When preparing for a trip to a new country for yourself, it is advisable to have an idea of the local currency and its exchange rate with respect to major world currencies. This material will help you get acquainted with the history of the Philippine peso, find out how bills look. It should be noted that you can pre-purchase this currency in the country where the trip is made from. In addition, you can buy Philippine pesos at the airport or bank upon arrival in the Philippines.
Currency History
The Philippine Peso is abbreviated with the abbreviation PHP. According to the international standard, code 608 is assigned to this currency. This currency is the official payment instrument of the Philippines. The composition of one peso includes 100 centavos, which are also called centimos. The birth date of a monetary unit is considered to be May 1, 1852. It was then that the Spanish-Philippine Bank began issuing "hard pesos." The new currency pushed out of circulation the reals that were used up to this point in the Philippines. At the moment, slightly modified banknotes, put into circulation in 2001, are used in the state.
Face value of banknotes
It should be noted that the cost of goods and services on the islands is quite low. Therefore, the population and visitors of the country, as a rule, use banknotes in denominations of 5, 10 and 20 pesos. In addition, banknotes in denominations of 50, 100, 200, 500 and 1000 pesos are used in circulation. By the way, it will be said that new banknotes in denominations of five and ten pesos have not been issued for a long time. They are replaced by coins with the same denomination. Nevertheless, old banknotes are still involved in circulation and can be used in purchase and sale transactions. In addition, there are coins in 5, 10 and 25 centavos, as well as 1 peso denomination.
Where is the best place to buy Philippine Pesos?
Travelers to the Philippines should be aware that exchanging existing currency for pesos at the closest official rate is possible only in the capital of the state of Manila. It will be possible to do this only at bank branches, since at the exchange points, as a rule, there is not enough national currency available. It should be emphasized that most banknotes have a rather shabby appearance, they are dirty and wrinkled. Many people wonder how much will be 1 Philippine peso in rubles. First of all, it interests domestic tourists and travelers. At present, the Philippine peso has a ratio of 1: 1.32 to the ruble. It is important to note that there are no restrictions on the import of foreign currency into the Philippines. In addition, bank receipts confirming the purchase and sale of banknotes should be kept. They can come in handy in a situation where before leaving the Philippine Islands, the amount in pesos is left in your hands and you need to exchange it for another currency.
Exchange Philippine Pesos to another currency
Of all the existing banknotes in this state, preference is given to American dollars. Therefore, it is recommended to take them with you during the trip. There will never be a problem with exchanging US dollars for the Philippine peso at a good rate.
Moreover, the American currency is also suitable for paying for goods and services. In the Philippines, prices are often quoted simultaneously in local pesos and US currency. They are accepted everywhere, and on the black market banknotes of major denomination are most valued. At the same time, one-dollar bills may be suspicious. British pounds and euros are not so highly valued, so it is almost impossible to exchange them outside the capital or other major cities. But knowing the rate of the local national unit to other currencies will not hurt. For example, the euro to the Philippine peso has a ratio of 1 to 54.24. That is, one peso costs about two euro cents. The Philippine peso to RMB is 1 to 0.14.
Peso exchange guidelines. Philippine Banking Hours
Experienced travelers and experts do not recommend exchanging currency for the Philippine peso with you. Fraud is widespread in this country. It is advisable to carry out an exchange in official institutions. In addition, you should avoid being with a large amount of money near street exchange points and ATMs. It’s better not to show your money once again.
It will be worth mentioning about the opening hours of banking institutions in the Philippines. The standard schedule is from 9am to 3pm. Some banks are open until 15:30. The most favorable Filipino peso exchange rate in the branches of the Central Bank of the Philippines. It is closest to the official quotes of the country's main financial institution. In addition, it should be noted that credit cards are accepted as a means of payment only in large cities, but in the provincial regions of the Philippines it will not work. Therefore, it is recommended that you carry the required amount of cash in local currency.
Other ways to get cash pesos in the Philippines
In the Philippines, traveler's checks can also be cashed . You will have to tinker a bit to complete this procedure. So, you will need to fill out a number of documents, as well as provide a certificate of purchase of tourist checks. In hotels, catering establishments or shopping centers you can use plastic cards of American Express, Diners Club, Master Card and Visa. For the most profitable exchange of Philippine pesos, it is better to have traveler's checks in US dollars with you.
It should also be noted that in all major cities of the country there are round-the-clock ATMs. However, there are not as many as we would like. The commission for receiving cash through ATMs is from 5 to 10 percent. In addition, in some hotels the service charge can reach up to 15%.
In conclusion, it must be emphasized that when purchasing jewelry or antiques in the Philippine peso at legal points of sale, it is important to keep a receipt or certificate of goods. They will need to be presented to airport staff during customs clearance. Otherwise, these items are unlikely to be exported from the country.