USD INR ₹ 83.50
GBP INR ₹ 105.93
CAD INR ₹ 61.03
Articles

How To Send Money From Canada To India

Updated on July 13, 2022 03:48 pm
Canadian and Indian flags

India is the world's largest recipient of remittances in the world, followed by China, Mexico, the Philippines, and Egypt. International remittances are financial or in-kind transfers made by migrants directly to families or communities back home.

According to World Bank, India received over USD 83 billion in remittances in 2020 and USD 87 billion in 2021, with the United States being the largest source, accounting for over 20% of these funds.

India has consistently ranked as the top recipient of remittances due to the sizeable Indian diaspora (32 million NRIs and PIOs living outside of India).

Given that Canada has one of the largest Indian communities, Canada to India remittance corridor is also one of the most well-known money transfer corridors. In 2018, 16.89 lakh (1.689 million) Indians were residing in Canada, of which 15.10 lakh were Persons of Indian Origin (PIOs) and 1.78 lakh were Non-Resident Indians (NRIs), according to the latest report by the Ministry of External Affairs.

There are many ways to send money from Canada to India. Although banks are an easy option, keep in mind that they do not offer transparent exchange rates and are often lower than those offered by international money transfer specialists.

To get the best CAD to INR exchange rates, you can search on the CompareRemit comparison tool. You also have access to deals and discounts from their transfer partners that will help you get more INR for your Canadian Dollar. Take advantage of these deals and make the most of your hard-earned money.

In this blog, you will learn how to send money to India from Canada and the top money transfer services of the Canada-India remittance corridor. Before we get to the list, let us look at the things to consider when sending money overseas. 

Things To Consider Before Transferring Money From Canada To India

Exchange Rates

You frequently need to convert one currency into another when sending money internationally. The value of one currency relative to another is known as the exchange rate, which varies daily depending on the state of the market.

Money transfer platforms and banks often add a margin to the mid-market rate or the real exchange rate when providing money transfer services. This is why the exchange rates offered by various money transfer companies vary and are often competitive to attract customers. 

As a result, comparing the exchange rates on online comparison tools like CompareRemit is highly recommended to get the best deal on your transfers. 

Before moving forward with your transfers, use a search engine to find the actual exchange rate to assess how fair an exchange rate you are offered is.

Some transfer companies allow you to lock in a preferred rate for a set amount of time so that the rate fluctuations don't affect your transfers. You can set up alerts for rates when it reaches your preferred value.

Since it impacts how much money your recipient will get, the exchange rate is a cost that must be taken into account. Sometimes there is a lack of transparency in transfer fees, as evidenced by the possibility of hidden fees in the form of a marked-up exchange rate.

Banks are a convenient option, but they are often expensive and offer poor exchange rates.

Will CAD To INR Increase Or Decrease?

As of today, CAD to INR exchange rate is 61.14. According to Walletinvestor.com, the CAD to INR is likely to increase in the long term, reaching 75.051 in 5 years. 

Transfer Costs

International money transfer costs vary depending on the mode of payment, transfer speed, transfer amount, the money transfer provider, the delivery method, and the destination country. It can range from $0-$30 or more. 

Banks tend to charge more and may have correspondent bank fees, or other hidden charges you are unaware of that can add up to your expenses.

The transfer fees can be a percentage of the amount being sent or a flat fee per transaction. Some may charge no fees but profit from the difference between their offer rates and the mid-market rates.

Prepare to pay more if you want faster delivery. Payment with a credit card comes with higher fees than payment with a bank account or debit card. Cash transfers are often the quickest option but have higher fees.      

Go for transfer providers with upfront fees and competitive exchange rates. You can check the price estimator available on the money transfer companies' websites to get an idea about the cost.

Transfer Speed

International transfers usually take 1 or 2 business days. Still, they can take as long as 5 business days depending on various factors such as payment method, the timing of transfer request, security checks, destination country, delivery method, and delivery speed.

As mentioned above, faster transfers come with higher costs. Instant cash pickups are more expensive than transfers to a bank account, where the money may take several days to be deposited.

Transfers funded by credit cards are quicker than bank account-funded transfers. If you are not in a rush, look for a cheaper option when comparing the offers from various money transfer providers.

