How to lock a rate in PHP

Hi,

Currently travelling in the Philippines, the EUR/PHP exchange rate has been fluctuating quite a bit.
Consequently I’d like to “lock in” a rate by exchanging euros to pesos in advance, but I can’t seem to be able to do that in the app!? It seems only trivial since Revolut supports payments in PHP.

Am I missing something?
Thanks

Heya

Due to regulation around the PHP currency they’re not allowed to hold balances of it - only exchange it on the spot.

This is also the case for INR.

I couldn’t name an account that you’d be able to do this with, so I’m afraid you’d have to take the rate at the second.

Sorry about this

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Actually it’s less about holding a balance in PHP and more about selling PHP. If Revolut let you hold a balance in PHP, then they would arguably also need to allow you to sell that balance for another currency, and this is where regulations get in the way.

I wish that PHP was supported, as it’s the currency of the cheapest country for Spotify - PHP 194 per month for a family subscription.

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That is super clever, I feel real dumb for not thinking about trying to do that.
Isn’t it still possible to get Spotify in PHP with forex exchange each time a payment comes up?

You can do this for sure

Nope, it actually is not that easy. The following error message pops up:
Your payment method and country don’t match. To continue, change your account’s location or use a different payment method.

Try Mexico or Turkey, Netflix are trying to stop cheaper subscriptions

This is for Spotify, not Netflix.

Ah I’m really off the ball today; we were talking about Netflix in another thread! Haha

No, for Spotify closest you’ll be able to do is changing IP and then making a local PayPal account and then linking that to your card (presuming PayPal is even in the PH and a supported method)

You can hold a PHP balance in TransferWise, so this feature is definitely technically possible, hopefully Revolut will consider adding it :slight_smile:

no way!! Thanks for this info

Transferwise hold foreign currency already and then pay you from another account they hold

Two very different businesses

Doesn’t really matter to me how they do it as long as I can lock a rate in PHP.