Filipino MSMEs Set to Go Global With Wise Business

• Filipino MSMEs lost approximately PHP 39.5 billion in 2024 alone due to exchange rate markups¹ 
• Wise Business lets Filipino MSMEs receive money from overseas in 24 currencies, and send money globally faster, cheaper and with full transparency, helping them keep more money to grow their businesses

Filipino micro, small, and medium enterprises (MSMEs) are gearing up for global growth, with two-thirds expecting a surge in cross-border transactions over the next six months. But despite this optimism, many remain weighed down by outdated international payment systems—slow, costly, and opaque.

A recent survey by Wise reveals that nearly half of Filipino MSMEs still depend on traditional banks for overseas payments. This reliance comes at a steep price: MSMEs in the Philippines lost an estimated ₱39.5 billion in 2024 due to hidden exchange rate markups. For businesses making dozens of international payments monthly, this translates to thousands of pesos in wasted costs—funds that could have been reinvested to fuel growth.

To help bridge this gap, Wise has launched the Wise Business account, a comprehensive solution designed to empower Filipino MSMEs—which make up 99.6% of all businesses in the Philippines—to pay, get paid, and expand globally with ease.

What Wise Business Brings to Filipino MSMEs

1. Faster, Cheaper, and Transparent International Payments

• Free to open with no minimum balance or subscription fees.
• Fully digital sign-up—no paperwork or branch visits needed.
• Payments arrive quickly, with 70% landing instantly in 20 seconds.

2. Seamless Global Receiving

• Receive payments in 24 currencies, including major ones like USD, EUR, GBP, and SGD for a one-time setup fee of just ₱1,400.
• Get paid via local bank details like US routing numbers or EUR IBAN with zero fees.
• Expand reach with additional 14 currencies (e.g., JPY, CNY) via SWIFT, with full fee transparency.

3. Spend Anywhere Without Worry

• Use the Wise Business debit card in over 150 countries, online or in-store, with no foreign transaction fees.
• Set spending limits, track real-time expenses, and simplify reimbursement processes.

4. Tools for Smarter Operations

• Integrate seamlessly with Xero and QuickBooks.
• Create and track professional invoices for free.
• Pay up to 1,000 suppliers or employees in one go, removing bottlenecks in scaling operations.

MSME Success Story

For businesses like Koru Adventures & Travel Inc., Wise Business has been transformative.

“Managing international payments used to be a huge headache—slow, expensive, and complicated,” said Raphaela Amat Agupitan, Managing Director and Licensed Immigration Adviser. “Since switching to Wise Business, we’ve saved around ₱280,000 in bank fees in 2024 alone. Payments now arrive in hours, not days, and our overseas clients—who now make up 60% of our business—can pay us effortlessly. This shift has helped us grow from a small local business in 2020 to an international brand serving 14 countries today.”

Raphaela added, “The Wise Business Cards have also simplified our daily operations, freeing up more time to focus on service delivery and growth instead of paperwork.”

Backing MSMEs With Smarter Global Payments

“For Filipino SMEs, managing international payments is critical to scaling globally,” said Areson Cuevas, Country Manager of Wise Philippines. “But our research shows many businesses are juggling multiple providers just to manage their international needs. Wise Business solves this with one simple account that streamlines global payments—whether you’re a freelancer in Manila or a startup in Cebu.”

The launch of Wise Business builds on Wise’s strong foothold in the Philippines. As the first global fintech fully integrated with InstaPay and PESONet, and licensed by the Bangko Sentral ng Pilipinas, Wise already processes 12% of all inward personal remittances. Now, Filipino MSMEs can benefit from the same reliable, cost-effective solutions to confidently expand on the world stage.

Wise Business: Helping Filipino MSMEs go further, faster, and smarter.