When you need US dollars, the top banks like BDO, BPI or Metrobank offer the best foreign exchange rates. If you’re expecting bigger amounts of US dollars through Western Union, I suggest that you claim them at money changers Sanry’s or Czarina in US dollars, and then exchange them to Philippine peso. So this option is only okay for lower amounts. Note though that the Western Union exchange rate is lower than that offered by others. I bet many bloggers receiving Google Adsense payments are happy. When Western Union offered this option, I was happy because I didn’t need to go out of our house to claim my Western Union remittance. If you have a Paymaya or a GCash account, maybe you already know that you can receive your Western Union US dollar remittance through your Paymaya or GCash account in Philippine peso. US Dollar to Philippine Peso Western Union And they have lots of branches nationwide.ĭespite complaints that reach the media from time to time, BDO probably has the biggest number of depositors, based on their top ranking based on total deposits for many years now. They have branches inside SM Malls where families shop and dine. Why? Because they have branches open on Saturdays, Sundays and holidays and some up to early evening. US Dollar to Philippine Peso BDOīDO does not offer the best US dollar to Philippine peso exchange rate (they offer the 2nd or 3rd best rate), but many people exchange their foreign currencies with them. So for many years, I exchanged my US dollars at Czarina. Sanry’s money changer was another favorite, and it often times had higher exchange rates than Czarina, but there’s no Sanry’s branch in the South Metro. I then started exchanging my US dollars at Eastwest, instead of exchanging at Czarina, which was my favorite money changer for many years. I wondered why they were there at Czarina, so I started tracking Eastwest US dollar-peso exchange rates.
I discovered a few years ago that EASTWEST Bank gives the best US dollar to Philippine peso exchange rate after I saw an Eastwest armored van delivering cash to a Czarina money exchange branch in Alabang. Money is deposited to the Philippine peso accounts of customers in Philippine banks.
When sending US dollars through WISE, you can see the actual amount of your money in Philippine peso before you click the SEND button. They give the highest US dollar to Philippine peso foreign exchange rate. * WISE is one of the most popular global online remittance companies. dollars by the bank processing the payment, not the date the foreign currency payment is received by the IRS.EW=Eastwest MB=Metrobank SB=Security Bank Rob=Robinsons NAI=Naila’s LB=Landbank dollars is based on the date the foreign currency is converted to U.S. tax payments in a foreign currency, the exchange rate used by the IRS to convert the foreign currency into U.S. Note: The exchange rates referenced on this page do not apply when making payments of U.S.
Below are government and external resources that provide currency exchange rates. Currency Exchange RatesĪn exchange rate is the rate at which one currency may be converted into another, also called rate of exchange of foreign exchange rate or currency exchange rate. dollars to report on your income tax return. At the end of the year, translate the results, such as income or loss, into U.S. dollar, make all income tax determinations in your functional currency. If your functional currency is not the U.S. You can generally get exchange rates from banks and U.S. If there is more than one exchange rate, use the one that most properly reflects your income. Use the exchange rate prevailing when you receive, pay, or accrue the item. (including taxes), that you receive, pay, or accrue in a foreign currency and that will affect computation of your income tax. dollar, you must immediately translate into dollars all items of income, expense, etc.
Make all income tax determinations in your functional currency. The business books and records are not kept in the currency of the economic environment in which a significant part of the business activities is conducted.
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