Banks typically offer exchange rates that are competitive but may include fees or commissions. Rates can vary between different banks, so it's worth checking with several institutions.
Exchange counters at airports, hotels, or tourist areas often offer convenience but may have less favorable rates due to higher overhead costs.
Online platforms like TransferWise, Xoom, or WorldRemit may offer competitive rates and lower fees compared to traditional banks.
Services like Western Union or MoneyGram offer convenience for sending money internationally but may have higher fees and less favorable exchange rates.
Forex brokers can provide access to interbank exchange rates, which are generally more competitive than those offered by banks. However, they may require larger transactions and charge fees or spreads.
Some cryptocurrency exchanges offer the ability to exchange USD for PHP using cryptocurrencies like Bitcoin or Ethereum. Rates can vary widely and may be subject to high volatility.