Wise introduces accounts service, prepaid card in the Philippines

Photo credit: Wise

According to a survey by payments major Wise, roughly 73% of Filipinos still use traditional platforms for transferring money internationally. Additionally, only 21% of respondents said they understand hidden fees like inflated exchange rates.

With this, the company has decided to launch its Wise Account and prepaid card in the Philippines. With these services, users can receive foreign payments for free, hold money in over 40 currencies, move money to a local bank account or supported digital wallets, and spend overseas in more than 160 countries. Users can manage transactions via Wise’s website or mobile app.

Through these products, Wise aims to cater to different user groups such as freelancers, international students, travelers, and relatives of overseas workers.

The company is entering a potentially large market, considering the amount of personal remittances being sent to the Philippines – it hit a record high of US$37.2 billion in 2023.

Wise Philippines is led by country manager Areson Cuevas. Prior to joining the payments firm, Cuevas was COO at MarCoPay, a fintech service catered to Filipino seafarers.

“Wise is on a mission to expand globally and help even more customers avoid unfair exchange rates and hidden fees,” he said in a statement.

The company plans to introduce more funding options to Filipino users via bank transfers and e-wallets. Currently, customers can only top up their accounts using a bank card.

Founded in 2011, Wise has over 10 million customers across the globe, operating in more than 50 countries. In Southeast Asia, the company also has operations in Indonesia, Malaysia, Singapore, and Thailand.

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