Wise launches business account for Filipino MSMEs

GLOBAL cross-border payment platform Wise has introduced a business account in the Philippines to help freelancers, micro, small and medium enterprises (MSME) and entrepreneurs expand internationally through faster and cheaper fund transfers.

“Now, businesses in the Philippines are inherently global,” Wise Product Manager Numair Fazili said at the launch on Wednesday. “You’re receiving money from the US, Europe, you’re spending in Japan, paying suppliers in China. But bank accounts are not.”

“You have problems with hidden fees, lack of transparency and payments just take days or even weeks to process.”

A study by Edgar Dunn & Co. for Wise estimated that Filipino MSMEs lost about P39.5 billion in 2024 due to exchange rate markups.

The Wise Business Account aims to address these costs by providing transparent international transactions. Censuswide, in a survey of 200 middle managers at Philippine firms with fewer than 50 employees conducted from Aug. 4 to 8, found that 66% expect their cross-border transactions to increase in the next six months.

The account is free to open, requires no minimum balance or subscription fees, and can be set up fully online. Filipino businesses can receive payments in 24 currencies and get paid via local bank transfers in 10 major currencies — including the US dollar, euro, British pound and Singapore dollar — for a one-time fee of P1,400. Clients can send funds directly using details such as a US routing number or a European IBAN without additional charges.

Payments in 14 other currencies, including the Japanese yen and Chinese yuan, are supported through the Swift network with upfront disclosure of fees. Outbound payments to overseas suppliers and staff are processed at the mid-market exchange rate without hidden markups.

Wise is also offering a business debit card that enables purchases in more than 150 countries with no foreign transaction fees. Business owners can set spending limits, track expenses in real time and provide cards to employees.

The account integrates with accounting software such as Xero and QuickBooks, allows businesses to issue invoices, and supports bulk payments to as many as 1,000 recipients.

“So whether you’re an up-and-coming freelancer, an entrepreneur or a corporation, you can log in and open a Wise account instantly, from anywhere in the world,” Fazili said. —AMCS