Wise, the global tech company revolutionizing international money movement and management, has officially launched in the Philippines. With the introduction of the “Wise Account” and “Wise Prepaid Card,” Filipinos can now receive, hold, and spend money globally without foreign transaction fees or exchange rate mark-ups.
Research commissioned by the company reveals that 73 per cent of Filipinos still use traditional platforms like domestic banks for international transactions, which often leads to higher fees. Additionally, only 21 per cent are aware of extra costs like exchange rate mark-ups.
Recognizing the importance of remittances to the Philippines, which reached a record US$37.2 billion in 2023, Wise says it aims to provide a more efficient and cost-effective solution to these problems.
Photo shows Areson Cuevas (center), Country Manager of Wise Philippines, while leading the formal launch of the Wise Account and Prepaid Card. Joining him are (from left to right:) Ginger Arboleda, co-founder of Taxumo and panel moderator; Debora Widawati, Regional Product Manager of Wise; Katherine Castro, CEO of THRIVE; and Jenny Magallanes, Partner & Client Success Lead of Insured Nomads.
At the official launch event at Gallery by Chele, Clip Center in BGC, Areson Cuevas, Country Manager of Wise Philippines, expressed his excitement: “We are thrilled to bring the Wise Account and Card to the Philippines. Our customers have long requested the ability to receive money in multiple currencies. With Wise, they can now enjoy quick international payments without excessive fees.”
Starting today, Filipinos can use the Wise Account to receive money in over nine currencies and get paid on time without fees. The Wise card will also allow Filipinos to spend globally in more than 160 countries and shop online at mid-market exchange rates, with no hidden charges.
During the event, Areson also shared insights from their survey, stating, “Our research shows that Filipinos often struggle with issues such as high transaction costs (29%), poor exchange rates (24%), and slow processing times (21%). We hope Filipinos can benefit from the new products we are launching, which aim to offer seamless and quick international payments free from excessive and non-transparent fees.”
“Wise is committed to expanding globally and helping customers avoid unfair exchange rates and hidden fees. Today’s launch in the Philippines is a significant milestone towards achieving that goal. We look forward to enhancing our services further, making international money management faster, cheaper, easier, and more transparent for Filipinos,” Areson added.
Try out the new Wise Account or Wise Prepaid card today and start getting paid without losing out
Fast, low-cost, and fully digital transactions
Wise ensures low-cost, fast, and fully digital transactions. These transactions are managed seamlessly through its app or website, thus offering unmatched flexibility and convenience for cross-border money management.
With the Wise Account and Prepaid Card, customers can gain access to a variety of features:
- Free international payments — receive money from abroad in over nine currencies, including USD, EUR, GBP, AUD, CAD, and more, with zero fees. Simply share your USD account details to receive payments effortlessly and without charges.
- Multi-currency holdings — instantly hold money in over 40 currencies without any holding fees or minimum balance requirements.
- Easy fund transfers –move funds from Wise Account to local bank accounts or e-wallets, supported by more than eight local e-wallets such as GCash, Maya, and GrabPay.
- Global spending — spend in over 160 countries or online, and withdraw cash at ATMs worldwide at the mid-market rate. The company charges a low, upfront conversion fee when using the Wise card.
- Enhanced security — obtain up to three digital cards with different details for extra protection, which can be frozen after each transaction.
According to Areson, these features are tailored-fit for freelancers, international students, travelers, and dependents of overseas foreign workers.
Future developments to watch out for
Co-founded by Kristo Käärmann and Taavet Hinrikus, Wise was launched in 2011 under the original name “TransferWise.” It became one of the world’s fastest-growing and profitable technology companies and is currently listed on the London Stock Exchange under the ticker, WISE.
Ten million people and businesses use Wise, which processes over £10 billion in cross-border transactions every month, saving customers over £1.6 billion a year.
Wise plans to introduce additional funding methods soon, such as bank transfers and e-wallet payments, to make peso transactions easier and cheaper internationally. Currently, customers can top up their Wise accounts using bank-issued credit or debit cards.
The company currently employs over 5,500 people and serves more than 10 million active customers worldwide, making it a trusted service for international money management.
For more information about Wise and its services, visit https://wise.com.