How much to exchange 1 Euro to PHP is alway a question that people ask.
EURO (EUR) is a pretty strong currency like USD, EURO is the currency of the European Monetary Union. Officially launched on January 1, 1999, the EURO was widely used on January 1, 2002 in 18 member countries of the European Union and in 6 countries and territories that are not part of the Union.
EURO has two currencies: metal EURO money and EURO banknotes. Metal coins are different on the back of coins. Banknotes come in denominations of: 5 EURO, 10 EURO, 50 EURO, 100 EURO, 200 EURO, 500 EURO.
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How much is 1 Euro to PHP?
Currently, the need to exchange to learn, study abroad and travel in the European Union countries has increased significantly. Moreover, economic, trade and trade relations between our country and the EU countries are increasingly developing strongly. This has spurred the interest of many customers to the value of EURO currency by how much Philippines currency?
According to the latest update on 2/2021, the EURO currency generally tends to go up compared to recent days with the EURO / PHP exchange rate being:
|EURO Money (Unit: EUR)||Philippines Money (Unit: PHP)|
|Updated as of:||1/24/2022|
Table comparing the latest Euro (€) rates at banks today.
|Metropolitan Bank and Trust Company|
|Rizal Commercial Banking Corporation||56.32||58.08|
|Banco de Oro||56.33||57.80|
|Land Bank of the Philippines||65.83||69.34|
|Development Bank of the Philippines||56.66||59.67|
|Bank of the Philippine Islands||55.24||59.12|
|Security Bank Corporation||54.55||58.75|
|Updated as of:||1/24/2022|
Factors affecting the EURO / PHP exchange rate
How much Philippines currency can be exchanged for 1 EURO currency is the exchange rate between these two currencies. But the exchange rate, which does not have a single number, applies to all times, all times, all circumstances. It depends on many different factors. Below are some factors that affect the EURO / PHP rate.
- People’s Expectation: The people’s expectation is not small at all. The greater the expectation for the higher EURO price, the more people will have a need to buy EURO money. Increased demand will increase the price of the EURO and vice versa.
- Inflation gap: The exchange rate is based on the purchasing power balance theory. Therefore, when there is a gap in inflation in our country and other countries in the European Union, that means the price will change. Therefore, the rate will fluctuate.
- Policy intervention from the state: The exchange rate adjustment is issued and dominated by the State Central Bank. Therefore, this conversion will also depend on intervention policies from the state regulation.
- The growth or weakening of the economy: The growth or recession of any Philippines economy or one of the countries of the European Union also affects the exchange rate of EURO / PHP.
- Export / Import Ratio Gap: An increase in the export / import ratio implies an increase in export revenue and an increase in the local currency price. Conversely, when the export / import ratio falls, the price of the local currency will often tend to decrease.
- Public debt: The public debt rating has a great influence on the exchange rate. When a country has too large public debt, it often leads to inflation and becomes less attractive in the eyes of foreign investors. Then, investors will not want to buy securities with par value in that currency, the value of local currency will decrease.
Where can I exchange EURO money?
EURO is a strong currency in the world, so finding a unit to exchange EURO is quite simple such as: Banks, airports or units that are licensed to exchange foreign currencies.
Foreign currency exchange in the banking system is considered the most legal. However, the Euro exchange rate at banks is often quite different, the foreign currency exchange procedure at banks is also very complicated, with long processing time. But with the legality, when exchanging without worrying about counterfeit money or administrative fines and convenient for travel, many people still change money at banks such as BDO, Metrobank, PNB,…
You can also exchange EURO money at gold shops. However, when choosing a EURO currency exchange, you need to go to the address that has a foreign currency exchange license to avoid the risk of financial loss.
Note when exchanging EURO currency
The EURO currency price is shown at the buying and selling rates on the State Bank or commercial banks’ exchange rate listings. So to buy EURO at the lowest price and sell with the highest amount you need to note the following:
The buy-in rate is the amount you receive when you sell 1 EURO. Assuming the buying rate of EUR / PHP = 57.15, it means that when you sell 1 EUR you will get 57.15 money. When you sell 100 EUR, the money you get will be 5.715 PHP.
The selling rate is understood as the amount of PHP you need to spend to get 1 EUR. When banks or gold shops list the selling rate of EUR / PHP at 58.25, it means that to get 1 EUR you will have to spend 58.25 PHP. When you want to buy 100 EUR, you will have to pay the amount of 5.825 PHP.
Rates often change
The EUR / PHP exchange rate is influenced by many factors from economy, politics and trade. Therefore, the EUR / PHP rate frequently changes from time to time. Even the exchange rate of EUR / PHP bought and sold among commercial banks will also have a slight difference. So when you want to buy or sell EUR you should survey many places and see forecast rates from experts.
Through the information presented above, you will have a better overview of how much 1 EURO can be converted to Philippines currency. From there make me the right decisions for currency exchange EURO to serve the purpose of my business or tourism.