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Wise Exchange Rate Today June 16, 2022

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Enzyte Bob
Today I transferred money from the US.      Wise's exchange rate wasP53.36  per US dollar.    (June 16, 2022)

coach with that exchange rate (P317) you can buy 1lb of Swedish Meatballs at Ikea. in fact Ikea sells frozen meatballs.
Lotus Eater
And may the Fed continue to raise interest rates . Amen 1f60b.svg1f4b0.svg
FindlayMacD

@Enzyte Bob  meanwhile UK exchange rate has tanked, down to 63.731, but then again, we still have a right wing government led by Boris Johnson, the UK's equivalent of Donald Trump.

Enzyte Bob
And may the Fed continue to raise interest rates . Amen 1f60b.svg1f4b0.svg
- @Lotus Eater

**************************************
With rising Fed rates banks may have to be bailed out, banks have billions of mortgage money out there at 3.5%, if banks have to pay more than 3.5%  for Fed money. . . more problems on the horizon.

Also any Fed increase will increase the variable interest rates on charge card and mortgages (that's if your mortgage is variable)

So it looks like the people are in between a rock and hard place.
Enzyte Bob

@Enzyte Bob  meanwhile UK exchange rate has tanked, down to 63.731, but then again, we still have a right wing government led by Boris Johnson, the UK's equivalent of Donald Trump.

- @FindlayMacD
*******************************************************

You want to trade even up, Biden for Johnson?
talamban
Combination of Social Security COLA for 2023 possibility of 8%+ and weak dollar against the PHP makes me feel good about retiring here.
2023 forecasts are up to 60 PHP/Dlr.
Sep    59.82    58.57-60.35    59.46    -0.6%    13.7%
Oct    59.46    58.31-60.09    59.20    -0.4%    13.2%
Nov    59.20    59.12-60.92    60.02    1.4%    14.7%
Dec    60.02    59.19-60.99    60.09    0.1%    14.9%
talamban
@Enzyte Bob

I wd trade one Biden AND one Kamala for one Boris anytime.
Enzyte Bob
Combination of Social Security COLA for 2023 possibility of 8%+ and weak dollar against the PHP makes me feel good about retiring here.
2023 forecasts are up to 60 PHP/Dlr.
Sep    59.82    58.57-60.35    59.46    -0.6%    13.7%
Oct    59.46    58.31-60.09    59.20    -0.4%    13.2%
Nov    59.20    59.12-60.92    60.02    1.4%    14.7%
Dec    60.02    59.19-60.99    60.09    0.1%    14.9%
- @talamban*****************************************
Better put some "RUM" in our COLA because the increase in the Medicare contribution will wipe it out.
mugteck
Those of us who are not in debt, pay off our credit cards every month, have cash to invest in CD's, hope the fed raises the rates another half or three quarters of a percent.  Have CD's paying .5 % maturing next month, hope to get up to 3% on the new ones.  There is yin and yang in everything.
Lotus Eater
Yes of course. My above comment was geared to the strength of the dollar which benefits US expats in the Philippines. Interest rates are one of the main (but not only) arbiters of a currencies strength.
lcdrski

@Enzyte Bob what have you seen about part b going up again? Thanks

lcdrski

@Enzyte Bob what is foreign exchange rate for wise? Thanks

Enzyte Bob

@Enzyte Bob what have you seen about part b going up again? Thanks

- @lcdrski
**********************************************************************

I have seen nothing. . . . but it probably will announced when the COLA is announced.
Enzyte Bob

@Enzyte Bob what is foreign exchange rate for wise? Thanks

- @lcdrski
**************************************************************

$1 gets 53.38 Pesos
manwonder
Yes the dollar vs peso exchange rate has indeed gone up by lets say <8% 😆...however the price for goods and services here has easily gone up by >10%-15% & more price hikes are in the pipeline. 😥
So it still looks to me like the people here are in between a rock and hard place.
Wellsfry

@manwonder I have noticed only a little raise in prices the last few months here in Dipolog... would not say 10 - 15%... maybe 5 - 8%....Gas seams to be pushing it I think. Maybe Manila area is higher...

westhillah
Moving and retiring to the Philippines in Aug/Sept ...seriously considering Dipolog....your take/experience?
Lotus Eater
I defer to our in house resident above, Wellsfry, on this but I have heard that this city is the next budding Dumaguete just across the water.

Much lower proportion of foreigners to filipinas (excuse the alliteration) and as they used to say in Dumaguete 25 years ago the girls still approach you wearing a wonderful naive expression on their faces with the line : "Is that a gun in your pocket or are you just pleased to see me" ;)
talamban
@Enzyte Bob

I dropped Medicare when I arrived in 2019.
And, after one year of paying 17K PHP for Philhealth with no usage, I dropped that too.

So, I guess I am Self-Insured.

