What Is the PHP to INR Rate Today?

Stripe gives the highest INR on PHP 320,000 today among the platforms with full published pricing for PHP. The table ranks those platforms by INR received, then lists other platforms that accept PHP, which are never ranked. Fees were checked on 30 Sept 2026.

Clients in the Philippines can pay Indian exporters in PHP, USD or another currency by SWIFT transfer, because RBI rules allow receipts from non-ACU countries in rupees or any foreign currency. If the payer's bank converts to USD first, a second conversion applies. Ask your AD bank whether it credits PHP directly.

Over the last year the PHP to INR reference rate ranged from ₹1.486 to ₹1.580. The chart uses European Central Bank reference rates, one point per ECB working day.

Each row applies the platform's published fee, FX markup and 18% GST on the fee to the mid-market rate of ₹1.493 for 3 Nov 2026.

PHP/INR is a thin currency pair. An Indian AD bank may price PHP to INR as a cross rate through USD, so two spreads can apply to one payment. Correspondent bank charges on the SWIFT route can also reduce the INR amount credited to your account.

Say a bank converts PHP 320,000 at a TT buying rate 1.5% below the mid-market rate of ₹1.493. It credits about ₹4,70,594 instead of ₹4,77,760, a difference of ₹7,166 before any fees. The 1.5% is an illustration, not a quote from any bank.

Search engines show the mid-market rate, the midpoint between buying and selling prices. A card rate is a bank's own rate for card transactions, and a TT buying rate is the rate a bank pays when it buys foreign currency received by wire. Both sit below the mid-market rate.

The BSP states that the Philippines has a freely floating exchange rate system in which market forces set the peso. The BSP enters the market only to temper sharp fluctuations and keep order. It has used an inflation targeting framework since January 2002.

• Interest rates: The BSP Monetary Board sets the Target Reverse Repurchase (RRP) Rate, which signals its policy stance. Changes in that rate relative to RBI's repo rate can shift demand for PHP.
• Inflation: The BSP's inflation targeting framework means inflation readings above or below target can prompt rate moves that affect the peso.
• Trade balance: The Philippines' import bills, including fuel, and its export and service earnings change demand for pesos against USD.
• Oil prices: The BSP lists volatility in oil prices among inflation pressures beyond its influence, so oil moves can feed into PHP through policy expectations.
• RBI action: RBI operations in the USD/INR market move the rupee side of the PHP/INR cross rate.

Spot conversion, forwards, limit orders and EEFC holding are the four timing choices for PHP to INR. Spot is the simplest choice for small or irregular invoices. RBI rules permit forwards, but PHP quotes depend on your AD bank. EEFC balances must be converted by the end of the following month.

• Spot: The bank converts PHP at its rate on the day the payment is credited. Compare the rate on your credit advice with the mid-market rate on this page.
• Forward: RBI's Risk Management Master Direction lets AD banks offer forwards involving INR to hedge contracted or anticipated exposures, and users may freely cancel and rebook them. Whether a PHP forward is quoted depends on your AD bank.
• Limit order: Some AD banks accept an instruction to convert when PHP/INR reaches a target rate. Ask whether your bank offers this for PHP and how long the order stays valid.
• EEFC holding: Up to 100% of export earnings can be credited to an EEFC account, which pays no interest. Each month's credits must be converted to rupees by the last day of the next month, after approved uses. Ask whether your AD bank holds PHP balances.

• Check margin: Compare your bank's PHP/INR rate with the mid-market rate on this page on the day of credit to measure the margin.
• Invoice currency: If your client can pay in USD, compare that route with a PHP payment, since PHP may be converted through USD on the way to INR.
• Watch BSP dates: The BSP Monetary Board holds six policy meetings a year. The peso can move on those dates, so plan large conversions around them.
• Charge option: Agree with the payer whether SWIFT charges are shared (SHA) or paid by the sender (OUR), so intermediary fees do not cut the amount received.
• Ask for a quote: Ask your AD bank for its PHP buying rate before the funds arrive, and whether a better rate applies above a set amount.

Compare platforms side by side on the compare page, or check every currency on the currency convertor.

• Feed: European Central Bank reference rates (via frankfurter.dev), published once per ECB working day, around 16:00 CET. The page refreshes at most hourly.
• Markup: Markup is the gap between a platform's rate and the mid-market rate, taken from each platform's own published pricing. GST of 18% applies to fees where the platform says so.
• Stale data: If the feed fails, the page shows no rate and pauses the calculator rather than showing an old rate as current.
• Method: The full formula is on the methodology page.

Rates come from European Central Bank reference rates (via frankfurter.dev), dated 3 Nov 2026. Platform pricing was checked on each platform's own pages on 30 Sept 2026 or later. Currency facts are linked to official sources below.

1. European Central Bank reference rates (via frankfurter.dev) (checked 3 Nov 2026)
2. Bangko Sentral ng Pilipinas - Exchange Rate (Primers and FAQs, March 2020), 'At present, the country's exchange rate policy supports a freely floating exchange rate system whereby the Bangko Sentral ng Pilipinas (BSP) leaves the determination of the exchange rate to market forces'; BSP participation 'is limited to tempering sharp fluctuations in the exchange rate'. (checked 8 Oct 2026)
3. Bangko Sentral ng Pilipinas - Inflation Targeting: The BSP's Approach to Monetary Policy, Inflation targeting framework adopted in January 2002; 'The reverse repurchase (RRP) or borrowing rate is the primary monetary policy instrument of the BSP.' (checked 8 Oct 2026)
4. Bangko Sentral ng Pilipinas - Price Stability, 'The Target RRP Rate signals the policy stance of the BSP'; starting 2025 the Monetary Board holds monetary policy meetings six times a year. (checked 8 Oct 2026)
5. Bangko Sentral ng Pilipinas - Primer on Inflation Targeting (December 2019), The central bank 'should not be bound by multiple objectives such as ... keeping the exchange rate at a given level'; policymakers monitor variables including the exchange rate; inflation pressures include volatility in the prices of oil products. (checked 8 Oct 2026)
6. FEMA (Manner of Receipt and Payment) Regulations, 2023, Regulation 3(I)(a)(iii): for trade with countries other than member countries of ACU, receipt and payment 'In Indian Rupees or in any foreign currency.' (checked 8 Oct 2026)
7. FEMA (Export and Import of Goods and Services) Regulations, 2026 (amended up to September 22, 2026), Regulation 5(1)(a): full export value to be realised and repatriated within nine months from the date of invoice in case of services. (checked 8 Oct 2026)
8. RBI Master Direction - Risk Management and Inter-Bank Dealings (updated as on October 01, 2026), Section I, paras 2.2(ii), 2.3(ii) and 2.4(ii): AD banks may offer foreign exchange forwards to retail users; deliverable derivatives involving INR may be offered for hedging; 'Authorised Dealers shall allow users to freely cancel and rebook derivative contracts.' Hedging covers an anticipated or a contracted exposure (para 1). (checked 8 Oct 2026)
9. RBI Master Direction - Deposits and Accounts (updated as on September 02, 2026), Para 3.1 EEFC Account: credits of 100 percent of foreign exchange earnings; non-interest bearing account; 'The sum total of the accruals in the account during a calendar month should be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments.' (checked 8 Oct 2026)