Currency Exchange Rate Canadian Dollar To Philippine Peso
For people who travel or do business internationally, exchanging currencies is an essential part of their everyday lives. This is where the currency exchange rate comes in, and it is crucial to know how much one currency is worth in another currency. In this article, we will discuss the currency exchange rate of Canadian dollars to Philippine pesos.
What is the Canadian Dollar?
The Canadian dollar is the currency used in Canada. It is also known as the “loonie” because of the image of a common loon bird that appears on the one-dollar coin. The Canadian dollar is used by about 37 million people, and it is the fifth most held reserve currency in the world.
What is the Philippine Peso?
The Philippine peso is the official currency of the Philippines. It is issued by the Bangko Sentral ng Pilipinas, and it is subdivided into 100 centavos. The peso is used by approximately 109 million people, and it is one of the most traded currencies in Southeast Asia.
Current Exchange Rate
As of August 2021, the exchange rate for one Canadian dollar to Philippine peso is approximately 38.34 pesos. This means that if you exchange 100 Canadian dollars, you will receive approximately 3,834 Philippine pesos.
Factors Affecting the Exchange Rate
There are several factors that affect the exchange rate between the Canadian dollar and the Philippine peso. These include:
- The supply and demand of each currency in the foreign exchange market
- The economic performance of Canada and the Philippines
- The political stability of both countries
- The interest rates set by the central banks of both countries
How to Convert CAD to PHP
Converting CAD to PHP can be done in several ways:
- Through a bank or currency exchange service
- Using a credit or debit card that supports international transactions
- Withdrawing money from an ATM in the Philippines
It is important to compare exchange rates and fees from different providers to get the best deal.
Conclusion
The currency exchange rate of Canadian dollars to Philippine pesos fluctuates regularly, and it is essential to stay informed about the current exchange rate. Understanding the factors that affect the exchange rate can help individuals and businesses make informed decisions when exchanging currencies. By doing so, they can save money and get the best deal possible.