marketplace of money changers would be the next best option. A selection of remittance service providers should be made based on the following:- Transfer chargesSpeed of transferExchange ratesCharges on the conversion of currency (INR to GBP)Freeze option on exchange rate while process requirements are completedFlexibility of payment optionsAlternative Options for Remittance from India to UKWise - UK based transfer service supporters - Wise incorporates credit cards/debit cards, SWIFT, international transfers to bank accounts, domestic wire transfers and more. Wise offers competitive exchange rates for pound to rupee or rupee to pound conversions. It assures fast and low-cost online money transfers from India to the UK.ExTravelMoney - One of the easiest services for transferring funds from India to the UK, they also offer the facility of booking orders online.Western Union - In four easy steps available online and your money is sent from India to the UK. They offer competitive rates and faster transfers as well.Thomas Cook - Provides the best foreign exchange rates besides giving the assurance of secure and timely remittances for specific purposes.BookMyForex - With zero commission and zero charges, they claim to send money from India to the UK at guaranteed lowest exchange rates. The time span for the transfers to be effective is 12 to 48 hours.To select the right money transfer service one should keep the cost and time factors in mind. Convenience at a reasonable cost should be the mantra for selecting a suitable remittance service provider.
Sending money internationally is now easier than ever with the right service provider. PassTo is a convenient option for individuals in the UK who want to transfer money from GBP to INR and support their loved ones in India. In this article, we will guide you through the simple and efficient process of using PassTo for your international money transfer needs.Why Should You Choose PassTo?When it comes to international money transfers, PassTo is the clear choice for users in the UK. With their reliable and secure platform, PassTo ensures that your funds are transferred safely and efficiently.Here are some of the reasons why PassTo should be your top choice when sending money abroad:The first transfer is freeSpecial welcome exchange rates for new usersSend money to over 70 countries worldwide from the UKTransfer money in as little as a few minutes or same day/next business dayExcellent customer service via email, phone, or in-App chatSend up to £3,000 per day to most of our countriesSet up an account in just 2 minutesEarn a £50 gift through our rewards program when you invite 3 friends to make their first transfer of at least £200 eachPassTo is authorized and regulated by the FCANow that you understand why PassTo is the preferred option for sending money abroad, let's dive into the straightforward steps involved in initiating your first transfer from the UK to India.How to Send Money from the UK to India with PassToIn just a few simple steps, you'll be well on your way to sending money from the UK to India in no time. Step 1: Create an Account with PassToTo get started, visit the PassTo website (https://passto.co.uk) or download the PassTo mobile application from here and sign up for an account. Provide the necessary details and complete the registration process. Once your account is created, you'll gain access to PassTo's features and services.Step 2: Verify Your IdentityAs with any reputable money transfer service, PassTo requires you to verify your identity to comply with regulatory requirements. This step typically involves submitting valid identification documents, such as your passport or driver's license, and proof of address.Step 3: Choose a Payment MethodOnce you have successfully registered, you can proceed to choose a payment method from the options provided. PassTo allows you to select either your bank account, credit card, or debit card as the source of funds for the transfer.Step 4: Add a RecipientAfter verifying your identity, you can add a recipient to whom you wish to send money. Provide the recipient's details, including their full name, contact information, and bank account details in India and the details will be saved for future transfers . You also have the flexibility to choose how the recipient will receive the money. PassTo offers three options: bank deposit, mobile wallet credit, or cash pickup. You can select the most convenient option for your recipient.Step 5: Choose the Transfer Amount and CurrencySpecify the amount you wish to send in GBP and select the desired currency as INR. PassTo will display the current exchange rate and any applicable fees associated with the transfer. Take note of the exchange rate as it will impact the final amount your recipient will receive in Indian Rupees.Step 6: Review and ConfirmCarefully review all the details of the transfer, including the recipient's information, transfer amount, exchange rate, and fees. Double-check for any errors or discrepancies. If everything is accurate, proceed to confirm the transfer.Step 7: Track the TransferThroughout the process, PassTo keeps you informed and updated on the status of your transaction. You can conveniently track the progress of your transfer within the app itself or receive push notifications, ensuring that you are always aware of where the money is going and how long it is expected to take to reach its destination.Step 8: Money Delivered to the RecipientOnce PassTo processes the transfer, the money will be delivered to the recipient's bank account in India. The time it takes for the funds to reach the recipient may vary, but PassTo strives to offer quick and reliable transfers. It often can be delivered in as little as a few minutes!Sending money from GBP to INR can be a hassle-free experience with PassTo. By following the steps outlined above, you can take advantage of PassTo's user-friendly platform and robust services to securely transfer funds to India. With PassTo, you can ensure that your money reaches your loved ones in India conveniently and efficiently.
