International money transfer service Wise has expanded its integration with Philippine payment networks to provide faster cross-border transactions for freelancers, overseas workers, travelers and small businesses.
Through InstaPay and PESONet, Wise customers can receive payments in major currencies such as the US dollar, British pound and Australian dollar using local account details. They may share these details with employers, clients or family members sending money from abroad.
Wise customers can also use QR Ph to pay merchants directly from their Wise balances. Payments may be deducted from a peso balance or converted from another available currency.
For freelancers receiving income from overseas clients, Wise offers an Auto Conversion feature that converts funds when a user-selected exchange rate is reached.
The company has also increased the real-time receiving limit for Wise Business accounts, allowing domestic payments of up to P500,000 through InstaPay. Wise said the higher limit could help businesses manage payroll, inventory purchases and supplier payments.
“Managing international money is becoming an everyday reality for many Filipinos as they increasingly live and do business across borders,” said Areson Cuevas, country manager of Wise Philippines.
“By integrating with domestic payment networks, we’re making the Philippine Peso more accessible, helping Wise customers move money into, out of, and across the Philippines in a much faster, cheaper, and simpler way.”
Wise launched its Philippine service in May 2024, allowing customers to hold, send and receive money in more than 40 currencies. It connected directly to InstaPay in November 2024, enabling instant transfers to peso accounts from 28 currencies.
The company is positioning its services as an alternative to traditional remittance and foreign exchange channels, particularly as more Filipinos work for overseas employers or conduct business across borders.
Citing its own survey, Wise said 81% of Filipino consumers believed they understood the cost of international payments, but only 20% were aware of hidden foreign exchange fees.
Separate research commissioned by the company estimated that Filipino consumers paid P8.37 billion, or about $146 million, in hidden foreign exchange fees in 2023.
