{"id":1817,"date":"2022-01-25T11:24:37","date_gmt":"2022-01-25T11:24:37","guid":{"rendered":"https:\/\/kabayanremit.com\/blog\/?p=1817"},"modified":"2025-06-20T13:02:08","modified_gmt":"2025-06-20T12:02:08","slug":"understanding-exchange-rates","status":"publish","type":"post","link":"https:\/\/kabayanremit.com\/blog\/finance\/understanding-exchange-rates\/","title":{"rendered":"Understanding exchange rates"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\">\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643038302564\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span data-preserver-spaces=\"true\">When you\u2019re getting ready to send money to the Philippines, the first thing you need to do is look at exchange rates. Whether you\u2019re working in the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/kabayanremit.com\/blog\/lifestyle\/moving-to-uk-filipinos\/\" rel=\"noopener\"><span data-preserver-spaces=\"true\">United Kingdom<\/span><\/a><span data-preserver-spaces=\"true\">, Canada, Europe or USA,<\/span><span data-preserver-spaces=\"true\">\u00a0exchange rates will determine how much money will reach your loved ones back home.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h2 style=\"text-align: left\" class=\"vc_custom_heading\" >What are exchange rates?<\/h2>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1594\" height=\"836\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/what-are-exchange-rates.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"What are exchange rates?\" title=\"What are exchange rates?\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/what-are-exchange-rates.jpg 1594w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/what-are-exchange-rates-300x157.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/what-are-exchange-rates-1024x537.jpg 1024w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/what-are-exchange-rates-768x403.jpg 768w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/what-are-exchange-rates-1536x806.jpg 1536w\" sizes=\"auto, (max-width: 1594px) 100vw, 1594px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643035208785\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span data-preserver-spaces=\"true\">Exchange rates<\/span><span data-preserver-spaces=\"true\">\u00a0show the value of one country\u2019s currency compared to another. Think of it this way: If you send a monthly allowance of \u20a41,000 to family in the Philippines, how much will that cost locally and what can they buy? Will this amount be enough for a month?<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643034662312\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>In the global economy, the foreign exchange market or Forex shapes exchange rates around the world. For 24 hours almost every day, banks, Forex dealers, companies, and investors buy or sell one country\u2019s currency in exchange for another. They also monitor international affairs and policies to predict if buying a type of currency, Pound sterling, for example, will become cheaper or more expensive. These trading and predicting activities determine exchange rates.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643034671238\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Several factors affect exchange rates, including:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643034680452\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><strong><span data-preserver-spaces=\"true\">The interest rates in a country\u2019s central banks \u2013<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0This can entice foreign investments.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">A country\u2019s money supply \u2013<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0How much money is circulating the country affects the prices of their goods and services.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">How the international market sees a country\u2019s economic growth and financial stability \u2013<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0Is it safe to invest in the country, or is it too unstable and risky?<\/span><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643034690033\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>The type of exchange rate your currency follows will also decide how much you get to send home.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h2 style=\"text-align: left\" class=\"vc_custom_heading\" >What are the types of exchange rates?<\/h2>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1594\" height=\"836\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/types-of-exchange-rates.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"What are the types of exchange rates?\" title=\"What are the types of exchange rates?\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/types-of-exchange-rates.jpg 1594w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/types-of-exchange-rates-300x157.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/types-of-exchange-rates-1024x537.jpg 1024w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/types-of-exchange-rates-768x403.jpg 768w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/types-of-exchange-rates-1536x806.jpg 1536w\" sizes=\"auto, (max-width: 1594px) 100vw, 1594px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643034846967\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>There are two types of exchange rates: free-floating and fixed.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h4 style=\"text-align: left\" class=\"vc_custom_heading\" >Free-floating exchange rates<\/h4>\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643034878361\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Free-floating or flexible exchange rates are shaped by the free market, with little to no intervention from a country\u2019s government or central bank. This means that exchange rates go up or down depending on the foreign exchange market.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643034891365\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span data-preserver-spaces=\"true\">Examples of currency using this type of exchange rate are the United States dollar, the Japanese yen, and the British pound sterling. Since the 1970s, the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bsp.gov.ph\/Media_and_Research\/Primers%20Faqs\/exchange.