As with any other currency pair, the GBP to INR exchange rate fluctuates based on supply and demand on the international market.Inflation rates, interest rates, imports and exports, the political climate, and economic conditions are a few of the key factors that affect the fluctuation of currency values.Rate Increase by the Bank of England is Viewed as DovishEven though the Bank of England is expected to raise interest rates by 75 basis points, which would be the biggest increase since 1989, economists predict that policymakers will take a more dovish stance in the future as the likelihood of a recession rises. As U.K. inflation reached a 40-year high of 10.1% in September this year, the Bank is anticipated to increase its main lending rate for the 8th time in a row. However, slower growth momentum and a significant change in fiscal policy are expected to limit calls for further aggressive monetary tightening. The new prime minister, Rishi Sunak, dropped the controversial tax cuts at the centre of his predecessor Liz Truss' fiscal policy plan, so there is no longer a conflict between monetary and fiscal policy.The government's U-turns, which reduced market turbulence, mean that the Monetary Policy Committee (MPC) of the Bank won't have to counter the additional inflationary impact of government policy as it considers the possibility of future weaker growth.In light of what is likely to be a less generous household and business energy cost assistance scheme under Sunak, Goldman Sachs economists on Monday downgraded their 2023 U.K. growth predictions from an annual rate of -1% to -1.4%.Following Liz Truss' dismal fiscal policy statements in late September, the pound hit a record low versus the dollar. However, with Sunak's appointment and his decision to keep the more moderate Finance Minister Jeremy Hunt, the pound has since recovered somewhat.Sending Money Overseas When sending money to a foreign country, you need to take the current exchange rate into consideration. Take, for instance, the case of sending money from the UK to India. When you send money to India at a time when the exchange rate is favourable, the amount of money that your recipient receives will be higher.Today’s GBP to INR exchange rate (as of November 27, 2022) is 98.7572 INR per 1 pound as per Pound Forecast.GBP to INR 2023 Forecast Monthly GBP to INR Forecast 2023 MonthOpenMin-Max in INRCloseAveragedJanuary 1 GBP/102.05 INR102.05-106.691GBP/105.11 INR103.98February1 GBP/105.11 INR101.99-105.111 GBP/103.54 INR103.94March1 GBP/103.54 INR98.92-103.541 GBP/100.43 INR101.61April1 GBP/101.09 INR99.43-102.451 GBP/100.94 INR100.81May1 GBP/92.09 INR97.53-100.941 GBP/99.02 INR99.61June1 GBP/99.02 INR99.02-102.421 GBP/100.91 INR100.34July1 GBP/100.91 INR96.41-100.911 GBP/97.88 INR99.03August1 GBP/97.88 INR94.93-97.881 GBP/96.38 INR96.77September1 GBP/96.38 INR95.97-98.891 GBP/97.43 INR97.17October 1 GBP/97.43 INR95.49-98.391 GBP/96.94 INR97.06November1 GBP/96.94 INR96.18-99.101 GBP/97.64 INR97.47December1 GBP/97.64 INR93.84-97.641 GBP/95.27 INR96.10Source: Pound ForecastEven though you can send money through your banks, this is not the best option for sending money abroad. The good news is that the market is flooded with companies specialising in money transfers.PassTo is one such company that offers money transfer services from the UK to several countries and could be your best option for transferring money from GBP to INR. It is a London-based money transfer app that was introduced in late 2019 to offer simple, affordable money transfer services that save time, effort, and money. It primarily targets expats living in the UK.Reasons to Choose PassToPassTo has a lot to offer when it comes to transferring money:Easy Sign-up processSend money to friends and family in over 60 countries worldwide, and expandingGet the best exchange ratesTransfer money with no hidden fees Get discounted pricing for new usersFree First 2 transfers FCA regulated secure platformGet your money transferred in just a few minutes or same day/next business daySend Airtime Top-ups to 150+ countries in real-timeSend up to £2,000 per dayEarn money using PassTo Rewards ProgramMultiple payments and delivery methods24/7 customer service via email, phone, or in-App chatTrust score 4.6/5 stars on TrustPilotPassTo FeaturesTransparent Pricing and Competitive Exchange RatesPassTo fees are always shown upfront before you make your transfers. Do note that the fees will vary based on the destination country, the payment method, and the delivery method.PassTo uses an in-house algorithm that compares the exchange rates on behalf of its customers to provide the best exchange rates when sending money abroad. Even though there are several variables that affect the rates, you'll be able to view the best rates for the currency corridor you've chosen so that you can estimate how much money your recipient will receive.Faster Transfer PassTo can deliver your money in as little as a few minutes, making it one of the fastest transfer services available. For some countries, it can show up the same business day or the day after.Higher Sending LimitsYou can typically send up to £2,000 per day, £10,000 per month, and £50,000 annually. However, the limits will vary from country to country.Multiple Payment Options You can fund your transfers using debit cards, bank transfers, and credit cards.Multiple Delivery MethodsTransfer money to bank accounts, mobile wallets, Cash Pickup agents, and airtime top-ups. PassTo Rewards ProgramRefer your 3 friends to PassTo and earn a £50 gift when they make their first transfer of at least £200 each. Your friends will also get a £5 gift each. You can visit their website to learn more about their rewards program.How Do I Transfer Money Using PassTo?Here is a step-by-step guide to transferring money using PassTo:Download the PassTo app from the App Store or Google Play Store or visit their websiteSign Up & create an account Verify your account Set up your preferred payment method Enter details about your recipient Verify the transfer details Press Send!Track your transfer in the app itselfBy using PassTo, you can send money internationally with transparent fees, the best exchange rates, and a platform that is both safe and simple to use. Use PassTo to send money from the UK to India today!To compare all exchange rates, fees, and transfer speeds, use our online comparison tool for GBP to INR here.
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