Safety

Protection of the funds and prevention of fraud is top priorities during money transfers. Banks and money transfer companies are required to abide by laws and regulations set forth by national and international governing organizations, such as Know Your Customer (KYC), Anti-Money Laundering (AML), and Counter-Terrorist Financing (CTF) (ATF). 

To ensure the safe and secure transit of payments, every authorized money transfer company has put in place several security measures, including SSL encryption and two-factor authentication. While cheques and demand drafts are safe and time-tested options, however, there are chances of them getting lost or misplaced. 

Wire transfers are electronic transfers that make use of networks like SWIFT to exchange messages and enable the transfer of funds across international borders. They are secure and practical as long as you check the transfer information and avoid sending money to strangers.

Do check the online customer reviews to get an idea of the quality of the services from the customer feedback.

Top Money Transfer Services For Sending Money From Canada To India

Here is our list of the top money transfer companies for the CAD to INR corridor.

Wise

You can send money to your recipient's bank account with Wise by signing up online or on their app for free using your email address or a Google or Facebook account. 

Wise is an authorized London-based online and mobile payment service provider regulated by the Financial Conduct Authority (FCA) in the United Kingdom. It has 13 million users and counting worldwide. 

To send money in CAD to India, Wise charges a small, flat fee of 1.78 CAD+ 0.62% of your transfer amount that's converted, which is shown upfront, and the money is exchanged using the real rate (the ones you see on Google or Reuters). Wise claims to be 8X times cheaper than banks. 

You can fund your transfer by 4 payment methods:

  • Direct Debit 
  • Debit Card 
  • Credit Card
  • Bank Transfer 

Wise can send money within one day or almost instant. But the payment method or certain security checks can affect the transfer speed. Bank account-funded transfers are cheaper but slower, while transfers funded by debit cards or credit cards are costly but faster.    

You can check the transfer limits for your currency pair on their calculator

Western Union

Western Union is the largest and the oldest money transfer company in the world, with more than 145 years in service. Its headquarter is located in Denver, Colorado.

There are two ways to send money to India from Canada with Western Union.

  • Directly transfer to bank accounts in India by registering online or through their app.
  • In-person transfer at agent locations for Cash pick up in India

Western Union has more than 111,0001 agent locations in India, which offers flexibility for your friends and family to opt for Cash pick-up. 

You can pay using your bank account, Visa debit card, or your credit card. 

Use their price estimator tool to get an idea of how much it costs to send money to India. This will show you the transfer fees, exchange rates between the Canadian dollar and the Indian rupee, and the transfer limits that might apply to your money transfer.  

Remitly

Remitly is another popular online-based money transfer platform located in Seattle, especially founded to provide affordable and convenient money transfer services to immigrants. 

Remitly has multiple receive options for recipients in India. You can transfer money directly to over 130 bank accounts, including SBI, HDFC, Citi Bank, Axis Bank, or more than 20 banks using UPI (virtual payments) either by signing up online or through the Remitly app. 

Your recipient can also pick up their money at 100,000+ cash pick-up locations, including Punjab National Bank, EbixCash, Weizman Forex, Muthoot Fincorp, and more. 

You can fund your transfer using a bank account, debit card, and credit card.

Remitly offers two modes of transfer based on speed:

  • Express mode: Receive money within minutes 
  • Economy mode: Receive money within 3-5 business days

There are no transfer fees for sending CAD 500 or more, and the promotional FX rate applies to the first $999 of the transfer. 

Panda Remit

Panda is an FCA-regulated online-based money transfer platform located in Hong Kong that provides fast and convenient remittance services. 

You pay no fees on your first transfer with Panda Remit and can receive the money within minutes or at the least within 1-3 working days. The transfer speed will vary depending on the payment method and the delivery method. 

You can initiate your transfer by signing up online or on their app using your phone number or email address. Panda Remit allows you to pay with a debit card, ACH bank transfer, and ATM transfers. The money can be received either in a bank account or a debit card. 

Check live rates from Panda Remit by using their online calculator. Enter CAD to INR currency pair, enter the transfer amount, and the calculator will show you how much money your recipient will get. You will also get to see the applied exchange rate and the transfer fees charged for your transfer. There are no hidden fees with Panda Remit.

Make use of Referral bonuses and discounts to save money on transfer costs. 

