If you are planning to travel, study, or do business in the European Union, you may be wondering how much it costs to exchange 1 Euro to PHP. The Euro (EUR) is a strongly valued currency like the US Dollar, and it is the official currency of the European Monetary Union. Launched in 1999, the Euro has been the preferred currency of 18 member countries of the European Union and six countries and territories outside the Union.
With the increase in transactions and trade between the Philippines and European Union countries, there is a growing interest in the value of the Euro currency versus the Philippine Peso (PHP).
In this comprehensive guide, CashLoanPH will provide you with all the essential information you need to know about the Euro to PHP exchange rate, including factors that affect the exchange rate, where to exchange Euro, and tips for exchanging your currency.
How much is 1 Euro to PHP?
As of the most recent update, the value of 1 Euro to PHP:
However, it’s important to remember that exchange rates vary depending on the currency market’s situation, such as political, economic, and social factors. Therefore, you should check with your bank or currency exchange provider for the latest rates before buying or selling Euro.
3 ways to check Euro to PHP Exchange Rate
There are several ways to check the Euro to Philippine Peso exchange rate. Here are some options based on the provided web search results:
- XE Currency Converter: You can use the XE Currency Converter to check the current exchange rate for Euro to Philippine Peso (https://www.xe.com/currencyconverter/convert/?From=EUR&To=PHP). However, please note that the rate shown on the website is the mid-market rate and may not be the rate you receive when sending money.
- Google Finance: You can check the latest real-time quote, historical performance, charts, and other financial information related to the EUR/PHP pair on Google Finance (https://www.google.com/finance/quote/EUR-PHP).
- Wise Currency Converter: You can use the Wise Currency Converter to analyze historical currency charts or live Euro/Philippine Peso rates and get free rate alerts directly to your email. Additionally, you can convert EUR to PHP at the real exchange rate using Wise (https://wise.com/gb/currency-converter/eur-to-php-rate?amount=1).
Factors affecting the Euro to PHP exchange rate
The exchange rate of any currency depends on multiple factors that constantly fluctuate. The following are some of the significant factors that affect the Euro to PHP exchange rate:
- People’s Expectation: The expectation of the people is an essential factor in determining the supply and demand for Euro. If people expect the Euro price to go higher in the future, the demand for Euro currency increases, driving the price up. Conversely, if the expectation is low, the demand decreases, and the price falls.
- Inflation Gap: The exchange rate is based on the purchasing power balance theory. If there is an inflation gap between two countries, the value of their currencies will change accordingly, resulting in the exchange rate fluctuation. If the country’s inflation rate is high, its currency’s value decreases, and the Euro may cost more PHP.
- Policy intervention from the state: Exchange rate adjustments are issues handled and regulated by the country’s Central Bank. They may intervene to uphold the value of their currency, or they may devalue it to boost exports. Therefore, the exchange rate is subject to the intervention policies from regulatory authorities.
- Growth or weakening of the economy: A country’s economic growth or recession has a significant impact on the value of its currency. When the Philippines’ economy is growing stronger, its currency becomes more valuable, while the Euro currency becomes less valuable. Conversely, when the European Union countries’ economies are growing stronger, the Euro becomes more valuable, while PHP becomes less valuable.
- Export/import ratio gap: An increase in an export/import ratio means an increase in local currency price. Countries that have more exports than imports tend to have valuable currencies. Conversely, when the export/import ratio falls, the price of the local currency will often tend to decrease.
- Public debt: A country’s public debt rating has a great influence on the exchange rate. When the public debt is too high, it often leads to inflation and becomes less attractive to foreign investors. Then, investors will be less inclined to buy securities with par value in that currency, and the value of the local currency will decrease.
Where can I exchange Euro to PHP?
Finding a unit to exchange Euro is quite simple as the Euro is a strong currency in the world. You can exchange your Euro currency from any licensed currency exchange offices or banks in the Philippines.
The banking system is considered the most legal way of foreign currency exchange. However, the exchange rates at banks are often high, and the exchange process can be complicated and time-consuming. Despite these restrictions, many people still opt to change money at banks such as BDO, Metrobank, PNB, etc., as it is convenient and safe.
You can also exchange Euro at money-changing booths, but make sure to check if they have a foreign currency exchange license. Otherwise, you may face the risk of significant financial loss.
Things to keep in mind when exchanging Euro currency
While exchanging Euro currency, keep the following things in mind to avoid any inconvenience or loss:
- Check the exchange rates: Keep in mind that the Euro currency price is shown at the buying and selling rates on the State Bank or commercial banks’ exchange rate listings. To get the best exchange rates, it would be wise to compare and survey multiple currency exchange providers to determine the best rates available.
- Exchange at the right time: Exchange rates for different currencies tend to fluctuate often, and due to multiple reasons. Thus, to achieve the best exchange rates, it would be wise to exchange Euro when the market subsides or stabilizes, and the value of the Euro is comparatively high.
- Be aware of hidden fees: Most exchange rates come with hidden fees and commissions. Always check with your currency exchange provider if there’s any additional fee or commission involved before exchanging your currency.
In summary, being aware of the Euro currency’s current value and understanding the critical factors that affect the exchange rate is vital for effective currency exchange. You can exchange your Euro currency from any licensed currency exchange offices or banks in the Philippines. However, make sure to check their credibility and the currency exchange rates being offered by different providers.
By following the tips, information, and advice presented above, you can make informed decisions while exchanging your currency and achieve your objectives of business, tourism, or personal needs.