Wise launches in the Philippines, offering Filipinos an easy and affordable way to receive and spend money globally 

Wise, the renowned technology firm that specializes in revolutionizing global money movement and management, has officially declared its foray into the Philippine market. The company has introduced the groundbreaking Wise Account and Wise Prepaid Card, which offer an unprecedented solution in the country. With these innovative offerings, customers can effortlessly receive, retain, and utilize funds on an international scale, all without incurring any foreign transaction fees or exchange rate mark-ups.

With the Wise Account and prepaid card, customers can gain access to a plethora of features: 

• Receive money for free from abroad: Get account details in 9+ currencies including AUD, CAD, EUR, GBP, HUF, NZD, SGD, USD, and TRY. These account details allow users to receive overseas payments with zero fees into their Wise Account.
  • For instance, by sharing your USD account details, you can effortlessly receive USD from employers, friends, or companies without incurring any fees. 
• Hold money in over 40+ currencies instantly, with no holding fees or minimum balance required. 
• Move funds from your Wise Account easily to a local bank account or e-wallet. Wise supports 8+ local e-wallets, including GCash, Maya, GrabPay, Starpay, Bayad Wallet, TayoCash, ShopeePay, and JuanCash. 
• Spend internationally in 160+ countries or online, and withdraw cash at overseas and local ATMs at the mid-market rate. Wise only charges a low, upfront conversion fee when you spend with the Wise card. 
• Get up to 3 digital cards with different card details for an extra layer of protection, which can be frozen after each transaction.

These functionalities are designed to cater to a wide array of individuals, encompassing freelancers, international students, travelers, and dependents of overseas foreign workers. Wise ensures that its transactions are affordable, swift, and entirely digital. The app or website allows for effortless management of all transactions, granting unmatched flexibility and convenience when it comes to handling finances across different countries, regardless of whether you reside locally or frequently move between international borders.

Jenny Ann Magallanes, a remote worker and independent contractor working with a US-based tech company, shares her experience using Wise: “As a remote worker in the Philippines for three years now, I rely on Wise for my cross border money management needs. With Wise, being paid in another currency is no longer an issue, as I can easily convert it to my local currency, or choose to hold it in USD or other currencies. Gone are the days of waiting anxiously for my remittances to arrive, and I noticed a decrease in transaction fees when transferring funds to my local bank too. For remote workers, independent contractors and freelancers like myself, Wise truly stands out as the ideal solution for its quick transfers, low fees, and good conversion rates. Personally it has empowered me to embrace the borderless nature of remote work while allowing me to manage currencies effortlessly.” 

Jenny’s encounter mirrored the results of a study conducted by Wise. The study revealed that 73% of surveyed Filipinos still rely on traditional channels like their local bank for international money transfers, potentially subjecting them to increased transaction fees. Additionally, only 21% of participants were knowledgeable about the extra charges associated with cross-border transactions, such as exchange rate mark-ups.

Wise acknowledges the significance of remittances to the Philippines, as personal remittances from foreign workers abroad reached a record-breaking $37.2 billion in 2023.

In the near future, Wise plans to introduce additional funding methods, such as paying via bank transfers and e-wallets, to make it easier and cheaper for customers to fund their PHP transactions and send them internationally. Currently, customers can top up their Wise account using a bank-issued credit or debit card.

Founded in 2011, Wise is a global company with more than 5,500 employees, and is a service used and trusted by over 10 million active customers worldwide.