Instarem

Instarem is one of the most cost-effective remittance services, especially for small transfers. The delivery is usually instant or same-day transfer. 

You get the real exchange rate and no hidden charges. To initiate the transfer, sign up for a free account online or on the Instarem app with your email or Google, or Facebook ID. 

Instarem support multiple payment methods, including debit/credit card, bank transfers, and wire transfers. And multiple pay-out options via card, bank account, and cash. Your recipient doesn't need to have an Instarem account to receive money. 

Check the live rates and fees on their currency converter before you send the money. Simply enter the send amount and select the send and receive countries (in this case, Canada and India, respectively). You will see the exchange rates and fees for your transfer upfront. 

Also, earn Instapoints with your transactions to save money in your subsequent transfers. 

XE Money Transfer

Sending money from Canada to India is quick and easy with XE money transfer. Simply sign up for a free XE account or on the XE app to initiate the transfer to your recipient's bank account in India. 

XE is a Canada-based online international remittance service provider. It offers free tools to check live currency rates, view historical charges for currency pairs, and set alerts for desirable rates.

You can pay for your transfers using direct debit, bank transfers, and card payments. It can take 1-4 working days for your money to arrive in India, though it typically arrives more quickly. 

Depending on the amount you send to India, XE charges a small fee that you will see before you confirm your transfer. You can send up to $500,000 (or the currency equivalent) to India from Canada online.  

ICICI Bank Money2India 

Money2India is a subsidiary of one of India's largest banks, ICICI Bank. You can transfer funds from Canada to India from your ICICI Bank NRI account, or your account opened in Money2India online to over 100 banks in India. 

You can also sign up on the Money2India app to make the transfer hassle-free. 

The best part is that your recipient can receive the money within 24 hours or less. And if you transfer the money to an ICICI bank account in India, the transfer is completed in under 30 minutes.

If you are transferring for the first time with Money2India, check for promotional offers on CompareRemit.

Remit2India

Remit2India is a leading new-age online money transfer service that enables NRIs to send money to India from countries such as the United States, Canada, United Kingdom, Australia, and Ireland. 

You have 3 options to send your money:

  • Direct Debit
  • Bill Payment 
  • Email Money Transfer

The money gets delivered usually within 3 working days but can vary depending on the sending and receive options you choose. There is no fee for your first transfer for the transfer amount of CAD 501- CAD 200,000. A flat fee of CAD 2.99 is applied for the transfer amount of CAD 50- CAD 500.

With Remit2India, you can transfer funds directly to top national banks in India, at 500,000 branches of 90 banks such as Axis Bank, ICICI Bank, State Bank of India, etc.

How To Send Money From Canada To India?

Once you have compared the money transfer companies and honed down on the company you want to go with, follow the basic steps below to make your transfer:

  • Open an account online with the chosen remittance company,
  • Provide all the personal information and documents required for identification,
  • Set up your transfer using your recipient details and bank information in India,
  • Enter transfer amount,
  • Check the exchange rates and transfer fees, and transfer speed,
  • Check if there are deals and promotions to lower your transfer costs,
  • Select a delivery method,
  • Pay for your transfer by choosing a payment method,
  • Confirm all the information and press “Send”,
  • Leave the rest to the remittance provider,
  • Track your transfer,
  • Check with your recipient whether they have received the money or not.

Bottom-line

There are a lot of options at your disposal when sending money overseas. All of them come with various caveats that may include exchange rates, fees, transfer speed, deals and promotion, security and privacy, and so on. 

The best way to help you decide which service provider to choose for your CAD to INR money transfer is to compare them side by side. 

CompareRemit's real-time comparison tool compares numerous banks and many money transfer companies offering CAD to Indian rupee money transfer in terms of fees, speed, exchange rates, and more. This will help you pick the service that works best for you and your transfer needs. You can sign up for free rate alerts to keep you updated with the best rates and promotions for CAD to INR money transfers.

Compare CAD to INR exchange rates by using CompareRemit's online tool today!

