Filipino micro, small, and medium enterprises (MSMEs) face mounting challenges with outdated international payment systems. In 2024 alone, they lost around PHP 39.5 billion due to exchange rate markups. To address this, Wise has launched the Wise Business account in the Philippines, offering a faster, cheaper, and transparent way for MSMEs to manage cross-border payments.
Comprising 99.6% of all businesses in the country, Filipino MSMEs are vital to the economy, and two-thirds expect international transactions to grow in the next six months. Wise Business enables them to receive money in 24 currencies, pay overseas suppliers at mid-market rates, and manage 40+ currencies without hidden fees. The account is free to open, requires no minimum balance, and offers fully digital onboarding.
Key benefits include:
- Receive payments from overseas in major currencies like USD, EUR, GBP, and SGD through local bank transfers with zero fees after a one-time PHP 1,400 setup. Payments in 14 other currencies are available via SWIFT with transparent costs.
- Make international payments at the real exchange rate without markups. Over 70% of payments arrive within 20 seconds.
- Spend globally with Wise Business debit cards in over 150 countries, track expenses in real-time, and set spending limits.
- Simplify business operations by integrating with tools like Xero and QuickBooks, creating professional invoices, and paying up to 1,000 suppliers or staff in one go.
Koru Adventures & Travel Inc. shared that switching to Wise Business saved them around PHP 280,000 in fees in 2024 alone, while improving cash flow and making client payments seamless.
Areson Cuevas, Country Manager of Wise Philippines, highlighted that many MSMEs juggle multiple providers for international payments, which slows down growth. Wise Business streamlines these challenges into one solution, supporting freelancers, startups, and exporters across the country.
Licensed by the Bangko Sentral ng Pilipinas, Wise has already integrated with InstaPay and PESONet, processing 12% of inward personal remittances. With Wise Business, these benefits now extend to MSMEs, providing the tools they need to grow globally with transparency and efficiency.
