Wise Personal vs Business: What’s the difference in the Philippines?
Wise launched back in 2011 in the UK, and has since expanded globally, offering low cost cross border payments, multi-currency accounts and smart international debit cards for personal and business customers. Overall, Wise is trusted by over 16 million customers, including hundreds of thousands of businesses big and small.
Wise personal customers can use their accounts to hold, send, spend and receive foreign currencies easily and with the mid-market exchange rate. Wise business customers get all the perks a personal customer does - plus some business friendly extras like ways to cut down admin time, and options to order extra expense cards for your team.
If you’re not sure whether you need a Wise personal vs business account, this guide is for you. Join us as we walk through Wise personal accounts, and Wise for business account options, including a look at fees and features for both services. Let’s dive right in.
Wise business vs personal: Key points
Let’s kick off with a few important points about the features you’ll get from a Wise personal vs Wise business account.
Wise Philippines personal accounts:
Accounts are free to open online or in app
Hold and exchange 40+ currencies, send payments to 40+ countries
Get account details for 20+ currencies to receive payments from others
Currency exchange uses the mid-market exchange rate
Low, one time fee for a Wise card
Wise Philippines business accounts:
Accounts cost Free to open and can hold and exchange 40+ currencies
Send payments to 140+ countries and get paid by clients, marketplaces and PSPs with account details for 8+ currencies
Currency exchange uses the mid-market exchange rate
Business debit and expense cards available with no Wise fee
Set and manage user permissions to allow team members the access they need to do their jobs
Batch payments to up to 1,000 people at once
Integrations with your favourite cloud based accounting software, like Xero and QuickBooks
An important note for both Wise personal and business accounts: Wise is regulated in the Philippines, and as a global business is also overseen by a selection of other regulatory bodies globally. This means Wise must adhere to strict security standards to protect customers’ funds.
If you hold a Wise balance, your money is safeguarded by Wise and held in top tier banks, and you’ll be able to access extra security features, such as instant transaction notifications, and ways to freeze your debit card from your phone, too.
What is the difference between a Wise business and personal account?
Wise business and personal accounts in the Philippines have lots of overlapping features, but the exact details of each - including some of the fees that apply - are a little different.
With both Wise personal and business accounts you can hold a balance in 40+ currencies, exchange currencies within your accounts, send payments to 40+ countries, and receive money from others using handy account details in a selection of currencies.
There are no ongoing fees or minimum balance requirements for either account, and both business and personal customers can get a linked debit card to make it easier to spend and make international cash withdrawals.
Wise personal accounts can suit people receiving payments from loved ones overseas, expats, people who love to travel, and anyone who shops online with international retailers, by driving down the costs of currency conversion and cutting out the foreign transaction fees you’ll usually find with banks.
If you open a Wise business account in the Philippines you’ll be able to access all the features available to personal customers, for a one time account opening fee. In addition to the features available for personal customers, you’ll get some extra benefits, including batch payments to cut down admin time, an API to automate workflow, accounting integrations, and optional expense cards for your team to manage international business spending.
Wise personal pros and cons
Wise personal accounts pros | Wise personal accounts cons |
|---|---|
✅No fee to open an account and no ongoing costs ✅Hold and exchange 40+ currencies with the mid-market rate ✅Get a Wise debit card to spend and withdraw easily ✅Manage your account and card from your phone easily ✅Send payments to 40+ countries, ✅Use local account details to get paid by friends and family overseas | ❌Some transaction fees apply, including ATM costs once you exhaust your monthly withdrawal allowance ❌No branch network to deposit cash ❌Curency conversion costs apply |
Wise business pros and cons
Wise business accounts pros | Wise business accounts cons |
|---|---|
✅No ongoing account fees ✅Hold, send, spend and receive dozens of currencies with the mid-market rate ✅Pay contractors and suppliers in 40+ countries, using batch payments for convenience ✅Add team members to your account, and order expense cards for them ✅Multi user access ✅Use local account details to get paid by clients, PSPs and marketplace sites | ❌One time fee to open your account ❌No branch network for cash transactions ❌Some transaction fees apply, depending on how you use your account |
Wise Personal vs Business: Quick comparison
As we’ve seen, the features available from Wise personal vs business are similar in many places - but not exactly the same. Here’s a summary:
Feature | Wise Personal | Wise Business |
|---|---|---|
Hold and exchange 40+ currencies | Y | Y |
Mid-market exchange rates and low fees for currency conversion | Y | Y |
Send overseas payments to 40+ countries - often instantly | Y | Y |
Local bank details to get paid in 20+ currencies | Y | Y |
Manage account online or in app | Y | Y |
Debit card for account owner | Y | Y |
Expense cards for team members | N | Y |
Send batch payments to up to 1,000 people | N | Y |
Add and manage team member account permissions | N | Y |
Cloud accounting integrations | N | Y |
API for workflow automation | N | Y |
Wise Personal vs Business fees
Service | Wise Personal | Wise Business |
Open Wise account | Free | Free |
Hold 40+ currencies | Free | Free |
Order a Wise card | Low one time fee | No fee |
Send international payments | From 0.57% | From 0.57% |
ATM withdrawals | 2 withdrawals, to 12,000 PHP/month fee free 30 PHP + 1% after that | 2 withdrawals, to 12,000 PHP/month fee free 30 PHP + 1% after that |
Receive AUD, CAD, EUR, GBP, HUF, NZD, SGD, TRY, USD (non SWIFT and non-wire) | Free | Free |
Receive USD wire | 6.11 USD | 6.11 USD |
Receive other currencies as SWIFT payment | Variable fee based on currency | Variable fee based on currency |
Batch payments | X | Free |
Cloud accounting integrations | X | Free |
Add team members to Wise | X | Free |
*Details correct at time of research - 28th July 2025
Do I need a Wise personal or business account?
