Are you tired of spending days searching for the best currency exchange rate for your GBP to Philippine Peso conversion? We understand how much burden it can be and therefore we have come up with a Comprehensive Guide on British Pound to Philippine Peso conversion to take that burden off and help you send your remittances to the Philippines hassle-free.
Nowadays exchange rates are constantly fluctuating due to Interest rates, Inflation, Trade, and Market expectations impacting their behaviour. Understanding those influencing factors can help you make the right choice to get the best value for your pound-to-Philippine peso exchange.
So if you are a Filipino working in the UK or seeking help for someone, let’s dive into this guide and unravel the secrets of smart currency conversions by navigating the ever-changing currency market and understanding the ins and outs of GBP to PHP Peso conversion.
Exchange Rates in Recent Years
- Interest rates, Inflation, Trade, and Market expectations are the top influencing factors of recent times that have impacted the fluctuation in the exchange rate.
- The impact of inflation and interest rates on exchange rates is indeed closely related as Countries with higher interest rates have stronger currencies, while those with higher inflation have weaker ones.
- Trade Relationships of a country also play an important role in the appreciation or depreciation of its currency value. For example, a country’s currency will appreciate if it has witnessed a trade surplus i.e. that particular nation has exported more goods than imported. Similarly, the country will have a weaker currency if it has experienced a trade deficit because of larger imports as compared to its exports.
- Market Expectations also play a role in exchange rate fluctuations, with investors buying a country’s currency if they expect an improvement and selling it if they expect a deteriorating economy.
The Changes in Exchange Rates
- The current exchange rate as of August 1, 2023 ( 1 GBP = 70.25736 PHP )
- The historical highest of the exchange rates ever seen from GBP to PHP was ( 71,526 PHP on June 17, 2023 )
- The average forex rate for PHP to GBP ( 68, 710 PHP )
- Data of World Development Indicators by World Bank suggest the Great British Pound (GDP) price level ratio to the market exchange rate in the Philippines was 0.3 in 2022.
Factors affecting the Exchange Rate from GBP to PHP:
1) Impact of the value of the British pound sterling on exchange rates
The British pound sterling’s value is impacted by a number of economic variables in the United Kingdom (UK). In this example, the British pound sterling’s value is GBP. The value of the GBP tends to increase if the UK economy is sound and stable and there is faith in its financial markets. The value of the GBP might fall, though, if there are economic difficulties or uncertainty.
2) Role of economic conditions in the Philippines on PHP valuation
If there are economic issues or uncertainties in the Philippines, it can affect or weaken the PHP or Philippine peso. Similarly, PHP tends to strengthen if its economy is performing well and it has investors’ support. Hence, the value of the Philippine peso also impacts the exchange rate of pounds to peso.
3) The Overall Economic Conditions in the UK and the Philippines
Economic performance and the conditions of both nations, i.e., of the UK and the Philippines also impact their respective currencies. A robust financial system with Strong economic growth and low unemployment can positively influence a currency’s value.
4) The demand for GBP in the Philippines & its impact on Exchange Rate
The demand for one currency in relation to another affects the exchange rate. The value of the GBP in relation to the PHP is likely to rise if there is a large demand for British pounds in the Philippines, for instance, because of increasing commerce, investments, business, or tourism.
Why You Should Avoid Local Banks for Currency Exchange
It’s not the finest idea to exchange money at your local bank. They may make amazing rate promises up front but then shock you with a poorer rate when you actually make the trade. They can be cunning with their costs. The fact that they have agreements with other traders makes matters much more complicated. Even you may be charged some additional amount to transfer your funds to your Home country which is annoying.
Don’t worry, though; we’re here to assist you with quick and accurate currency conversions!
Xmonies is a leading digital financial service provider that offers promotions for International money transfers from the UK. As we provide great exchange rates to convert British Pounds into other currencies including the PHP. The rates offered online are usually much more suitable than those provided by traditional banks because Xmonies doesn’t add extra fees for extra benefits, it’s simply a ‘no hidden cost’ scheme. This means you can get a better deal when converting your money with us.
- Currency dealings involve exchanging one type of money for another, but the value of each currency can be different. Simple multiplication doesn’t work because exchange rates keep changing based on fluctuations in the interbank currency market.
- To get the best deal, you should check the live exchange rates and make transactions when you see the desired rates.
How long does it take to transfer money from UK to Philippines?
Transferring money from the UK to the Philippines can usually take 3-5 business days depending on several factors like the transfer method chosen, the financial institutions involved and any potential delays that may arise during the transfer process.
Usually Online Money Transfer Services often offer faster or even instant money transfers as compared to traditional Banks depending on the service provider you go with. Some of them also provide standard and expedited transfer options from the UK to the Philippines, which may take 1-2 business days to transfer your funds to your home country, depending on the method you select.
How much can I remit to the Philippines from the UK?
There is no legal limit on transferring/remitting money to the Philippines or anywhere overseas from the UK. Although banks and other money transfer service providers may impose their own limits due to the risk of money laundering.
Following is the list of approx. daily limits of Top Banks of the UK :
Barclays – £50,000
HSBC – £25,000
Lloyds Banking Group – £25,000
Royal Bank of Scotland – £20,000
Stander UK -£25,000
Generally, Online remittances from the UK to the Philippines range from £1 to £10,000 and may vary depending on the service provider chosen.