Altho I have seen comments about Prescriptions from Docs being necessary to obtain meds; I have had no issue with getting everything I ask for from the major Pharmacies. In USA, my Medicare, extra coverage, and Blue Cross Insurance + CoPays and Donut Holes averaged about $10,000 every year. Now I pay a total of less than $2,500/year for everything I need. I will just continue to Self-Insure. My opinion is that if I have a serious issue, I cannot afford it either here or in the States anyway.
Wellsfry
@westhillah
I love Dipolog... and is where i decided to hang my hat... When you get into town, head to the O.C. bar and grill... Owned by a cool cat and his wife(Corey)... Ex - Pat's come on Saturdays and Tuesdays to hang out and tell lies 😁😉... You will love Dipolog... I have been around the block in the Philippines... haven't seen all... but seen enough to say... Dipolog is a big, little city... has enough... but not yet too big... and is a nice little town... the Boulevard is a great time in the evenings... We are there many of them for the sunset, and (lots of)FOOD...
Dumaguete is cool as well if you want a little bigger... can't go wrong with either.  Cheers!
Wellsfry
@Lotus Eater
😉😅🤣
Wellsfry
So... On another note... Best way to transfer a few million pesos?  Wire, or ?
kristopherryanwatson
As a Consultant who earns in US dollars, this is good news for me!
More Power to the US -> Php Conversion.   1f60e.svg
talamban

@Wellsfry  Maybe best to use Navy Seals for a few Million Pesos...

Enzyte Bob
@Wellsfry asks: So... On another note... Best way to transfer a few million pesos?  Wire, or ?

***************************************************************************
The question seems that you want to send a few million pesos? . . . . . . . Really? . . . . . . Maybe sending a few thousand dollars?

On the other hand using my Fuzzy Math with the Peso exchange on Wise at this moment is P53.76 per $1 USD.

So for example you want to send $3,000 USD to the Philippines.

ACH Fee:     $  4.79
Wise Fee:    $16.75                     
---------------------------
Total Fees:   $21.54

Sending: $3,000.00 USD, Minus -$21.54 Wise Fee, Net Sent: $2978.46
P160,122 arrives in the Philippines.
Wellsfry
Approx $170,000 dollars (8 million peso) to be specific... To buy a home... maybe direct wire to seller is best...
Enzyte Bob
Approx $170,000 dollars (8 million peso) to be specific... To buy a home... maybe direct wire to seller is best...
- @Wellsfry
Some years ago I had to transfer a smaller amount. The transfer was sent to my stepson's BDO account. Then he met the seller at our lawyers office to complete the transaction.

Do you trust the seller?
Wellsfry

@Enzyte Bob  All is through my lawyer... and I trust her... she has been great.  Sounds like I am going to do similar based on her advice.  Thx Bob

Enzyte Bob
And may the Fed continue to raise interest rates . Amen 1f60b.svg1f4b0.svg
- @Lotus Eater
Be careful of what you wish for.

There are two sides of rising interest rates. Many solvent people, about 25% will be happy in finally getting the stability, safety and rising return of CD's to park their money.

Now the other 75% have an unsure future with rising interest rates, many of them winging it, some even week to week. The two biggest long term expenditures and liabilities are a mortgage and car loan. Other long term debt's include credit cards and student loans.

Just a 1% mortgage raise will add hundreds of dollars each month to the medium purchase price of a home mortgage in the USA. So there goes the housing market. Families priced out of the market.  Along with that all the peripheral suppliers to the housing market.

In the US the housing bubble will bust again. Housing foreclosures and auto repossessions will return, millions will be under water. Then the return of too big to fail. Maybe a sensible way will be small increases until mortgage rates are about 5%, a soft landing so people can land on their feet instead of having them amputated. As the US economy goes, so does the world.

Another thing that has two sides Expats and non Expats. With the rising exchange rate of our the Peso, we Expats are happy. The rise of the Peso is because the value of the Peso has dropped. It takes almost P54 to buy a dollar. So Philippine companies will pay more for importing goods and raw materials. The real inflation is lagging behind but it will come.

The big bug-a-boo is the rising cost of oil. In my life time I've seen the economy tank several times because by oil prices, the first time was an oil embargo by oil producing nations. There is more demand for oil worldwide because of emerging nations. Now millions of autos in China & India. It was absorbed by better mileage, in my lifetime from 13.5 mpg to 27.5 mpg, it's just going to reach its limit, engineering can go so far.

Electric cars are out of reach of the average US household. There is no bridge from Gasoline to Electric yet.

I've chewed my expensive Cigar down to a nugget, so that's it for now.
manwonder

@manwonder  well Peso is of higher rate when exchanged from crypto. Download Coinph and thank me later smile.png

- @collectioncrypto

Thanks...but I'm waiting for the launch of  the
allnew "FEDCOIN" that's being launched very very soon I think....Watch out for it and you may thank me later..

