Filipino MSMEs are ready to scale globally, with two-thirds2 expecting their cross-border transactions to increase in the next six months. Yet they continue to be held back by outdated international payment systems that are expensive, slow, and lack transparency.
According to a recent Wise survey, nearly half of Filipino MSMEs still rely on traditional banks for overseas payments. This reliance on traditional payments systems is costing them dearly – Filipino MSMEs lost approximately PHP 39.5 billion in 2024 alone due to exchange rate markups, separate research shows. For a typical MSME making dozens of international payments monthly, this represents thousands of pesos in unnecessary costs each year – money that could be reinvested in business growth.
Today, Wise has launched the Wise Business account to solve these critical challenges. This comprehensive business account solution enables Filipino MSMEs, which comprise 99.6%3 of all businesses in the Philippines, to pay and get paid globally, manage 40+ currencies, and expand internationally with ease.
Wise Business addresses critical pain points head on
With Wise Business, Filipino MSMEs can now enjoy faster, cheaper, and transparent international payments, allowing them to focus on growing their businesses. The account is free to open, with no minimum balance or monthly subscription fees. Account opening is fully digital, with no paper forms or branch visits required.
Filipino MSMEs can now:
Receive payments from overseas in 24 currencies:
Get paid and receive money via local bank transfers in 10 major currencies, including USD, EUR, GBP and SGD for a one-time fee of PHP 1,400. Simply share your US routing number, EUR IBAN and more to receive payments from international clients quickly with zero fees.
Receive payments in 14 additional currencies such as JPY and CNY via SWIFT, with full transparency on fees, giving you the global reach your business needs.
Make international payments with ease: Pay overseas suppliers and staff at the mid-market exchange rate (the same rate you see on Google) without hidden markups. Businesses always know how much they’re sending and when the payment will arrive. Over 70% of all Wise payments arrive instantly within 20 seconds.
Spend globally with confidence: Business owners and their employees can make purchases online and in-store with the Wise Business debit card in over 150 countries with no foreign transaction fees. You can set spending limits, and track expenses in real-time for better control.
Access tools to streamline business operations: Connect with accounting software like Xero and QuickBooks, create and track professional invoices for free, and pay up to 1,000 suppliers or employees at once without hassle.
Raphaela Amat Agupitan, Managing Director and Licensed Immigration Adviser of Koru Adventures & Travel Inc., shared her experience as a Wise Business customer: “Managing international payments used to be a huge headache for us. It was slow, expensive and complicated. Switching to Wise Business has been a game-changer.
In 2024 alone, we managed to save around PHP 280,000 in bank fees. Now, international payments arrive in hours, not days, which is fantastic for our cash flow. Wise Business has made it so easy for our overseas clients – who now make up 60% of our business – to pay us, driving our transformation from a small local business in 2020 to a trusted international brand serving 14 countries today.”
Raphaela added, “The Wise Business Cards have also been a huge help in our day-to-day operations, simplifying our expense and reimbursement processes. Spending less time on paperwork has freed us up to focus on service delivery and growing the business.”
(Areson Cuevas, Wise Philippines Country Manager)
“For Filipino SMEs, managing international payments is critical to scaling globally,” said Areson Cuevas, Country Manager of Wise Philippines. “Our research reveals more than half of MSMEs are juggling multiple payment providers just to handle their international needs, while complex processes prevent them from expanding globally. Wise Business solves these challenges with one simple account to manage all their global payments efficiently. Whether you’re a freelancer in Manila receiving payments from US clients or a startup in Cebu paying suppliers across Southeast Asia, Wise Business gives you the tools to grow your business globally.”
The launch of Wise Business builds on Wise’s momentum in the Philippines. Licensed by the Bangko Sentral ng Pilipinas, Wise became the first global fintech to fully integrate with InstaPay and PESONet, and now processes 12% of all inward personal remittances. These integrations now extend to serve Filipino MSMEs through Wise Business, delivering the reliable, cost-effective payment solutions they need to move and manage their money globally.
Survey methodology
The research was conducted by Censuswide, among a sample of 200 Middle management, with finance responsibilities in organisations with fewer than 50 employees in the Philippines. The data was collected between August 4-8, 2025. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council.
Footnotes
[1] Research by Edgar Dunn & Company for Wise, undertaken between September and November 2024, converted from USD at the rate of 1 USD = PHP 57.2907 (average for 2024)
[2] Research by Censuswide, collected between August 4-8, 2025
[3] Data taken from Philippine Statistics Authority (PSA)
[4] Remittance data taken from the World Bank
