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| (Image Source: Wise) |
Wise, the global technology company building the best way to move and manage the world’s money, has officially announced its entry into the Philippine market with the launch of the Wise Account and Wise Prepaid Card. This is the first-of-a-kind solution in the Philippines that lets customers receive, hold, and spend money internationally — with no foreign transaction fees and 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 features are built for a diverse range of users including freelancers, international students, travellers, and dependents of overseas foreign workers. Transactions with Wise are low-cost, fast and fully digital. All transactions can be managed seamlessly through the app or website, providing unparalleled flexibility and convenience when managing money across borders whether you’re based locally or moving in between international borders.
Jenny Ann Magallanes, a remote worker and independent contractor working with a US-based tech company, shares her experience using Wise, stating, “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 experience echoed findings from a research commissioned by Wise. The research found that 73% of Filipinos surveyed still use traditional platforms such as their domestic bank to send and receive money abroad, putting them at risk of incurring higher transaction fees. Furthermore, only 21% of them are aware that there are additional costs attached to international transactions, such as exchange rate mark-ups. Wise recognizes the importance of inward remittances to the Philippines with personal remittances to the Philippines from overseas foreign workers reaching an all-time high of $37.2B in 2023.
Wise Philippines Country Manager Areson Cuevas said, “We are thrilled to bring the Wise Account and Card to the Philippines. Our entry into the Philippine market is something our customers have been requesting for some time with the ability to receive money in multiple currencies being one of the most sought-after features. Furthermore, our research found that Filipinos surveyed often struggled with issues such as high cost of transactions (29%), poor exchange rates (24%) and slow processing times (21%). With these offerings, we hope Filipinos can benefit from the seamless and quick international payments, free from excessive and non-transparent fees. Wise is on a mission to expand globally and help even more customers avoid unfair exchange rates and hidden fees. Our launch in the Philippines today is a huge milestone towards realizing that future and we look forward to expanding our capabilities in the market, making it faster, cheaper, easier and more transparent for Filipinos to move and manage their money across borders.” 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 from PHP 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.
