Wise Business Account Empowers Filipino MSMEs to Scale Globally with Fast, Affordable International Payments

Filipino micro, small, and medium enterprises (MSMEs) are poised for international growth, yet many face costly barriers in sending and receiving payments across borders.

In 2024 alone, these businesses lost an estimated PHP 39.5 billion due to high exchange rate markups and outdated payment systems. Now, Wise is changing the game with the launch of its Wise Business account, designed specifically to help Filipino MSMEs expand globally faster, cheaper, and with full transparency.

The Costly Challenge Filipino MSMEs Face in Global Payments

Despite nearly 70% of Filipino MSMEs expecting a rise in cross-border transactions in the next six months, almost half still rely on traditional banks for overseas payments. These conventional systems are slow, expensive, and opaque, forcing businesses to pay thousands of pesos unnecessarily every year, funds that could otherwise fuel growth and innovation.

Introducing Wise Business: Your Global Payment Solution

Wise Business is a comprehensive, easy-to-use digital account tailored for the 99.6% of Filipino businesses that are MSMEs. With no minimum balance or monthly fees, it allows entrepreneurs to:

Receive payments in 24 currencies: Get local bank transfers in USD, EUR, GBP, SGD, and more, for a small one-time fee. For additional currencies like JPY and CNY, receive payments via SWIFT with transparent fees.

Make international payments at real mid-market rates: Say goodbye to hidden fees and inflated exchange rates. Over 70% of Wise payments reach recipients instantly, often within 20 seconds.

Spend globally without foreign transaction fees: Use the Wise Business debit card for in-store and online purchases in over 150 countries. Control spending with limits and real-time expense tracking.

Simplify your operations: Integrate with popular accounting software like Xero and QuickBooks, create professional invoices, and pay up to 1,000 suppliers or employees at once.

Real Stories, Real Savings

Raphaela Amat Agupitan, Managing Director of Koru Adventures & Travel Inc., shares her experience: “Managing international payments used to be slow and expensive. Since switching to Wise Business, we saved about PHP 280,000 in bank fees in 2024 alone. Payments now arrive in hours instead of days, improving our cash flow and making it easier for our overseas clients, who now make up 60% of our business, to pay us. Wise Business helped us grow from a small local company to an international brand serving 14 countries.”

She also highlights the convenience of the Wise Business debit cards: “They’ve simplified our expense management, freeing us to focus more on delivering great service and growing the business.”

A Tool Built for Filipino MSMEs Ready to Go Global

Areson Cuevas, Country Manager of Wise Philippines, emphasizes the critical need for efficient payment solutions: “More than half of Filipino MSMEs juggle multiple providers to manage international payments, making it harder to scale globally. Wise Business offers a single, simple account to handle all global transactions, whether you’re a freelancer in Manila or a startup in Cebu, this platform gives you the tools to grow with confidence.”

Licensed by the Bangko Sentral ng Pilipinas, Wise is the first fintech to fully integrate with InstaPay and PESONet and now processes 12% of all inward personal remittances in the country. The new Wise Business account extends these trusted, cost-effective services to Filipino MSMEs, supporting their global ambitions.

The Future of Filipino MSMEs is Global—and Wise Business is Here to Help

With its transparent fees, quick payment processing, and powerful business tools, Wise Business is transforming how Filipino MSMEs manage international money transfers, enabling them to keep more profits, reduce headaches, and focus on growth.

Ready to take your business global? Open your Wise Business account today and experience the future of international payments.