Remitly Exchange Rate Canadian Dollar To Philippine Peso
Remitly is a popular online money transfer service that allows users to send money to the Philippines quickly and easily. One of the most important aspects of any money transfer service is the exchange rate. In this article, we'll take a closer look at the Remitly exchange rate for Canadian dollars to Philippine pesos.
What is Remitly?
Remitly is an online money transfer service that allows users to send money to over 50 countries around the world. The service is especially popular among Filipinos who work abroad and need to send money back home. Remitly offers competitive exchange rates and low fees, making it an attractive option for many users.
Understanding the Exchange Rate
The exchange rate is the rate at which one currency can be exchanged for another. In the case of Remitly, the exchange rate determines how many Philippine pesos a user will receive in exchange for Canadian dollars. The exchange rate is constantly changing, as it is influenced by a number of factors such as economic conditions and political events.
Remitly Exchange Rate for Canadian Dollars to Philippine Pesos
Remitly offers competitive exchange rates for Canadian dollars to Philippine pesos. As of September 2021, the exchange rate is 1 CAD = 38.50 PHP. This means that for every Canadian dollar sent through Remitly, the recipient in the Philippines will receive 38.50 Philippine pesos.
Factors That Affect Remitly Exchange Rate
As mentioned earlier, the exchange rate is influenced by a number of factors. Some of the factors that can affect the Remitly exchange rate include:
- Economic conditions in Canada and the Philippines
- Political events and instability
- The supply and demand for currencies
- The performance of the global economy
How to Check the Remitly Exchange Rate
Remitly makes it easy for users to check the exchange rate for Canadian dollars to Philippine pesos. Simply visit the Remitly website and enter the amount of Canadian dollars you wish to send. The website will automatically calculate the amount of Philippine pesos the recipient will receive based on the current exchange rate.
Pros and Cons of Using Remitly
Like any money transfer service, Remitly has its pros and cons. Some of the advantages of using Remitly include:
- Competitive exchange rates
- Low fees
- Easy to use website and mobile app
- Fast transfer times
Some of the disadvantages of using Remitly include:
- Only available in select countries
- Requires users to have a bank account or credit card
- Transfers may be subject to delays or other issues
Conclusion
Overall, Remitly offers a competitive exchange rate for Canadian dollars to Philippine pesos. Users can easily check the exchange rate on the Remitly website and take advantage of the service's low fees and fast transfer times. However, it's important to keep in mind that the exchange rate is subject to change and may be affected by a number of factors.