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Philippine peso<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0also followed a free-floating system, opting for more gradual changes in their exchange rates over the big shifts in rates that a fixed exchange rate system brings.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h4 style=\"text-align: left\" class=\"vc_custom_heading\" >Fixed exchange rates<\/h4>\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643035010973\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span data-preserver-spaces=\"true\">A country\u2019s government or central bank sets fixed exchange rates and \u201c<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.investopedia.com\/terms\/c\/currency-peg.asp\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">pegs<\/span><\/a><span data-preserver-spaces=\"true\">\u201d it to the value of another currency, usually US dollars. The government will announce if an exchange rate goes up or down. Countries like India and Saudi Arabia follow this system for their rupee and riyal, respectively.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643035024418\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>The type of exchange rate system your host country follows will affect how much you can send to your family in the Philippines.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h2 style=\"text-align: left\" class=\"vc_custom_heading\" >How do exchange rates affect you?<\/h2>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1594\" height=\"836\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/how-do-exchange-rates-affect-you.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"How do exchange rates affect you?\" title=\"How do exchange rates affect you?\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/how-do-exchange-rates-affect-you.jpg 1594w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/how-do-exchange-rates-affect-you-300x157.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/how-do-exchange-rates-affect-you-1024x537.jpg 1024w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/how-do-exchange-rates-affect-you-768x403.jpg 768w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/how-do-exchange-rates-affect-you-1536x806.jpg 1536w\" sizes=\"auto, (max-width: 1594px) 100vw, 1594px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643035133844\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Exchange rates change in a free-floating system depending on movements in the foreign exchange market. Let\u2019s use the British pound as an example:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643035142296\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span data-preserver-spaces=\"true\">When the Philippines buys more British pounds than it accepts, then the peso\u2019s value goes down or\u00a0<\/span><em><span data-preserver-spaces=\"true\">depreciates<\/span><\/em><span data-preserver-spaces=\"true\">, and it will cost more pesos to buy British pounds. But, if the Philippines accepts more British pounds than it buys, then the value of the peso will go up or\u00a0<\/span><em><span data-preserver-spaces=\"true\">appreciate,\u00a0<\/span><\/em><span data-preserver-spaces=\"true\">and it will be cheaper to exchange Philippine pesos for British pounds.\u00a0<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643035151035\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>If you are an overseas Filipino worker in the UK, the appreciation of the Philippine peso against the British pound would mean that you\u2019d need to send more money back home than you did before.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643035161716\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>In a fixed exchange rate system, a country\u2019s central bank holds a certain foreign currency, such as the US dollar. If the country needs to raise the value of its own currency, its central bank sells its dollars. This increases the supply of dollars in the foreign marketplace and depreciates its value. Meanwhile, there are less of that country\u2019s currency in the global market, so the value of its local currency goes up.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643035172742\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>In Saudi Arabia, where the riyal is pegged to the US dollar, their currency rises and falls along with the dollar. When the dollar is up, imports are cheaper in Saudi Arabia, and the riyal goes a long way. When the dollar falls, prices for imported goods increase along with oil prices.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643035181049\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Once you\u2019ve figured out what kind of exchange rate system your host country follows, you can then start computing how much you should send home.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h2 style=\"text-align: left\" class=\"vc_custom_heading\" >How to compute for exchange rates<\/h2>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1594\" height=\"836\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/how-to-compute-for-exchange-rates.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"How to compute for exchange rates\" title=\"How to compute for exchange rates\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/how-to-compute-for-exchange-rates.jpg 1594w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/how-to-compute-for-exchange-rates-300x157.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/how-to-compute-for-exchange-rates-1024x537.jpg 1024w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/how-to-compute-for-exchange-rates-768x403.jpg 768w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/how-to-compute-for-exchange-rates-1536x806.jpg 1536w\" sizes=\"auto, (max-width: 1594px) 100vw, 1594px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643035459279\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Let\u2019s say you\u2019re working in the UK, which follows a free-floating exchange rate system, and you want to send \u20b114,000 to the Philippines? How much British pounds would that cost?