 38863 views
Rate article:
(0.0)
 
 
Money Transfer FAQ's
Related Articles
UK to Philippines
How to Send Money from the UK to Philippines

Sending money from the UK to the Philippines is a significant financial transaction that requires careful consideration to ensure efficiency, cost-effectiveness, and security. As an immigrant or someone supporting family and loved ones back home, understanding the process and selecting the right remittance service is crucial. Do not worry. CompareRemit is here to guide you through all of your remittance needs. In this guide, we'll walk you through the essential steps, considerations, and top remittance providers to help you make informed decisions and maximize the value of your money transfers.Things to Consider Before Transferring Money from UK to PhilippinesBefore initiating a money transfer, it's crucial to grasp two essential factors: exchange rates and transfer fees. The exchange rate refers to the value of one currency relative to another. For example, if the GBP to PHP exchange rate is 1 GBP to 71.81 PHP, it means one British pound is equivalent to 71.81 Philippine pesos. Transfer fees, on the other hand, are charges imposed by remittance companies for their services.It's worth noting that exchange rates and transfer fees can vary significantly across different companies. While some providers may offer competitive exchange rates, they might compensate by charging higher transfer fees. Conversely, others may provide lower transfer fees but offer less favorable exchange rates.It's essential to find a balance between favorable exchange rates and reasonable transfer fees to maximize the value of your remittance. Some companies may offer promotional rates or discounts for first-time users, while others may have ongoing promotions or loyalty programs. Comparing different remittance providers using platforms like CompareRemit can help you find the best combination of rates and fees for your transfer.Will GBP to PHP Increase or Decrease?As of the latest data, the GBP to PHP exchange rate stands at 1 GBP to 71.81 PHP. CoinCodex forecasts a potential 9.43% rise in the GBP to PHP exchange rate over the next year, reaching approximately ₱ 78.22 at some point during the year. While exchange rate predictions provide valuable insights, they are subject to change based on various economic and geopolitical factors. Monitoring exchange rate trends regularly can help you identify favorable opportunities for sending money to the Philippines.When is the Best Time to Send Money from the UK to Philippines?Determining the best time to send money involves strategic planning and analysis of exchange rate fluctuations. Referencing forecast predictions and using comparison sites like CompareRemit can help you track the best exchange rates and promotional offers from top remittance companies. By timing your transfers during periods of favorable rates or promotions, you can optimize the value of your remittance and save on transfer costs.How to Transfer Money from the UK to PhilippinesOnce you've finished comparing and contrasting the top providers and selected the best remittance provider through CompareRemit’s Compare Tool, the next step is to initiate the money transfer. Remittance services typically offer various transfer methods, including online transfers, bank deposits, and cash pickups.Sign up: Create an account with your chosen remittance provider and complete any required verification steps.Enter recipient details: Provide the recipient's information, including their name, address, and contact details.Select transfer amount: Enter the amount you wish to send, ensuring it meets any minimum or maximum transfer limits.Choose delivery method: Select the preferred delivery method for the recipient, such as bank deposit or cash pickup.Review and confirm: Double-check the transaction details, including exchange rate and fees, before confirming the transfer.Complete the transfer: Submit your payment and wait for confirmation of the successful transfer.Top Remittance Providers for Transferring Money from the UK to the PhilippinesXe Money TransferXe offers competitive exchange rates, low fees, and fast transfers, making it an excellent choice for sending money from the UK to the Philippines. Their user-friendly platform ensures a seamless remittance experience for users.Wise Money Transfer Formerly known as TransferWise, Wise provides transparent exchange rates and minimal fees, allowing users to send money with confidence. With millions of satisfied customers worldwide, Wise offers a reliable and cost-effective solution for international transfers. Instarem Money TransferInstarem offers competitive rates, no hidden fees, and real-time tracking, ensuring transparency and security throughout the transfer process. With Instarem, users can send money to the Philippines quickly and conveniently.PassToPassTo specializes in tailored remittance solutions for migrants, offering flexibility, convenience, and personalized service. With a focus on customer satisfaction and reliability, PassTo is an excellent choice for sending money to the Philippines and beyond.Frequently Asked QuestionsQ: What are the best rates from GBP to PHP?A: As exchange rates fluctuate, it's advisable to monitor platforms like CompareRemit to find the best rates from GBP to PHP offered by various remittance providers.Q: When is the best time to transfer money from the UK to Philippines?A: Monitor exchange rate trends and utilize comparison tools to identify favorable transfer windows.Q: How can I compare money transfer services from the UK to Philippines?A: Utilize comparison sites like CompareRemit to compare money transfer services based on exchange rates, fees, transfer speed, and customer reviews.Q: What is the best way to transfer money to the Philippines online?A: The best way to transfer money to the Philippines online is to use a reputable remittance provider, ensuring competitive rates and secure transactions.Q: How can I ensure the safety and security of my money transfers?A: Choose reputable remittance providers with robust security measures in place to safeguard your transactions.

