A recent survey commissioned by Wise, a fintech company focused on simplifying global money transfers, revealed that 73% of Filipinos still use traditional banking platforms for international money transfers, incurring higher fees.
Despite the critical role of remittances, with overseas foreign workers sending a record $37.2 billion to the Philippines in 2023, only 21% of Filipinos are aware of hidden costs, such as exchange rate mark-ups.
Addressing these challenges, Wise has introduced its Wise Account and Prepaid Card to the Philippine market. This initiative aims to offer Filipinos a seamless, cost-effective way to manage international transactions.
“Our research found that Filipinos surveyed often struggled with issues such as high cost of transactions (29%), poor exchange rates (24%), and slow processing times (21%),” said Areson Cuevas, country manager of Wise Philippines. “With these offerings, we hope Filipinos can benefit from the seamless and quick international payments, free from excessive and non-transparent fees.”
The Wise Account offers a variety of features designed to simplify cross-border financial transactions. Users can receive money from abroad without fees by sharing account details in over nine currencies, including USD, EUR, and GBP. Funds can be held in more than 40 currencies without holding fees, and easily moved to local bank accounts or e-wallets. Wise supports several e-wallets, such as GCash, Maya, and ShopeePay.
Cross-border payments
Founded in 2011, Wise serves over 10 million active customers globally and employs more than 5,500 people.
The Wise Prepaid Card allows users to spend internationally in over 160 countries at the mid-market rate, with only a low, upfront conversion fee. Customers can obtain up to three digital cards for added security, which can be frozen after each transaction.
These features cater to a diverse user base, including freelancers, international students, travelers, and dependents of overseas workers. Wise’s fully digital service offers low-cost, fast transactions managed via an app or website, ensuring flexibility and convenience.
Wise plans to introduce more funding methods, such as bank transfers and e-wallet payments, to enhance its service. Currently, customers can top up their Wise accounts using bank-issued credit or debit cards.