Wise lands in the Philippines with the Wise Account and Card!
We’re excited to announce that Wise is launching in the Philippines with our Wise Account and Card - to give customers an easy and affordable way to receive and spend money globally.
The Wise account is designed for people living international lives. If you’re a freelancer or a dependent of an overseas foreign worker, receiving payments has never been easier. The Wise Account lets you accept payments in 9+ currencies, without the need to have bank accounts in multiple countries. It also comes with the Wise prepaid card, which lets you spend globally in 160+ countries and shop online at the mid-market exchange rate - like the one you see on Google.
Built for the Filipinos, to go global like a local
The traditional banking system isn’t built for international use, making international payments slow and expensive. Our research shows Filipinos, including freelancers and dependents of overseas foreign workers, faced frustrations with international payments:
- Nearly 75%1 of Filipinos today are frustrated by challenges with international payments, including the high cost of transactions, poor exchange rates and slow processing times.
- Around 3 in 5 of the Filipinos surveyed engage in international transactions at least once a month, yet many don’t know how much they are charged for the service. In fact, only 21% of them are aware that there are additional costs attached to international transactions, such as exchange rate mark-ups.
- 73%2 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.
With the Wise Account, Filipinos can now save money and time, while maximising every dollar they earn for themselves and their family.
Receive money for free
The Wise account lets you receive money for free from abroad. If you’re a freelancer, remote worker or independent contractor working in the Philippines, you can get your own unique bank account details in 9+ different currencies (including AUD, CAD, EUR, GBP, HUF, NZD, SGD, USD, and TRY) and receive money for free from those places.
You can give your account details to clients, friends, family, or companies and get paid in their local currencies directly into your Wise account. If they are using Wise, you can also receive funds via Wisetag or email address, no more hassle in entering lengthy account details!
The Wise Account also lets you hold money in over 40+ currencies instantly, with no holding fees or minimum balance required. Plus, you can move funds from your Wise Account easily to a local bank account or e-wallet. Currently, Wise supports 8+ local e-wallets, including GCash, Maya, GrabPay, Starpay, Bayad Wallet, TayoCash, ShopeePay, and JuanCash.
Every time you convert your balance to another currency or withdraw it, you will see the exchange rate and fee, which is fully transparent. Wise also tells you how much you will get in the end, so no more anxiety waiting for your money to arrive!
Say goodbye to unnecessary fees when you spend abroad
Our Wise card, which is an extension of our Wise Account, is your ticket to saving big on international spending. For people shopping online overseas, jet-setting across borders, or paying for subscriptions in foreign currencies, our Wise card lets you spend in 160+ countries, at the mid-market rate with low conversion fees. If you don’t have the currency you need in your Wise Account, we’ll auto-convert it with the lowest possible fee.
In addition, you get two free ATM withdrawals up to 12,000 PHP every month. To shop or make payments online, you may choose to order a Wise digital card for free, and use it instantaneously.
You can manage your account and card on the go from your phone or computer, and keep track of your spending with real-time push notifications. And if you leave your card at a cafe or in a taxi, you can freeze (and then unfreeze it) with a click of a button.
Cheaper, and more convenient funding options coming soon
Currently, customers can add money to their Wise balance by receiving money from a sender using any of your Wise account details, or topping up with your bank-issued debit or credit card. In the near future, we will be introducing additional funding methods such as paying via bank transfers and e-wallets to provide more affordable options for customers to send Philippine Pesos (PHP) abroad.
Now you can receive, spend, and hold money internationally without exorbitant fees or unfair exchange rates - just a low, upfront fee.
Sign up for a Wise account here
- Independent research, commissioned by Wise and conducted by Censuswide, took place from April 23 to April 29, 2024, among 1544 adults in the Philippines related to international transactions.
- ’Paypal’, ‘Cash-based provider (e.g. Western Union, Remitly)’, and ‘My domestic bank (e.g BDO Kabayan Savings etc)’ responses combined
In the Philippines, Wise is licensed and regulated by the Bangko Sentral Ng Pilipinas and we ensure full compliance with local regulations.