Insurance Risks
Risks That Travel Insurance Can Help Protect (2024)

When planning for an upcoming trip, deciding whether to invest in travel insurance is a significant choice that may be in your best interest not to overlook. Travel insurance serves as a financial safety net, protecting you from a myriad of potential risks during your journeys. As you begin your research, you will notice there are two types of travel insurance: trip insurance and travel medical insurance–also known as visitors insurance. It can be very confusing, we know. But don’t worry. In this guide, we'll delve into the advantages of travel insurance, clarify the distinctions between trip and travel insurance, and provide clarity and insight into its often-overlooked perks.How Important is Travel Insurance?Travel insurance works as a shield against the various financial risks associated with traveling. Whether it's a sudden illness, a missed flight, or lost baggage, having the right travel insurance can alleviate the financial burdens that may arise during your trip.What is the Difference Between Tip Insurance and Visitors Insurance?Long story short, the difference is simple, think of trip insurance as insurance for your trip itself while travel medical insurance–aka visitors insurance–serves as insurance for you while you are on the trip. While both types of insurance offer protection during travel, their primary purposes differ. Trip insurance safeguards your investment in the cost of your trip, while travel medical insurance prioritizes your health and well-being during the journey. Please note that only U.S. residents are eligible to purchase trip insurance, and coverage extends to both domestic and international travel.Exploring the Benefits of Travel InsuranceWhile common risks like trip cancellations and medical emergencies are well-known, there are several benefits that travel insurance offers which many don’t even know about, providing a broader safety net for travelers. Let's unravel just some of these often-overlooked advantages. Benefits of Trip Insurance1. Coverage Beyond Trip CancellationsTrip cancellations or interruptions are inevitable. Trip insurance, with its Trip Cancellation coverage, acts as a safeguard for your invested time and money. It can refund 100% of your trip expenses for covered reasons, including illness or death of you, a family member, or a travel companion, extreme weather, or terrorist attacks.Trip cancellations are a common concern, but travel insurance extends its coverage beyond this. It safeguards your prepaid and non-refundable trip expenses in case of unavoidable circumstances.2. Protection Against Flight DelaysFlight delays or missed connections can disrupt your travel plans. Trip insurance steps in to cover financial losses incurred due to delays caused by factors beyond your control, including extreme weather, natural disasters, plane breakdowns, or accidents on the way to the airport.3. Safeguarding Your BelongingsLost, damaged, or stolen baggage can add stress to your travel experience. Trip insurance offers coverage for delayed baggage, allowing you to claim expenses for essential items after a waiting period. In case of permanent loss or damage, reimbursement is provided to replace the lost items.4. Addressing Unconventional RisksFor situations not covered by standard plans, such as unconventional trip cancellations, opting for a "Cancel for Any Reason" insurance plan provides flexibility. Though relatively more expensive, this upgrade offers reimbursement for refundable trip costs and specific non-refundable deposits.You can also see a more detailed list of what can be covered by your trip insurance. Benefits of Travel Medical Insurance1. Comprehensive Medical CoverageTravel medical insurance largely serves to cover unexpected medical expenses during your journey. This includes reimbursement for medical treatments, ambulance services, and hospital charges in case of illness or injury. This aspect is particularly beneficial for elderly parents traveling to the U.S.2. Emergency EvacuationIn the case that those who are covered by the insurance need emergency medical evacuation some travel medical plans help cover the evacuation. Without this coverage, should you need to be airlifted or evacuated, you could be facing a cost upwards of ten thousand dollars.3. Emergency Medical ReunionIn the unfortunate case that you face a major medical emergency during your travels, travel medical insurance can cover the transportation of your loved ones from back home to be there with you during your hospitalization. 