Wise Business Account Requirements - How to Open an Account in the Philippines

If you’re running a business in the Philippines and need a simple way to manage international payments, a Wise Business account is a great option. It lets you pay suppliers, receive payments, and handle cross-border transactions without the high fees often charged by traditional banks.

In this article, we’ll cover the key requirements for opening a Wise Business account in the Philippines and walk you through the process step by step. You’ll learn what documents are needed, how to register, and what features to expect once your account is set up.

Is Wise a bank?

Wise is not a bank; it’s a financial technology company trusted by over 16 million people and businesses around the world. It provides international money transfers, multi-currency accounts, debit cards, and other money management solutions, but it cannot offer services like loans or overdrafts, as it does not hold a banking license.

In the Philippines, Wise is licensed by the Bangko Sentral ng Pilipinas as a Remittance and Transfer Company and complies with all local regulations. As an international business, Wise is also overseen by similar bodies across multiple jurisdictions and must comply with regulations and requirements globally.

Overview of the Wise Business Account

With a Wise Business account, you gain access to features not available with a personal Wise account—such as an invoice generator, team access, and batch payments—that make it easier to manage your business.

Having a dedicated business account also ensures that your business transactions are kept separate from your personal finances. This simplifies accounting, tax reporting, and compliance, while also showing clients that you operate professionally, which helps you build credibility and trust.

If you already have a Wise personal account, you can easily open a Business account alongside it through your account settings in the Wise app or on the website. New users can register directly for a Business account. The entire process is simple, quick, and done online.

However, you’ll need a few key documents for verification, such as a government-issued ID and your business registration details. This step ensures compliance with regulations in the Philippines and helps keep users safe by preventing fraud and misuse.

➡️Learn more about the differences between a Wise Personal and Business account in the Philippines.

Wise Business account requirements

To open a Wise Business account, you’ll need to go through a simple registration process and provide certain documents and details about your business.

If you already have a Wise personal account, you can open a business account by following these steps:

1. Log in to your Wise account via the app or website.
2. Click or tap on your name icon at the top of the screen.
3. Choose “Open an account” and then select the business account option.
4. Follow the on-screen instructions to complete registration.

If you don’t have a Wise account yet, follow these steps:

1. Download the Wise app, tap "Sign up," and choose to create a Business account. Alternatively, click here to register through your web browser.
2. Follow the steps on screen to register.

While registering, you’ll be asked to provide the following information:

• Business name — maximum 50 characters; abbreviate if longer
• Business legal type — e.g., limited company, partnership, sole proprietorship
• Business category — sector, activity, or categorization
• Directors and beneficial owners — names and details of individuals who own or control the business
• Business registration number — DTI Certificate or SEC Registration number
• Business address — both registered and trading address
• Account purpose — reason for opening the account
• Business website — optional
• Business activity description — short explanation of what your business does

You’ll also be asked to upload some documents, which vary depending on your business type and structure. These may include:

• Photo ID of the person opening the account
• Selfie of the person opening the account
• DTI Certificate of Registration or SEC Certificate of Incorporation
• Article of Incorporation or Partnership Agreement
• General Information Sheet (GIS)
• Photo IDs of individuals who own 20% or more of the company
• Photo ID of the managing director

*Verification: a)This list is for information purposes only and is not meant to be a comprehensive list of all of the items that Wise may request to verify a customer's identity. b) Eligibility is subject to verification of customers identity c) Wise may request additional documents to verify a customer's identity

Open a Wise Business Account

A Wise Business account is designed for all types of businesses in the Philippines, including freelancers, startups, and small to medium-sized enterprises (SMEs).

It comes with all the popular features of a personal Wise account, including low-cost international money transfers, multi-currency accounts, and digital or virtual cards for you and your team. On top of that, it offers exclusive business features, such as:

• Professional invoice creation
• Team access for multiple users
• Batch payments
• Integration with accounting software

To unlock full access to Wise Business, you only need to pay a one-time fee of 1,400 PHP. Unlike business accounts with most legacy banks and providers, there are no ongoing monthly or annual fees after this one-time payment.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

Conclusion

Opening a Wise Business account in the Philippines is a simple process that can save your company time and money on international transactions, while keeping your business and personal finances separate.

By preparing the required documents and completing the simple online registration, you can quickly open a business account that provides everything you need to grow your business and operate globally—without the high fees, heavy admin, or hassles of traditional banks.

• Obtain account details to receive payments in USD, EUR, GBP, SGD, HKD and more for a one-time fee of 1,400 PHP.
• Zero fees when you get paid via ACH, FAST, InstaPay/PESONet, & other local transfers.
• Send money to pay invoices, suppliers & contractors fast, with less fees
• Always get the mid-market rate with transparent conversion fees starting from 0.57%.
• Pay your bills and ad-hoc overseas expenses using the Wise Business card without hefty foreign transaction fees.
• Seamless integrations with popular accounting software.

➡️Get started with Wise Business today