<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643035632526\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>The computation for that would be: <strong>(amount desired in pesos) \/ (the exchange rate between the UK and the Philippines)<\/strong><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1645176698714\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span data-preserver-spaces=\"true\">Let\u2019s use\u00a0<\/span><span data-preserver-spaces=\"true\">Kabayan Remit\u2019s higher exchange rate<\/span><span data-preserver-spaces=\"true\"> at \u20a41 is to \u20b170. Then our computation would be: <strong>\u20b114,000 \/ 70 = \u20a4200<\/strong><\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1645176705234\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>This means you\u2019ll need to prepare \u20a4200 to send \u20b114,000 to the Philippines.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036118479\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>But what if you\u2019re coming back to the UK from a vacation in the Philippines and you want to have \u20a4100 pocket money saved for when you arrive at Heathrow? How much of your Philippine pesos should you save?<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036139541\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Follow this computation:<strong> (amount desired in pounds) x (the exchange rate between the UK and the Philippines)<\/strong><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036237364\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>This is how it will look in our example: <strong>\u20a4100 x 70 = \u20b1 7,000<\/strong><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036247443\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>You would need to save \u20b1 7,000 to have \u20a4100 left when you arrive in the UK.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036259136\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><strong><span data-preserver-spaces=\"true\">Remember:<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0How much you need to save or send will depend on the service provider you choose and the exchange rates they offer, so make sure to do your research.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h2 style=\"text-align: left\" class=\"vc_custom_heading\" >Finding the best exchange rates<\/h2>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1594\" height=\"836\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/finding-the-best-exchange-rates.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"Finding the best exchange rates\" title=\"Finding the best exchange rates\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/finding-the-best-exchange-rates.jpg 1594w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/finding-the-best-exchange-rates-300x157.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/finding-the-best-exchange-rates-1024x537.jpg 1024w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/finding-the-best-exchange-rates-768x403.jpg 768w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/finding-the-best-exchange-rates-1536x806.jpg 1536w\" sizes=\"auto, (max-width: 1594px) 100vw, 1594px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036343498\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span data-preserver-spaces=\"true\">When\u00a0<\/span><span data-preserver-spaces=\"true\">remitting money<\/span><span data-preserver-spaces=\"true\">\u00a0to the Philippines, you can choose from an array of currency exchange providers, including:<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036372014\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">Your local bank or credit union<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">Currency exchange kiosks (usually found in airports)<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">Foreign ATM machines<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">Online money transfer services<\/span><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036381375\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Whichever service you choose, this is how you exchange your money for another currency:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036400207\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ol>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">Ask to exchange your money to the currency of your home country; in your case, this is the Philippine peso.<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">The currency exchange service looks at their current exchange rates.<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">You get what your money is worth in Philippine pesos.<\/span><\/li>\n<\/ol>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036414877\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>But you\u2019ll need to remember:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036423838\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ol>\n<li><span data-preserver-spaces=\"true\">The exchange rate differs from service provider to service provider.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Some companies charge processing fees.<\/span><\/li>\n<\/ol>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036549152\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>How much a company charges for its services is still a big factor when choosing how to send your money back home, and a company\u2019s exchange rate along with its fees will affect the amount that reaches your family in the Philippines.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h2 style=\"text-align: left\" class=\"vc_custom_heading\" >How to save when sending money to the Philippines<\/h2>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1594\" height=\"836\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/how-to-save-when-sending-money.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"How to save when sending money to the Philippines\" title=\"How to save when sending money to the Philippines\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/how-to-save-when-sending-money.jpg 1594w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/how-to-save-when-sending-money-300x157.