4. Trip InterruptionIf you have to cut your trip short, some travel medical insurance plans would cover their stated amount for the non-refundable, unused travel expenses that canceling your trip halfway would incur. Make sure you read the details of the plan you are planning to purchase thoroughly to see the extent of coverage if unexpected interruption is something you are concerned about. You can also see a more detailed list of what can be covered by your visitors insurance. Choosing the Right Travel InsuranceIt's crucial to recognize that different insurance providers offer varied coverage plans. Factors like non-refundability, traveler's age, pre-existing conditions, the value of luggage, and existing coverage from health insurance, life insurance, renters' insurance, or credit cards play a role in determining the best travel insurance plan.If you are someone who travels frequently or are purchasing travel insurance plans for parents who plan to make the same trip often, we also suggest looking for a travel insurance plan with easy renewal. Do not worry, most plans today have a very easy renewal system so you can travel again and again with no hassle. Who Should Opt for Travel Insurance?Trip Insurance: Opt for travel insurance if you're concerned about trip cancellations, interruptions, or non-medical incidents. It's ideal for travelers who have invested significant sums in their trip and want financial protection against unforeseen events.Travel Insurance: Choose travel medical insurance if your primary concern is health-related emergencies during your trip. It's essential for travelers who want comprehensive coverage for medical expenses abroad, ensuring access to quality healthcare without worrying about exorbitant costs.Visitors insurance is also the best option for those looking to purchase travel insurance for their parents visiting or traveling.  Related Article: Visitor Insurance for Parents Visiting USAConclusion: Empowering Your TravelsIn conclusion, travel insurance is not merely a safety net; it's a comprehensive companion that grants peace of mind during your journeys. As you plan your next adventure, take the time to understand the nuances of travel insurance, evaluate your options, and ensure you have the best travel insurance plan tailored to your specific needs.__FAQs: Demystifying Travel Insurance FearsWhat does travel insurance cover?Travel insurance typically covers a range of risks, including trip cancellations, medical emergencies, delayed or lost baggage, flight cancellations, and certain unexpected incidents.Does my health insurance cover international travel?Most health insurance policies have limited or no coverage for international travel. Travel medical insurance is specifically designed to address the unique risks associated with traveling abroad.Does travel insurance cover illnesses?Yes, visitors' insurance often covers medical expenses incurred due to new illnesses during your trip. This includes reimbursement for medical treatments, ambulance services, and hospital charges.Does travel insurance cover flight cancellations?Yes, trip insurance typically covers flight cancellations due to reasons such as illness, extreme weather, or other unforeseen circumstances. Reimbursement for prepaid and non-refundable trip expenses is common.Does travel insurance cover COVID-19?Many travel insurance plans provide coverage for COVID-19-related expenses, including medical treatments and trip cancellations. However, coverage details may vary, so it's essential to review your policy.What should travel insurance cover?It depends on whether you opt for travel medical insurance or trip insurance. Ideally, trip insurance should cover delayed or lost baggage, trip cancellations, etc. While travel medical insurance should cover a broad spectrum of medical risks, including medical emergencies, unexpected incidents, a necessary visit to urgent care, etc.. The coverage should align with your specific travel needs and potential risks.Does travel insurance cover hurricanes?Yes, trip insurance often covers trip cancellations, interruptions, or delays caused by hurricanes or other natural disasters. It's essential to check the policy details for specific coverage related to natural calamities.Does travel insurance cover rental cars?Travel insurance may offer coverage for rental cars, typically covering expenses related to theft or damage to the rented vehicle. It's advisable to check the specific coverage details in your travel insurance policy.Does insurance cover travel vaccines?Travel insurance usually does not cover the cost of travel vaccines. This expense is often considered a preventive measure and falls outside the scope of typical travel insurance coverage.How easy is it to renew visitor's insurance?Renewing visitor's insurance is generally a straightforward process. Opting for policies that allow easy renewal is advisable, as it saves time and ensures continuous coverage.

USD-PHP
How to Get the Best US Dollar to Philippine Peso Exchange Rate?

