Convert your Dollar to Philippine Peso!
If you’re new to the Philippines, converting dollars to Philippine Peso can be quite confusing. P1000 sounds like a huge amount if you’re an American and most other Western countries. Then when you find out what it buys, it may seem like very little money and you’ll end up over spending. I did both of these things during my first weeks here.
So, I decided I would find out how much $20 is in peso and I recommend you do the same type of thing. Once I had that figure in my head, I could quickly understand what other prices were. It just so happens that $20 is about P1000. Now, of course it varies with the exchange rate but it will get you in the ball park.
If something is P500 I just divide $20 by 2 or one-half of P1000. So the answer is one-half of $20 or $10.00. If something is P250 then the cost is about $5.00.
If you do this, in a short time you wont even need to make the conversion. soon you’ll know how far your money will go in Peso.
If your talking about a huge amount, you’ll want to look up the current exchange rate, especially if your sending money to make sure you get a decent rate, but for on the fly shopping, this is a very quick and easy way to make the conversion.
As I mentioned before the exchange rate will make a difference but for day to day life, its not a major factor. Let me show you some examples. Over time though, with larger changes it does matter quite a bit. When I first arrived in the Philippines, the dollar was doing poorly at P39 to $1USD. At that exchange rate, P1000 equals about $25.00. The highest I’ve seen the Peso is P50 which is exactly $20.00. Here are some ranges for various dollar to peso exchange rates:
- If the Peso is valued at P39 to $1USD then P1000 is about $25.64
- If the Peso is valued at P43 to $1USD then P1000 is about $23.26
- If the Peso is valued at P45 to $1USD then P1000 is about $22.22
- If the Peso is valued at P47 to $1USD then P1000 is about $21.27
- If the Peso is valued at P50 to $1USD then P1000 is about $20.00
- If the Peso is valued at P55 to $1USD then P1000 is about $18.18
I just round it of to an even dollar amount in my head and go with $20.00 as that gets me close. I do check the exchange rate often.
If you wish to calculate the exact amount do it this way:
Number of Peso divided by the value of number of peso to equal one dollar) or P1000 / 45= $22.22
Where do you get the current rate? Most use XE.com . Now you should remember if you send money to yourself using a wire or other method it is unlikely you’re going to get that rate. I usually get about one peso less than the rate XE will show. In my case, if I use my ATM card, then I get very close to the rate at quoted at XE.com.
I hope this helps you, if it got too complicated for you, then just use $20 per P1000 and go with that, its an easy number to divide and unless you’re talking about a million peso, the difference usually wont matter a lot.
If you have any hints on how you do this, I’d love to hear it.
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