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The Current Exchange Rate
As of January 2023, the exchange rate for 700 USD to PHP is around 35,000 PHP. This means that for every 1 US dollar, you can get around 50 Philippine pesos. However, please note that this exchange rate is subject to change depending on various factors such as economic conditions and political stability.
What Can You Do with 700 USD in the Philippines?
700 USD can go a long way in the Philippines, especially if you are a budget-conscious traveler. You can use this amount to cover your accommodation, food, transportation, and entertainment expenses for a week or two.
For example, you can book a decent hotel room for around 50 USD per night. This would leave you with around 500 USD to spend on food, transportation, and activities.
You can also use some of your money to explore some of the country’s top destinations such as Boracay, Palawan, and Siargao. These places offer a range of activities such as island hopping, snorkeling, and surfing.
Factors That Affect the Exchange Rate
The exchange rate between the US dollar and the Philippine peso is influenced by various factors such as:
- Economic stability: If the Philippine economy is performing well, the exchange rate may improve.
- Political stability: Political unrest can lead to a decrease in the exchange rate.
- Interest rates: Higher interest rates can attract foreign investors and strengthen the exchange rate.
- Inflation: High inflation rates can weaken the exchange rate.
How to Convert USD to PHP
There are several ways to convert USD to PHP:
- Bank: You can go to a local bank and exchange your dollars for pesos. However, please note that banks may charge a commission or fee for this service.
- Money changer: You can also go to a money changer, which is a business that specializes in exchanging foreign currencies. These establishments are often found in airports and tourist areas.
- ATM: If you have an international debit or credit card, you can withdraw pesos from an ATM. However, please note that your bank may charge a foreign transaction fee for this service.
Is it Better to Convert USD to PHP in the Philippines?
It is generally better to convert your USD to PHP in the Philippines as you can get a better exchange rate compared to exchanging your money in your home country. Moreover, many money changers in the Philippines offer competitive rates and do not charge a commission or fee.
Precautions When Exchanging Currency
When exchanging currency, it is important to take precautions to avoid scams and frauds. Here are some tips:
- Only exchange money at reputable establishments such as banks and money changers.
- Check the exchange rate beforehand to ensure that you are getting a fair deal.
- Count your money before leaving the establishment.
- Be wary of people who offer to exchange money on the street or in a back alley.
- Avoid exchanging money at the airport as they often offer lower exchange rates.
Conclusion
In conclusion, 700 USD can go a long way in the Philippines, especially if you are a budget-conscious traveler. However, it is important to be aware of the current exchange rate and take precautions when exchanging currency to avoid scams and frauds.
As the exchange rate is subject to change, it is advisable to check the rate regularly and plan your budget accordingly. With proper planning and precautions, you can make the most out of your USD in the Philippines.
