Today the € traded above 70 peso for the first time since I arrived in the Philippines in early 2016. It's also trading above 80 against GBP, and close to 60 for the dollar. Luckily for us retirees this weakness means our pensions have gained also, and protected us to some degree against the higher (cumulative) inflation in the Philippines. As is clear from the graphs below though, not all currencies have done equally well against the peso over the past 10 years. Of the six currencies I looked at, by far the best was the Swiss Franc, it gained around 61% against the peso. Next is the Euro, gaining almost 35%. Then the Canadian dollar with around 26%. Then the US dollar with 23%, followed by the Aussie dollar with 21%. Lastly the British pound, which gained 19%.
John, that is the exchange rate for actual (paper) money, the rates in my charts are for interbank transfers. The reason banks in the UK offer lousy rates for paper money is that it's very low liquidity trades, in other words, if they have some peso bills in stock they may sit on them for way too long.
Plus the fact that banks are scum - they use (risk) our money for their benefit and then take huge bonuses. When trying to get our money out they put in "safety features" to make it as difficult as possible. I am aware they say it is for OUR benefit ... but they would say that, wouldn't they. Part way through a transaction last week, my UK bank suddenly went offline (exactly the same as this site just did!). I know there are many cyber attacks organised by HitlerII (the one in Russia, not in the USA - I think), but I am sure they are struggling with online banking because they closed most of the bricks-and-mortar banks and forced most people online. Now they can't cope.
[QUOTE="Notmyrealname, post: 264864, member: 5226" Part way through a transaction last week, my UK bank suddenly went offline (exactly the same as this site just did!). I know there are many cyber attacks organised by HitlerII (the one in Russia, not in the USA - I think), but I am sure they are struggling with online banking because they closed most of the bricks-and-mortar banks and forced most people online. Now they can't cope.[/QUOTE] In the UK, the High Street Banks are closing faster than Pubs, these days!
I should add that I have had far less hassle from Lloyds Bank than from Santander. I would NEVER again put even 1p in a Santander bank and suggest that anyone with residency in their home country ensures they have (or can create) a few bank accounts available for remittance (at both ends). Ten would not be outrageous (as long as the accounts can be serviced as required). But maybe take a miss (rain 'cheque'!) on Santander. Btw, Santander contacted me via a Philippine phone number and was surprised I did not answer! They never sent a text to explain who was calling or asking me to call back and never sent an email, even though they know it. Instead, as a bank aware of security (LOL) they made a phone call from a country that warns us about unknown numbers calling and the risks of scams! Advice I have been given is that if ever using a new remittance company, always start by remitting a very small amount (£150 was suggested). This is far below what I would have considered "very small" but it reflects the fact that banks are very happy to stop transactions - or even to freeze or close bank accounts at a whim. I never send bank to bank internationally as their exchange rates are pure rip-off (hence the giant bonuses they award themselves). The usual process is problems with a home country bank because of sending 'large' amounts (one was temporarily paused recently when sending £3000 to a known recipient), followed by the very same issue with some remittance companies and then questions at the receiving end about the same issue! Yet crooks move millions from bank to bank - apparently with ease. I know all of this is done (so it is said) to avoid money transfers to terrorists (good) but surely they know that terrorists have other means of doing that! Bitcoin is one and I wonder, for example, do they question at the airport a lady wearing diamonds (usually a lady as we gents can't afford them!) - they could be low-value zirconia or very high value real diamonds. Do they check? Do they know how to? Revolut allows cryptocurrency trading, whereas banks such as Lloyds could close an account for so doing - but, currently, Revolut does not allow residents of the Philippines to sign up. I will be looking into this. Meantime, keep your eyes open for a man in the city wearing far too many diamonds - it could be me!
