Remit now, save more: Don’t delay sending pesos to Philippines

Dubai: Good news! Sending money from the UAE to select countries just got more financially savvy—at least for now. Among popular South Asian currencies, the Philippine peso is showing signs of further strengthening against the UAE dirham in the coming weeks. Want to make the most of current remittance rates? Here’s what you need to know.

Will your currency back home rise or fall?

When sending money home, timing is everything. It’s important to understand whether your local currency is expected to strengthen or weaken, as this affects how much value you get for your dirhams. Check live forex rates here regularly to help you decide when to remit.

Here’s a closer look at the Philippine peso’s recent performance—and what to expect in the weeks ahead—so you can decide whether it’s better to send money now or wait.

Philippine peso to strengthen further in value?

After rising to a near seven-month high against the US dollar last week, the Philippine peso hovered around 15.2 to the UAE dirham. Experts anticipate the peso will continue to gain strength, which could mean less favorable rates for Filipino expats remitting from the UAE.

As of April, the peso has averaged 56.99 against the US dollar—nearly 3% stronger than the November 2024 average of 58.695, according to the Bangko Sentral ng Pilipinas (BSP). This uptick has already resulted in fewer overseas remittances, said Amir Saoud, a UAE-based forex market specialist.

“By the last week of April and the first week of May, the exchange rate is expected to reach 14.90,” he said. “And it may strengthen further in the coming months, possibly hitting 14.7. More clarity will emerge as the weeks go by.”

A stronger peso means you get fewer pesos for every dirham, making it a less cost-effective time to send money home.

What should you do now?

With the peso expected to rise further, it may be smarter to remit now rather than later. Sending money before the exchange rate becomes even less favorable could help you maximize value.

Key takeaway

For now, remittance rates are becoming less favorable as several South Asian currencies, including the peso, strengthen following a drop in the US dollar. If this trend continues, overseas workers may get fewer units of their home currency for every UAE dirham. Acting soon could help you make the most of current rates.