The Philippines is the world’s third largest remittance recipient with approximately $28 billion sent to the country in year 2015. Over 10 million Filipinos work overseas in various sectors across the globe. They send their hard-earned money back home through various channels counting to about 10% of Gross Domestic Product of the Philippines.
This has surged the remittance market in the Philippines and many of the world’s leading money transfer operators and banks provide their services for remittance in the Philippines. You can conveniently explore various options available to send money to the Philippines at the most reliable and innovative remittance platform - Exchange Rate IQ.
Exchange Rate IQ lists various remittance service providers with their exchange rate, remittance fee, transfer time, pay-in & pay-out options etc. You can get an estimated value in Philippine Peso (PHP) for your remittance amount beforehand. Exchange Rate IQ helps you get more transparency
Current Exchange Rate(Mid Market) :- 53.335 PHP/USD
is a currency exchange rate. Usually traders in currency exchange market have two exchange rates -
- Selling exchange rate - at which sellers are willing to sell a particular currency and
- Buying exchange rate - at which buyers are willing to buy a particular currency.
Mid-market rate is the mid-point of these two rates. This is the most transparent and the most accurate exchange rate. It is also known as “Interbank Rate” or “Spot Rate” or “Real Exchange Rate”. This is the rate which independent sources like Reuter, Google etc show.