Converting Pesos To Dollars
After using my debit card to get some quick cash, my effective exchange rate for pesos to dollars is horrible! Wow, Metrobank in the Philippines along with my American bank must be tacking on some massive fees for me to use my debit card. Yes, I know I’m converting dollars to pesos but the exchange rate is the same. Most people think of it that way, so I’m using pesos to dollars instead.
The exchange rate in the Philippines is one of the most common topics for expats living in the Philippines and those that want to be expats living in the Philippines.
So I’m better off just using Xoom and paying the $5.99. They lowered their fee back down to $5.99 for now.
In the past, when I used my debit card the pesos to dollars exchange rate I got was better than that of any of the remittance companies. It was equivalent to that published online by XE.
I normally only use a debit card if funds run low near the end of the month or I need to make a special purchase outside of my budget. I wont be doing that any more except in an emergency. This last ATM withdrawal was for a trip to the doctor a day before payday.
I withdrew P1000 and the deduction from my bank account was $27.63. That’s makes my effective exchange rate P36.19 to $1USD! But it only will get worse because my bank will add another $5.00 at the end of the month for using an ATM other than one owned by Wachovia. Haven’t seen too many Wachovia branch offices around the Philippines.
Earlier this month, I withdrew P2000 and my bank charged me $52.73 for an effective pesos to dollars exchange rate of P38.29 to $1 USD. About $1.60 of that was for Visa’s international transaction surcharge.
Now I need a Xanax. 🙂 I wont take one though. This momentary tenseness wont last long.
Pesos To Dollars Actual Exchange Rate
At the moment I’m typing this, the pesos to dollars exchange rate is 43.32. Over the last year the pesos to dollars exchange rate looks pretty grim if you’re an American living in the Philippines:
I sure hope the Federal Reserve Bank in the USA stops printing more freaking money. My patience is growing thin. But, what can I do? Not a dang thing.
I’m currently reading Common Sense by Thomas Paine and he puts forth that government is a necessary evil. I fully concur with that. Speaking of which, I need to get back to doing my taxes. I was going through quicken and noticed that the P1000 pesos to dollars exchange rate I have been getting when using my ATM card is horrific. I have not used my ATM card to send money to the Philippines in a while and I suspect that I’ll be doing it a lot less!
If you’d like to read more articles about the exchange rate in the Philippines visit this the Exchange Rate Category on CEX.
Let’s examine the effective pesos to dollars exchange rate using Xoom. Since I’m doing it as I type, I may find I’m not pleased again!
Lets say someone is sending $1500 to the Philippines to pick up their cash in pesos. Xoom indicates that the transaction will result in you getting 63,525.51 pesos. After adding Xoom’s $5.99 fee to this you would get an effective pesos to dollars exchange rate of: P42.18 or about a one peso per dollar than the XE rate. That is the amount I long ago accepted as my pesos to dollars rate of exchange.
Like this post? Subscribe to my RSS feed and get loads more!