Filipino micro, small, and medium enterprises (MSMEs) are eager to expand internationally, but outdated payment systems have long held them back. Traditional bank transfers remain slow, expensive, and filled with hidden charges—costing local businesses a staggering ₱39.5 billion in 2024 alone due to exchange rate markups.
Recognizing this gap, Wise has officially launched the Wise Business Account in the Philippines, a digital-first solution designed to help MSMEs send, receive, and manage money globally with speed, transparency, and lower costs.
Why Wise Business Matters for Filipino MSMEs
MSMEs make up 99.6% of all businesses in the country, yet many lose thousands of pesos every year just on unnecessary bank fees. According to Wise’s research, nearly half of Filipino MSMEs still rely on traditional banks for international payments—despite the inefficiencies.
With the new Wise Business Account, MSMEs can:
Receive payments in 24 currencies – Get paid like a local in 10 major currencies (USD, EUR, GBP, SGD, etc.) for a one-time fee of ₱1,400, or access 14 more via SWIFT with full fee transparency.
Send money globally, faster – Pay overseas suppliers or employees at the real mid-market exchange rate (the same one on Google) with no hidden markups. Over 70% of payments arrive within 20 seconds.
Spend anywhere, anytime – Use the Wise Business debit card in 150+ countries, free from foreign transaction fees. Business owners can also set spending limits and track employee expenses in real time.
Streamline operations – Integrate with accounting tools like Xero and QuickBooks, generate invoices, and even pay up to 1,000 people at once—perfect for scaling companies.
Best of all, account opening is 100% online with no monthly fees or minimum balance required.
From Local Startup to Global Brand
For Raphaela Amat Agupitan, Managing Director of Koru Adventures & Travel Inc., switching to Wise Business was a turning point. “In 2024 alone, we saved around ₱280,000 in bank fees. Payments that used to take days now arrive within hours, improving our cash flow significantly. Wise Business also made it easier for our overseas clients—who now make up 60% of our customer base—to pay us. That’s how we grew from a small local business in 2020 to an international brand serving 14 countries today.”
She added that the Wise Business card simplified expense management for her team, freeing up more time to focus on growing their business instead of drowning in paperwork.
One Account for Global Growth
According to Areson Cuevas, Country Manager of Wise Philippines, the platform is designed to cut through the complexity that many small businesses face. “More than half of MSMEs juggle multiple payment providers just to manage their global operations. With Wise Business, they can do everything from one account—receive, send, spend, and manage their money with full transparency. Whether you’re a freelancer in Manila or a startup in Cebu, Wise Business helps you scale globally without the financial roadblocks.”
Building on Fintech Momentum in the Philippines
Wise is no stranger to the Philippines. It was the first global fintech fully integrated with InstaPay and PESONet, processing about 12% of all inbound remittances. With the Wise Business launch, those same reliable and cost-efficient solutions are now extended to MSMEs, giving them the tools to compete on the global stage.
If you’re tired of hidden fees, slow transactions, and complicated cross-border payments, the Wise Business Account might just be the upgrade your business needs to go global with ease.