Currency conversion is complex. For many people, what they see on the internet is not what they get when they arrive abroad. This is mainly due to how currency conversion is done these days. It is not easy converting one currency to another. You need to consider the current exchange rates and many other variables.
Also, with the ongoing rise in the price of the Singaporean dollar, more and more people are looking to convert their Singaporean dollars to Pesos (PHP) to avoid the ever-increasing cost of living in Singapore. This blog will provide an ultimate guide on the best ways to convert Singaporean dollar to Peso. Read on!
Table of Contents
- 1 What Is Singaporean Dollar?
- 2 What Is Peso?
- 3 How Do You Convert Singaporean dollar to Peso?
- 4 Traveling Abroad: Currency Exchange Tips
- 5 Conclusion
What Is Singaporean Dollar?
The Monetary Authority of Singapore (MAS) regulates the Singaporean dollar, sometimes known as the “Singaporean dollar”. Famous Singaporeans such as Chiang Kai Shek, Yusof bin Ishak (the country’s first president), and Chin Peng are frequently featured on the coins and notes. It is the fourteenth most traded currency in the world
The smallest unit of the Singapore currency is the cent, followed by the dollar, ten cents, and the hundredth of a dollar. The currency code is SGD. The banknotes in circulation today are from 10 dollars to 1000 dollars. The coins are from one cent to 50 dollars. A $2,000, 8-fold, 6-colour currency note was issued in 2014 and is the highest denomination circulating today. It was issued to commemorate the 50th anniversary of Singapore’s independence.
The Singaporean dollar is the official currency of Singapore.
What Is Peso?
A peso is a type of currency used in several Latin American countries. It is the currency of Argentina, Chile, Colombia, and Uruguay. The symbol of a peso is $, and its ISO 4217 code is “ARS”. There are also several subdivisions of the peso. In Argentina, Uruguay, and Chile, it is subdivided into 100 centavos.
In Colombia, it is subdivided into 1000 (singular: peso or Plata) or 100 centavos, with the plural being the same for both. It comes from the Spanish word for weight since all currencies were previously weighed and not counted. In English, peso means “weight” or “mass”.
The Peso is the official currency of the Philippines.
How Do You Convert Singaporean dollar to Peso?
The exchange rate for the Singaporean dollar to Philippine Peso is:
|Bangko Sentral ng Pilipinas||-||39.493|
|Metropolitan Bank and Trust Company||38.080||39.340|
|Banco de Oro||38.623||39.999|
|Bank of the Philippine Islands|
|Security Bank Corporation||37.318||41.205|
|Philippine National Bank||37.120||39.890|
|Updated as of:||7/1/2022|
How much is 1 SGD to PHP?
Quick convert the SGD to PHP based on amount of money as table below
|Sigapore Money (Unit: SGD)||Philippines Money (Unit: PHP)|
This is the current exchange rate available on a currency exchange website such as OANDA. Using the currency converter, you can get the exchange rate for currency pairs, precious metals, and other commodities. While the exchange rate can be used to calculate the worth of one currency in another, it can also be used to forecast whether the value of your investment or trading account will increase or decrease.
Traveling Abroad: Currency Exchange Tips
1. Don’t Exchange Money at the Airport
Airport money changers have high rates because they have high operating costs, for example, airport rent or expensive set-up fees. Although you may think that you’re saving time by using money changers at the airport, it’s better to change your money beforehand.
2. Limit Paying Commission
Foreign exchange businesses make money by selling foreign currency higher than the government-set rate. They charge a commission to customers when converting money. If you’re not in a hurry, try someplace else (especially if you’re not in a hurry). Czarina Foreign Exchange is a no-commission foreign exchange store.
3. Before Exchanging Money, Check Rates
Even though the financial news might say that the exchange rate is at this specific rate, not every money changer in this country will offer you that value. Before you exchange your money, shop around to get favorable exchange rates to maximize the value of your foreign currency.
4. Be Cautious When Receiving Money When There is Still a Pandemic
Though life is gradually returning to normal and many shops have since reopened after the outbreak, remember that the pandemic is still happening. With this in mind, it’s important to take care when visiting foreign currency exchange shops.
When getting your money converted at these stores, make sure you’re wearing your face mask and face shield; this will protect you from catching germs or disease and help prevent the spread of the virus! After receiving the money from the change shop, thoroughly clean or wash your hands to destroy any pathogens that may have touched it before you received it. Just remember, thousands of people have already handled this money before you!
The currency exchange rate can be a bit overwhelming. If you’re in this situation, you may need to understand well the different currencies and how they’re used. The Singaporean dollar and Peso are currencies in different countries — Singapore and the Philippines, respectively.
However, they both have different roles and uses, which can make it difficult for someone who doesn’t live in the nation to understand them. With the ultimate guide below, we hope you might have gained all the knowledge about the two different currencies and how you can convert SGD to PHP and save money in the long run!