1f923.svg


mugteck
Combination of Social Security COLA for 2023 possibility of 8%+ and weak dollar against the PHP makes me feel good about retiring here.
2023 forecasts are up to 60 PHP/Dlr.
Sep    59.82    58.57-60.35    59.46    -0.6%    13.7%
Oct    59.46    58.31-60.09    59.20    -0.4%    13.2%
Nov    59.20    59.12-60.92    60.02    1.4%    14.7%
Dec    60.02    59.19-60.99    60.09    0.1%    14.9%
- @talamban*****************************************
Better put some "RUM" in our COLA because the increase in the Medicare contribution will wipe it out.
- @Enzyte Bob   My net increase in 2022 was $100/month after the increase in Medicare.  Looking for same in 2023.
Enzyte Bob
I have read all comments and i wonder why still use wire to transfer money from the USA to PH, whereas you can easily use [link under review]/ to send money in crypto currency. When converted from USD crypto to Peso, its worth it. Download https://coins.ph/ and thank me later.
- @collectioncrypto
Please inform all of us how it works?

I think very few of us use wire transfers, using other methods money can be transferred between 1/2% to 1%.

For me watching the tanking of crypto currency is more interesting than partaking in it.

On your link: Buy Bitcoin: $21,896, Sell Bitcoin: $21.333. $563 is too much Vigorish for me.

Peso trading at 54.9 per $1 on Wise this moment.
sekmet

@mugteck I-bonds are paying 9%

Enzyte Bob

@mugteck I-bonds are paying 9%

- @sekmet

I-Bonds are sold by the US Treasury. So when you cash them, where does the money come from?

Maybe the Treasury gets a phone call saying sekmet is cashing in his I-Bonds in, crank up the printing press.

Your quote about 9% got my interest, not minding all the rules and in/out of cashing these bonds, with interest rising with the float rate.  Interest rate goes up so does the bonds, interest rate drops so does the payout of the bonds, these bonds mature in 20/30 years with early cash outs.

So you buy these bonds (9%)  and keep it keeps rising, later when the interest rate is in a downturn maybe dropping back to to 1/4%, before you cash out, there goes the free lunch?
pnwcyclist
I think iBonds are a great deal since they are indexed to inflation. Too bad you can only buy $10K per year or I'd have more.  9.62%.. nothing else pays like that right now that's not risky as hell.
PhilRes
Just to add to the pile - guy I trust as seriously wired-in and active with major banking/invest: not if banks will fail but which ones.  Coming from him was very very sobering and I still trying to consider what that may mean. I note there was a recent stress-test on US Banks, but it is still unsettling me...

I am always very cash heavy so glad seeing interest rates finally showing up - for a while wasn't worth even doing CDs.
Enzyte Bob
@ PhilRes. . . . . . .Just to add to the pile - guy I trust as seriously wired-in and active with major banking/invest: not if banks will fail but which ones.  Coming from him was very very sobering and I still trying to consider what that may mean. I note there was a recent stress-test on US Banks, but it is still unsettling me...

********************************************************
In the past the past like Bank of America, Citibank, JP Morgan & Wells Fargo all trillion dollar banks were bailed out (too big to fail).

Then when the smaller million dollar banks became insolvent the Feds assigned these banks lock, stock & barrel ownership to other banks, the Feds walked in like a swat team.

The real question is Goldman Sachs. .  .Google: 26 Goldman Sachs Alumni who run the world.

I keep my money in Citibank and transfer as needed to the Philippines.
Enzyte Bob
The US dollar is now 12% higher against six major currencies. The Euro is now worth only $1.02

The reason?

The fast increase of interest rates by the Federal Reserve, compared to the central banks of other countries has encouraged a flow of investment capital because of the higher yields of the US Treasury notes.

Yikes . . . . Wise exchange $1 gets P55.93
pnwcyclist
Yes, I have made some long overdue purchases in the past couple of weeks to take advantage of the rate before large ticket items get re-priced, as they undoubtedly will. Things we needed or wanted for awhile.

A top of the line Trek mountain bike for me, a Yamaha motorbike for her, a PC for younger son and a Honda XRM for the older boy to get to school. All new.. and only $5000 US for the lot of it. I was even able to use my Barclays card (no foreign transaction fee) for her moto and they gave me 55 but the dealer charged me 2% to do it that way.

<EDIT>  LOL, I forgot there was a PC build in there for her son, that was $1000 and also included in that $5K.  That's been a fun project - running Ubuntu Linux on it for the OS.
talamban
@mugteck I discontinued Medicare after 30 days of being here in 2019.
So far, I am WAY AHEAD - just praying no super Major Medial Event Occurs.
Updates for Peso Exchange are much rosier now, should surpass 62 by end of 2022.
I am just spoon feeding my transfers via WISE since future transfers continue to look favorable.
Sep    59.33    59.33-62.03    61.11    3.0%    11.2%
Oct    61.11    60.19-62.03    61.11    0.0%    11.2%
Nov    61.11    60.89-62.75    61.82    1.2%    12.5%
Dec    61.82    61.53-63.41    62.47    1.1%    13.6%
Altho I understand that USA Inflation will cause items to increase here, I believe we are still way ahead of the 8+ percentage Inflation there. My Lease is Locked in for three years and many grocery staples including poultry and rice seem to have Govt Price Controls to protect the lower income families. My biggest concern now is when I go home to USA to visit family in Oct/Nov to share with grocery or restaurant expenses. Even fast food prices have escalated to ridiculous levels. I honestly cannot afford to live in USA on my SS and small GE Pension.

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