If you're planning to send money to the Philippines or simply want to know how to maximize the value of your US dollars when converting them to Philippine pesos, understanding the dynamics of the currency exchange market is essential.In this comprehensive guide, we discuss strategies and tips for getting the best US dollar to Philippine peso exchange rate.We'll cover topics like the dollar to Philippine peso rate today, historical trends, and the best ways to send money to the Philippines efficiently.Before we dive into strategies, let's learn the basics of exchange rates.Why Exchange Rate Matter When Sending the US Dollar to the Philippine Peso?The exchange rate is the value of one currency in terms of another currency. In this case, 1 Dollar to Philippine Peso (USD/PHP) represents how many Philippine pesos you can get in exchange for one US dollar.This exchange rate is influenced by various factors including economic conditions, geopolitical events, and even market sentiment to name a few.Since the exchange rate between two currencies is constantly fluctuating, driven by market forces of supply and demand, it is important to send your money when the exchange rate is working in your favor. In other words, you receive a greater amount of pesos for each dollar you exchange.Read more on exchange rates.Dollar to Philippine Peso Rate TodayAs you may already know, exchange rates fluctuate daily due to market forces. You can check the current exchange rate on financial news websites, currency converter apps, or by contacting your local bank.Keep in mind that different financial institutions may offer slightly different rates due to fees and commissions.The dollar to Philippine peso exchange rate on 9th September traded at 56.66. Over the last four weeks, USD/PHP lost 0.61%. Over the last 12 months, its price fell by 0.25%.As per Trading Economics' prediction, the US dollar to Philippine Peso is expected to trade at 57.17 by the end of this quarter and at 59.15 in one year.US Dollar to Philippine Peso HistoryReviewing the historical trends of the US Dollar to Philippine Peso (USD to PHP) exchange rate can be a valuable tool for anyone looking to make informed decisions about currency exchange.This historical data provides a window into how the exchange rate has behaved over time, which in turn can help you assess whether the current rate is favorable or not.You can find historical exchange rate data on financial websites and use it to identify patterns and trends.Once you've obtained historical data, take the time to analyze it. Look for trends, anomalies, and any factors that might have influenced rate fluctuations.Armed with this knowledge, you can make more informed decisions about when to exchange your US dollars for Philippine pesos, increasing your chances of getting a favorable rate.Why it is Important to be aware of the Exchange Rate Margins?To avoid paying high money transfer fees, it's important to be aware of the exchange rate margins imposed by banks and money transfer providers.While these entities use the mid-market rate (real exchange rate) when trading amongst themselves, they apply a markup to this rate when offering their services to customers. This markup, known as the exchange rate margin, represents the difference between the mid-market rate and the rate provided to consumers.Banks and money transfer providers generate revenue through this marked-up exchange rate and by charging transfer fees. Even a slight variation in the rate can result in significant costs when sending substantial sums of money.Depending on the chosen money transfer service and the amount of money being sent, these exchange rate margins can vary widely, ranging from as low as 0.01% to as high as 10% or more.To avoid these costs, you should seek providers with competitive exchange rates and transparent fee structures, ultimately ensuring that you get the most value when transferring money.Tips to Get the Best USD to PHP Exchange RateFind out the Real Exchange RatesStart by searching for the mid-market rate on Google or Reuters for the currency pairing you intend to use. Utilize any online currency conversion tool to convert US dollars to Philippine pesos.Understanding the mid-market rate will help you gauge the fairness of the exchange rate offered by your chosen service provider. The closer you are to the mid-market rate, the more funds your recipient will receive.Stay InformedKeep yourself updated with the latest financial news and events that might affect the exchange rate. Economic reports, political developments, and global market trends can all impact the value of the US dollar against the Philippine peso.Stay alert for fluctuations in the USD/PHP exchange rate. One advantage of the weaker PHP against the USD is that you can send more pesos to your family in the Philippines in exchange for your US dollars.Choose the Right TimeTiming is crucial when exchanging currency. While you can't predict market movements with certainty, you can track historical trends to identify periods of relative strength or weakness for the US dollar. Consider exchanging your money during favorable market conditions.Shop AroundExchange rates and fees offered by different banks and currency exchange providers can vary significantly. Don't hesitate to shop around and compare rates to find the best deal. Online currency converters and rate comparison tools such as CompareRemit can be especially helpful.Consider Online TransfersIf you're