Wise Launches in the Philippines
Wise announces the launch of the Wise Account and Card in the Philippines, offering an innovative and cost-effective solution for global financial transactions. This new service is tailor-made for Filipinos living international lifestyles, such as freelancers, remote workers, and dependents of overseas foreign workers, simplifying the way they receive and spend money worldwide.
The Wise Account enables customers to receive payments in over nine currencies without the need for multiple bank accounts across different countries. Accompanied by the Wise prepaid card, users can make purchases in over 160 countries and shop online at mid-market exchange rates—the same rates you see on Google.
Addressing the Pain Points of Traditional Banking
Our research indicates a significant dissatisfaction among Filipinos with the traditional banking system for international transactions. Findings show that:
- Approximately 75% of Filipinos are frustrated by the high costs, poor exchange rates, and slow processing times associated with international payments.
- Despite regular engagement in international transactions, only 21% are aware of the additional costs, such as exchange rate mark-ups.
- A majority still rely on traditional banks for international money transfers, exposing them to exorbitant fees.
The Wise Account offers a transformative solution, allowing users to:
- Receive money for free from abroad with unique bank account details available in multiple currencies.
- Hold money in over 40 currencies with no holding fees or minimum balance requirements.
- Transfer funds seamlessly to local bank accounts or e-wallets supported by Wise, including major platforms like GCash, Maya, and GrabPay.
Empowering Users with the Wise Card
The Wise card extends the functionality of the Wise Account, enabling users to save substantially on international spending. Key features include:
- Spending in 160+ countries at low conversion fees and mid-market rates.
- Two free ATM withdrawals up to PHP 12,000 each month.
- The option to order a free digital Wise card for immediate online use.
The account and card are fully manageable via mobile or computer, with features like real-time push notifications and easy card freezing/unfreezing, enhancing security and user control.
Upcoming Enhancements
Looking ahead, Wise is set to introduce more convenient and affordable funding options, such as bank transfers and e-wallet payments, to further ease the sending of Philippine Pesos (PHP) abroad.
Wise remains committed to transforming how Filipinos manage their money globally, continuing to innovate and lead in providing financial services that meet the needs of modern, international lifestyles.