exchangerate.devThe cost of sending USD to PHP is the fee plus the value lost through the provider's rate gap. Calculate the PHP payout at the reference rate and at the provider rate, then divide the difference by the reference rate to express it in USD. Add the fee to get the total cost.
Get the USD to PHP reference rate
Use the API's PHP per USD quote as the reference for your calculation. The API quotes every currency against USD, so the PHP value gives you the pesos per dollar. Keep the provider rate in that same direction so both payouts have the same units.
Every latest response carries source, market_session, timestamp, data_updated_at and rates, plus the notice "Indicative rates, not for settlement." Read the rate alongside data_updated_at to identify the data used for your comparison. The worked example uses the PHP quote and that time from the same response.
curl "https://api.exchangerate.dev/v1/latest/USD?symbols=PHP"Subtract the fee from the send amount
For this example, the fee comes out of the USD send amount before conversion. Subtract 5 USD from 1,000 USD to get 995 USD. Use that amount for both payout calculations so the difference between them measures the rate gap.
Keep the fee separate from the rate calculation. The fee is already in USD, while the difference between the payouts is in PHP. You need to convert that difference back to USD before you can add the costs. Adding a PHP shortfall directly to a USD fee would mix currencies.
Calculate both PHP payouts
These are example numbers from the response at 29 Oct 2026, 07:07 UTC. The reference rate is 63.877 PHP per USD. Send 1,000 USD with a fee of 5 USD, and use an example provider rate of 62.599 PHP per USD, set 2% below the reference before rounding. Both the fee and the rate gap are example figures, not any provider's.
The reference and example provider rates are printed to three decimal places. Every amount in the table is computed from those printed rates, so you can redo each row by hand. Multiply 995 USD by each rate to calculate the respective PHP payouts.
| Step | Calculation | Result |
|---|---|---|
| Amount converted | 1,000 − 5 | 995 USD |
| Payout at the reference rate | 995 × 63.877 | 63,557.62 PHP |
| Payout at the provider rate (example) | 995 × 62.599 | 62,286.01 PHP |
| Cost of the rate gap | (63,557.62 − 62,286.01) ÷ 63.877 | 19.91 USD |
| Total cost | 5 + 19.91 | 24.91 USD (2.49%) |
Express the total cost in USD
Use total cost = fee + (payout at the reference rate - payout at the provider rate) / reference rate. The subtraction gives the PHP shortfall caused by the provider rate. Dividing by PHP per USD converts that shortfall into USD.
In the example, the rate gap costs 19.91 USD. Add the 5 USD fee to get 24.91 USD, or 2.49% of the original 1,000 USD send amount. Use the original send amount as the denominator for the percentage because it includes the money spent on the fee as well as the money converted.
Compare what the recipient receives
Compare providers by the PHP amount the recipient receives for the same USD send amount. A fee alone leaves the rate gap out of the comparison. Calculate each payout with the provider's own fee and rate, while you keep the starting send amount the same.
Use the reference payout to express the rate gap as a cost. It gives you a common basis for the calculation; the provider rate determines the example recipient payout. Banks, cards and transfer services apply their own spread and fees. The API's indicative mid-market figures are not for settlement or trading.
Check timing and request limits
Keyless calls allow 10 requests a minute and 100 an hour per IP, with rates 15 minutes late. A free key has 5,000 requests a month and 10 requests a minute; its rates are also 15 minutes late. Paid plans are live.
Use data_updated_at when you identify the response behind a calculation. Here, 29 Oct 2026, 07:07 UTC is that response's data_updated_at. If you run the request again, use the returned PHP rate for your own calculation and retain its response time alongside the result.