Wise has expanded its Philippine services with new ways for customers to receive, spend, and manage Philippine pesos across borders as reported by Gadget Pilipinas.

The update adds PHP account details, QR Ph payments, and higher real-time receiving limits for small businesses.

Filipinos abroad, and Wise users anywhere, can now receive PHP account details through Wise, sharing them with employers, clients, or family sending peso payments, no local bank account required.

Transfers run through InstaPay and PESONet.

Customers can also use QR Ph to pay for everyday purchases in the Philippines directly from their Wise balance.

This lets travellers spend locally without a Philippine bank account, and lets freelancers convert international earnings into pesos via an Auto Conversion feature.

For businesses, Wise raised the real-time InstaPay for Business receiving limit to PHP 500,000.

The change aims to help small businesses manage payroll, inventory, 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.

He said the goal is to make the peso more accessible.

Moving money into, out of, and across the Philippines should be faster, cheaper, and simpler, he added.

Cuevas separately said Filipinos lost PHP 50 billion to foreign exchange markups in 2024.

Only 21% know a hidden markup exists on remittances, he said.

“The average cost to move money across borders is 3% to 5%,” he said, compared to Wise’s own 0.5% fee.

Wise launched in the Philippines in May 2024 and connected directly to InstaPay in November that year.

Wise launched in the Philippines in May 2024.

It connected directly to InstaPay in November that year, enabling instant transfers from 28 currencies into peso accounts.

The company has since expanded through Wise Account and Card and Wise Business.

Wise also formed a partnership with GoTyme Bank to simplify international remittances.

Featured image: Edited by Fintech News Philippines based on an image by peshkovagalinavia Magnific.