WISE, a global technology company specializing in cross-border financial services, has launched Wise Account and Wise Prepaid Card in the Philippines. This innovative solution allows Filipinos to receive, hold, and spend money internationally without incurring foreign transaction fees or exchange rate markups.
The Wise Account supports receiving funds in nine currencies, including AUD, CAD, EUR, GBP, HUF, NZD, SGD, USD, and TRY, with no fees. Users can then hold their money in over 40 currencies and transfer funds to local bank accounts or e-wallets, including popular options like GCash and Maya. The Wise card enables spending in over 160 countries and online, with no hidden fees and competitive exchange rates.
A study commissioned by Wise revealed that 73 percent of Filipinos still use traditional banking platforms for international transactions, often unaware of the hidden costs involved. The Wise Account and Card address these concerns by offering transparency and cost-effectiveness, particularly for freelancers, international students, travelers, and dependents of overseas foreign workers.
“We are thrilled to bring the Wise Account and Card to the Philippines,” said Areson Cuevas, Country Manager of Wise 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.”
Wise recognizes the importance of inward remittances to the Philippines, which reached a record high of $37.2 billion in 2023. The company aims to simplify and reduce the cost of international transactions for Filipinos, who often face challenges such as high fees, poor exchange rates, and slow processing times.
While the current offering allows users to top up their Wise accounts using credit or debit cards, the company plans to introduce additional funding methods, including bank transfers and e-wallets, in the near future. This will further enhance the convenience and accessibility of Wise for Filipinos looking to manage their finances across borders.
“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,” Jenny Ann Magallanes, a remote worker and independent contractor working with a US-based tech company. “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.”
With over 10 million active customers worldwide, Wise has established itself as a trusted provider of international money management solutions. Its launch in the Philippines marks a significant step towards expanding its global reach and empowering individuals and businesses to move and manage money seamlessly across borders.
