Wise launches in the Philippines with fee-free money transfer service

Users can receive and spend money internationally and create up to 3 cards.

Fintech firm Wise has officially entered the Philippine market with the launch of the Wise Account and the Wise Prepaid Card.

The account and card will enable Philippine customers to receive, hold, and spend money internationally– with the promise of no foreign transaction fees and exchange rate mark-ups.

Customers can enjoy a number of benefits, such as receiving money for free from abroad in 9 currencies including AUD, CAD, EUR, GBP, HUF, NZD, SGD, USD, and TRY. 

Users will also be able to hold money in over 40+ currencies instantly, with no holding fees or minimum balance required, Wise said. They can use the funds to spend internationally in over 160 countries or online and withdraw cash at overseas and local ATMs at mid-market rates.

The platform also supports 8 local e-wallets–  GCash, Maya, GrabPay, Starpay, Bayad Wallet, TayoCash, ShopeePay, and JuanCash– that will enable users to move funds into their Wise accounts more easily.

Users will also be able to create 3 digital cards with different card details for an extra layer of protection, which can be frozen after each transaction.

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Wise’s debut in the Philippines comes on the back of an April 2024 study that found that 73% of Filipinos surveyed still use traditional platforms– such as domestic banks– to send and receive money. This reportedly puts them at risk of incurring higher transaction fees, Wise said.

The study also found that only 21% of the 1,544 Filipino adult respondents are aware that there are additional costs attached to international transactions, such as exchange rate mark-ups.

Personal remittances in the Philippines from overseas foreign workers reached an all-time high of $37.2b in 2023, according to data from the Bangko Sentral ng Pilipinas (BSP).
 
In the near future, Wise floated plans to introduce additional funding methods, such as paying via bank transfers and e-wallets. Currently, customers can top up their Wise account using a bank-issued credit or debit card.