sending money to the Philippines, consider using online money transfer services. These platforms often offer competitive exchange rates and lower fees compared to traditional banks. Some popular options include Wise, Remitly, Instarem, and PandaRemit.Use Forward ContractsIf you have a specific future date for your currency exchange, consider using a forward contract. This allows you to lock in a favorable exchange rate in advance, protecting your money from future rate fluctuations.Avoid Airport KiosksAirport currency exchange kiosks are notorious for offering unfavorable rates. Try to avoid exchanging money at airports unless it's absolutely necessary.Best Way to Send Money to the PhilippinesSending money to the Philippines can be done through various methods, but choosing the best way involves considering factors like speed, cost, and convenience.Some popular ways to send money to the Philippines are:Bank Transfers: Many banks in the US offer international wire transfers to the Philippines, but they can be expensive due to fees and less competitive exchange rates. They may be ideal if you are sending a large sum of money.Cash Pickup: Money Transfer companies such as Western Union, Moneygram, and Ria offer cash pickups as a delivery option. Cash pickups stand out as the optimal choice during unexpected financial emergencies, ensuring quick access to needed funds. If your recipient prefers cash, consider services that allow for cash pickup at local agents in the Philippines.Online Money Transfer Services: Online money transfer services like Wise, Remitly, and other similar service providers offer competitive rates, lower fees, and fast transfers. They are often the preferred choice for sending money to the Philippines.Mobile wallet: Mobile wallets have become increasingly popular for sending money to the Philippines, with Gcash leading the way as a prime example. The mobile wallet option not only offers speed and ease but often comes with competitive currency exchange rates and low fees, making it a cheap and efficient choice for sending money to the Philippines.Cryptocurrency: Some people use cryptocurrencies like Bitcoin to send money internationally, as it can provide fast and potentially lower-cost transfers. However, this option may not be suitable for everyone due to its volatility and complexity.Frequently Asked QuestionsHow much is 1 dollar to Philippine peso?The exchange rate between the US dollar (USD) and the Philippine peso (PHP) can fluctuate daily based on market conditions. To find the current exchange rates, you can check financial news websites, use currency converter apps, or contact your local bank. As of 9th September, 1 USD equals 56.66 PHP.How to convert PHP to USD?To convert Philippine pesos (PHP) to US dollars (USD), you can visit a currency exchange service, a local bank, or use an online currency converter tool. Simply enter the amount in PHP, and it will provide you with the equivalent in USD.How to send money to the Philippines?There are several ways to send money to the Philippines: bank transfers, money transfer services, mobile wallets, etc. Refer to the blog for the details.What is the cheapest way to send money to the Philippines?The cheapest way to send money to the Philippines can vary depending on factors such as the amount you're sending, the exchange rate offered, and the fees involved.Generally, online money transfer services like Wise often offer competitive rates and lower fees compared to traditional banks and other transfer options. However, it's essential to compare rates and fees to find the cheapest option for your specific needs.How much does it cost to send money to the Philippines?The cost of sending money to the Philippines can vary widely depending on the service provider, the amount being sent, and the method of transfer.Some providers may charge a flat fee, while others may have a percentage-based fee. Additionally, exchange rate margins can impact the overall cost.To find out the exact cost, you should check with the specific service provider you plan to use, as fees and rates can change over time.ConclusionMaximizing the US dollar to Philippine peso currency exchange rates involves knowing how exchange rates work, staying informed, timing your currency exchange carefully, and selecting the right money transfer service. By following these tips and monitoring historical trends, you can enhance the value of your currency conversion.Keep in mind that exchange rates fluctuate, so adjusting your approach to current market conditions is essential. Whether sending money to family or handling international transactions, informed choices can lead to long-term savings.If you're looking for the best USD to PHP today, use CompareRemit to discover top remittance providers and the best dollar-to-Philippine pesos exchange rate!

Download the CompareRemit App
Download the CompareRemit App
Personalize your CompareRemit experience with your preferred corridor and receive target exchange rate notifications, seamless transitions to partner apps, and real-time comparisons of top remittance providers at your fingertips.
Personalize your CompareRemit experience with your preferred corridor and receive target exchange rate notifications, seamless transitions to partner apps, and real-time comparisons of top remittance providers at your fingertips.

Get Listed or Advertise

Download Our Free App

Try our faster, enhanced mobile app for a better experience

CompareRemit App