Whether you need a Wise personal vs business account depends on how you’ll need to transact.
If you’ll only be making personal transactions, a Wise personal account is the perfect fit. There’s no fee to open your account, and no ongoing charges, so you just pay for the services you use.
If you’re a business owner, a Wise business account allows you to transact on behalf of your company, and access plenty of smart time saving features, too. You can have a personal Wise account as well as your business account, so you can transact as an individual with the same great Wise rates and fees.
If you’re a freelancer, you may consider either a Wise personal or Wise business account. Which works best for you may depend on the features you want to access and how often you’re likely to transact.
How to open a Wise business account
You can open your Wise business account entirely remotely, using just your phone or laptop.
During the process you’ll need to complete a verification step, which usually involves uploading your own ID and proof of address documents, and some paperwork for your registered business. The exact documents needed may vary depending on the entity type you have - but you’ll be guided through by on screen prompts to make it easy.
Here’s what to do:
Open the Wise app or desktop site
Select Register and confirm you want to open a business account
Follow the prompts to add details about your business, and yourself as the account holder
Pay the one time Free fee
Upload your personal and business documents to complete the verification step
You’re ready to go once the Wise team has verified your account
How to open a Wise personal account
Wise personal accounts can also be opened online or through the Wise app. You’ll need your ID document to hand, and may be prompted to upload some other details or documents depending on your personal circumstance.
Here’s what to do:
Open the Wise app or desktop site
Select Register and confirm you want to open a personal account
Register with your email, Facebook, Apple or Google ID
Upload your ID document to complete the verification step
Top up your account, order an international debit card or set up your first transfer
Can I have a business and a personal account on Wise?
Yes. You can open a business account as a freelancer or the owner of a Philippines registered business, and also have a Wise account to transact personally. That means you can route business payments through your business account for ease, and to make it easier to keep on top of business performance, while also accessing the benefits of Wise for your own personal transactions.
Can I open two Wise accounts?
You can open a Wise personal account, and if you need to, one or more Wise business accounts. Wise customers can only have one personal account - but you can open more than one business account if you have multiple registered businesses and need to keep all the relevant finances separate.
Can I change my Wise account from business to personal?
Got a Wise business account and looking for ways to get the benefits of Wise for yourself as well? You won't need to change your Wise business account to a Wise personal account. Instead, you can simply open a personal account alongside your business account, to keep your personal and company finances separate while still getting international transactions which use the mid-market exchange rate.
Conclusion
Philippines residents can open Wise accounts as an individual, as a freelancer, or on behalf of their registered business. Both Wise personal vs business accounts have lots of great features designed to drive down the costs of transacting internationally.
You can hold 40+ currencies, spend with a linked debit card, and receive payments in multiple currencies. If you open a business account there’s a one time account opening fee to pay - and in return you also get some extra perks like batch payment solutions and cloud accounting integrations.
Use this guide to decide whether Wise business vs personal is right for you - and don’t forget, you can also open both a personal and a business account if you find you need to.
FAQ - Wise personal vs business account
Wise offers Wise business accounts which have all the perks of the Wise personal account, and extra features designed to save time and cut down admin when transacting internationally.
The Wise personal account is a multi-currency account with optional card, which you can open and manage online or in the Wise app. Hold 40+ currencies, send payments to 40+ countries, and get paid conveniently in foreign currencies, with nothing more than your phone.
If you’re a Philippines freelancer, sole proprietor or business owner you might want to open a Wise account to hold and exchange 40+ currencies, receive payments from clients, ecommerce sites and online marketplaces in foreign currencies, and send payments to 40+ countries around the world. Currency exchange always uses the mid-market rate, with low fees from 0.57%.
You’ll pay a one time fee of Free to open your Wise business account but there are no ongoing charges to access all the features as and when you want to. Wise can help you cut the costs of holding, sending, spending and receiving foreign currencies for your business, which may well make it worth using if you transact across borders.