Wise, the global technology company revolutionizing international money management, has announced its entry into the Philippine market with the launch of the Wise Account and Wise Prepaid Card. This groundbreaking solution allows Filipino customers to receive, hold, and spend money internationally without incurring foreign transaction fees or exchange rate mark-ups.
Features of the Wise Account and Prepaid Card
The Wise Account and Prepaid Card come with an array of features designed to meet the needs of a diverse range of users, including freelancers, international students, travelers, and dependents of overseas foreign workers. Key features include:
1. Free International Money Reception
Customers can receive money for free from abroad by obtaining account details in over nine currencies, such as AUD, CAD, EUR, GBP, HUF, NZD, SGD, USD, and TRY. This means you can receive payments from overseas without any fees by sharing your account details.
2. Multi-Currency Holding
Hold and manage money in over 40 currencies instantly, with no holding fees or minimum balance requirements. This feature allows users to manage multiple currencies effortlessly.
3. Easy Fund Transfers
Move funds from your Wise Account to a local bank account or e-wallet seamlessly. Wise supports over eight local e-wallets, including GCash, Maya, GrabPay, Starpay, Bayad Wallet, TayoCash, ShopeePay, and JuanCash.
4. International Spending
Spend money in over 160 countries or online, and withdraw cash at local and overseas ATMs at the mid-market rate. Wise only charges a low, upfront conversion fee when using the Wise card.
5. Enhanced Security
Get up to three digital cards with different card details for added protection, which can be frozen after each transaction for enhanced security.
Real-World Impact
Jenny Ann Magallanes, a remote worker with a US-based tech company, shares her positive experience with Wise:
“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. 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.”
Addressing Market Needs
Wise's entry into the Philippine market addresses significant pain points identified in their commissioned research. The study found that 73% of Filipinos still rely on traditional platforms such as domestic banks for international transactions, often leading to higher transaction fees. Additionally, only 21% of Filipinos are aware of the hidden costs associated with exchange rate mark-ups.
Areson Cuevas, Country Manager of Wise Philippines, commented:
“We are thrilled to bring the Wise Account and Card to the 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. Our research found that Filipinos often struggled with high transaction costs, poor exchange rates, and slow processing times. With these offerings, we hope Filipinos can benefit from seamless and quick international payments, free from excessive and non-transparent fees.”
Looking Ahead
Wise is committed to expanding its capabilities in the Philippines, with plans to introduce additional funding methods such as bank transfers and e-wallet payments. This will make it easier and cheaper for customers to fund their PHP transactions and send money internationally.
Founded in 2011, Wise employs over 5,500 people and is trusted by more than 10 million active customers worldwide. The company remains dedicated to helping customers avoid unfair exchange rates and hidden fees, making international money management faster, cheaper, and more transparent.
For more information and to get started with Wise, visit Wise's official website.