Xoom Exchange Rate Us Dollar To Philippine Peso
Introduction
For people living abroad, sending money to their home country is a common practice. However, the exchange rate plays a crucial role in determining the value of the money that is sent. In this article, we will discuss the Xoom exchange rate for US dollar to Philippine peso.
What is Xoom?
Xoom is an online money transfer service that allows individuals to send money to over 130 countries worldwide. It was founded in 2001 and is a subsidiary of PayPal Holdings, Inc. Xoom offers competitive exchange rates and low transfer fees, making it an attractive option for those looking to send money overseas.
What is the Exchange Rate?
The exchange rate is the value of one currency in relation to another. In the case of Xoom, the exchange rate for US dollar to Philippine peso is constantly fluctuating based on market conditions. As of August 2021, the exchange rate is approximately 1 USD to 50 PHP.
Factors Affecting the Exchange Rate
The exchange rate is influenced by a variety of factors, including economic conditions, political stability, and global events. For example, if the US economy is performing well, the value of the US dollar may increase, resulting in a higher exchange rate. On the other hand, if there is political instability in the Philippines, the value of the Philippine peso may decrease, resulting in a lower exchange rate.
How to Send Money Using Xoom
To send money using Xoom, simply create an account on their website or mobile app. You will need to provide your personal information and the recipient's information, including their name and bank account details. Once you have entered the amount you wish to send, Xoom will provide you with the exchange rate and any applicable fees. You can then complete the transaction using a variety of payment methods, including bank transfer, debit card, or credit card.
Benefits of Using Xoom
There are several benefits to using Xoom for international money transfers. These include:
- Competitive exchange rates
- Low transfer fees
- Fast and reliable service
- Convenient online platform
- 24/7 customer support
Conclusion
The Xoom exchange rate for US dollar to Philippine peso is constantly changing based on market conditions. However, Xoom offers competitive rates and low fees, making it an attractive option for those looking to send money overseas. By understanding the factors that influence the exchange rate and using a reliable money transfer service like Xoom, individuals can ensure that their money is being sent securely and efficiently.