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/how-to-save-when-sending-money-1024x537.jpg 1024w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/how-to-save-when-sending-money-768x403.jpg 768w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/01\/how-to-save-when-sending-money-1536x806.jpg 1536w\" sizes=\"auto, (max-width: 1594px) 100vw, 1594px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036591827\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>To get the most out of exchange rates, make sure to follow these tips:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h4 style=\"text-align: left\" class=\"vc_custom_heading\" >Check for foreign transaction fees<\/h4>\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036617738\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Usually, credit and debit cards charge 3% per transaction when you use them for settlements abroad. These costs add up when you keep using your cards to remit to the Philippines, making it more expensive.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1750420920148\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span data-preserver-spaces=\"true\">If you must use a credit or debit card, go for the company that charges the smallest fee. While some companies charge 3% per transaction, other groups like Kabayan Remit charge as low as \u00a32.99 even for transactions of up to \u00a35,000.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h4 style=\"text-align: left\" class=\"vc_custom_heading\" >Minimise using money exchange kiosks<\/h4>\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036682913\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Relying on the kiosk nearby usually means choosing lower exchange rates with higher processing fees. You won\u2019t get the most out of your earnings if you continue to do this in the long run.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h4 style=\"text-align: left\" class=\"vc_custom_heading\" >Make sure to compare provider rates<\/h4>\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036720728\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span data-preserver-spaces=\"true\">If you choose to\u00a0<\/span><span data-preserver-spaces=\"true\">send money online<\/span><span data-preserver-spaces=\"true\">, do your research and look at each provider&#8217;s exchange rates. You can use our\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/kabayanremit.com\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">comparison table<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0to find out the exchange rates of different providers.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h4 style=\"text-align: left\" class=\"vc_custom_heading\" >Choose a service that makes the most out of your hard-earned savings<\/h4>\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036936981\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>When you\u2019re a busy Filipino based abroad, you\u2019ll need to plan ahead. When planning to send money to the Philippines, think about these questions:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036961864\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">Who will receive your money?<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">Where will you send your money?<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">How quickly does your family need the money?<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">What bills do you need to pay back home?<\/span><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643036999898\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Make sure to choose a money transfer company that addresses all these concerns. At <a href=\"https:\/\/app.kabayanremit.com\/clients\/login\">Kabayan Remit<\/a>, we\u2019ve got you covered.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643037010999\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Here\u2019s how we can help:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643108642085\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">Kabayan Remit provides an intuitive mobile app so you can send money wherever you are.<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">Instant money transfers! Send money within an hour.\u00a0<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">Send money to major banks and remittance outlets in the Philippines, including BPI, Metrobank, Cebuana Lhuillier, and LBC.<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">Go digital and send money to\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/kabayanremit.com\/blog\/news\/globe-gcash-smart-paymaya-kabayan-remit\/\" rel=\"noopener\"><span data-preserver-spaces=\"true\">mobile wallets<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0like GCash and Paymaya.<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">Pay your\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/kabayanremit.com\/help-center\/which-bills-can-i-pay-for\/\" rel=\"noopener\"><span data-preserver-spaces=\"true\">bills<\/span><\/a><span data-preserver-spaces=\"true\"> and government contributions with our mobile app.<\/span><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1643037123556\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span data-preserver-spaces=\"true\">Want to know more? Contact our 24\/7 bilingual\u00a0<\/span><span data-preserver-spaces=\"true\">customer support team<\/span><span data-preserver-spaces=\"true\">\u00a0or visit\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/kabayanremit.com\/\" rel=\"noopener\"><span data-preserver-spaces=\"true\">kabayanremit.com<\/span><\/a><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div><\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>When you\u2019re getting ready to send money to the Philippines, the first thing you need to do is look at exchange rates. Whether you\u2019re working in the\u00a0United Kingdom,\u00a0Spain,\u00a0France, or anywhere in Europe, exchange rates will determine how much money will reach your loved ones back home.<\/p>\n","protected":false},"author":3,"featured_media":1824,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[59],"class_list":["post-1817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-exchange-rates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Exchange rates explained - Everything you need to know<\/title>\n<meta name=\"description\" content=\"Everything you need to know about exchange rates, how they work and how to find the best rates when sending money to the Philippines\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kabayanremit.com\/blog\/finance\/understanding-exchange-rates\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exchange rates explained - 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