Wise, the global technology company building the best way to move and manage the world’s money, announced that it has become the first global fintech fully integrated with both InstaPay and PESONet. This breakthrough solidifies Wise as a major player in the Philippine remittance market, now processing 12% of all inward personal remittances and transforming how Filipino families manage high-value transactions like tuition fees.
The integration with PESONet eliminates the long-standing frustrations such as limits and delays in sending large amounts abroad. Parents can now effortlessly transfer substantial amounts for their children’s overseas education in a single transaction, and Overseas Foreign Workers (OFWs) can send significant amounts home without worrying about daily caps or multi-day processing times. Through Wise, users benefit from transparent, mid-market exchange rates (the same rates seen on Google) without any hidden fees or markups.
Driving financial inclusion from day one
To ensure more Filipinos can access these enhanced capabilities, Wise has partnered with the Philippine Statistics Authority (PSA) to integrate to the National ID eVerify system. This allows Filipinos to authenticate their accounts within the Wise app or website swiftly using their National ID, whether in card, paper, or digital form. This move supports the government’s digitalization agenda, making financial services more accessible to millions of Filipinos.
PSA Undersecretary Claire Dennis S. Mapa, PhD, National Statistician and Civil Registrar General, said, “The integration of Wise with the National ID system is a testament to the power of collaboration in driving financial inclusion. With over 88 million Digital National IDs already available for access, we are empowering millions of Filipinos — regardless of their location or background — this is a significant step towards financial inclusion, and we are excited to see the positive impact it will have on the lives of many.”
Revolutionising cross border payments in the Philippines
Areson Cuevas Country Manager for Wise Philippines
Areson Cuevas, Country Manager for Wise Philippines, said, “Wise’s growth to processing 12% of all inward remittances reflects the pent-up demand for better financial services in the Philippines. With direct access to both InstaPay and PESONet, plus streamlined National ID verification, we are removing barriers to transparent, affordable international money transfers. We are committed to ensuring that every Filipino can send and receive money with ease, confidence and transparency.”
Since launching in the Philippine market in May 2024, Wise has made significant strides. The Wise Account and Card has provided Filipinos a smarter way to send and receive money in over 40 currencies without any hidden fees. The recent direct connections to InstaPay and PESONet have further reduced costs, with fees for a PHP 50,000 transfer to USD dropping by over 10%.
Leslie May Daguplo, a self-employed freelancer working for a US-based company, shared her experience, “Before using Wise, dealing with payments from my clients abroad was a headache. I’d always get less than I expected because of all these hidden fees and bad exchange rates. Now, I see exactly what I’m paying in fees right away, and the exchange rates are spot-on. That means more of my hard-earned money actually lands in my pocket, without any nasty surprises. It’s truly made managing my freelance work so much simpler and more affordable.”
