Filipino micro, small, and medium enterprises (MSMEs) are losing billions of pesos each year due to outdated international payment systems. In 2024 alone, a staggering PHP 39.5 billion was lost by Filipino MSMEs to exchange rate markups. This significant cost, stemming from reliance on traditional banks for overseas payments, prevents these businesses from reaching their full potential.
Despite this, there’s a strong desire among Filipino businesses to expand globally, with two-thirds of MSMEs expecting their cross-border transactions to increase in the next six months. The challenge lies in finding a system that can keep up with their ambitions without draining their profits.
Introducing Wise Business: A Game-Changer for Global Payments
To help Filipino MSMEs overcome these financial hurdles, Wise has launched the Wise Business account. This comprehensive business account is designed to make international payments faster, cheaper, and more transparent. It’s a solution that directly addresses the pain points faced by 99.6% of all businesses in the Philippines.
With a Wise Business account, which is free to open with no minimum balance or monthly fees, Filipino MSMEs can access a suite of powerful features, all managed digitally without the need for paper forms or branch visits.
Here’s how Wise Business helps businesses thrive globally:
- Receive payments from overseas:
- Get paid in 24 currencies from clients worldwide.
- Receive money via local bank transfers in 10 major currencies, including USD, EUR, and GBP, for a one-time fee.
- Easily share your local account details, like a US routing number or EUR IBAN, to receive payments quickly with zero fees.
- Receive payments in 14 additional currencies via SWIFT, with full transparency on fees.
- Make international payments with ease:
- Pay overseas suppliers and staff using the mid-market exchange rate—the same rate you see on Google—without hidden markups.
- Always know how much you’re sending and when the payment will arrive, with over 70% of all Wise payments arriving within 20 seconds.
- Spend globally with confidence:
- Use the Wise Business debit card to make purchases in over 150 countries with no foreign transaction fees.
- Set spending limits and track expenses in real-time for better control over your finances.
- Access tools to streamline business operations:
- Connect with popular accounting software like Xero and QuickBooks.
- Create and track professional invoices for free.
- Pay up to 1,000 suppliers or employees at once, saving valuable time.
Real-World Savings and Success
Raphaela Amat Agupitan, Managing Director of Koru Adventures & Travel Inc., is a testament to the benefits of Wise Business. “Managing international payments used to be a huge headache,” she shared. “In 2024 alone, we saved around PHP 280,000 in bank fees. Now, international payments arrive in hours, not days, which is fantastic for our cash flow.”
Raphaela’s business has grown from a local operation to a trusted international brand serving 14 countries, with 60% of her clients now based overseas. She credits Wise Business with simplifying her operations, allowing her team to focus on service delivery and business growth.
The Future of Filipino Business is Global
Areson Cuevas, Country Manager of Wise Philippines, emphasized the importance of a simple, unified solution. “Our research reveals more than half of MSMEs are juggling multiple payment providers just to handle their international needs,” he stated. “Wise Business solves these challenges with one simple account to manage all their global payments efficiently.”
By providing a reliable and cost-effective platform, Wise Business empowers Filipino MSMEs—from freelancers to startups—to navigate the global market, keep more of their hard-earned money, and achieve their international ambitions.
Leave a Reply