How to open a Wise account in the Philippines

Wise offers powerful multi-currency accounts and international payment services for customers in the Philippines. You can use Wise to hold 40+ currencies, and to send payments to 40+ countries with the mid-market exchange rate and low fees from 0.57%.

This guide covers a step-by-step guide to open a Wise Philippines account, account types and requirements, how to open a balance, and how to send and receive international payments with Wise.

How to create a Wise account

You can set up a Wise account easily, with a fully digital application, verification and onboarding process. This means there’s no need to visit a physical office to apply, and you can get everything sorted out without even needing to leave home.

Here’s how to set up a Wise account in the Philippines with just your phone or laptop:

1. Download the Wise app, or open the Wise desktop site

2. Register with your email address, or an Apple, Google or FaceBook account

3. Follow the prompts to enter your personal details

4. Upload your ID documents and proof of address for verification

5. Once your account is verified you can send a payment, order a card, and open a currency balance

Download the Wise app on iOS or get the Wise app on Android instead.

Can you open a Wise account without a Philippines address?

To open an account with Wise Philippines, you’ll be asked to provide some information and documents for verification, including giving your address, which should be in the Philippines. You don’t have to be a citizen of the Philippines to register a Wise account in the Philippines.

If you live outside of the Philippines you may still be able to open a Wise account in the country you reside in. The features and fees offered by Wise do vary a little based on where in the world you live, but Wise accounts are available to people in many countries and regions globally.

Eligibility requirements

To open a Wise account in the Philippines, you’ll need to fulfil the following requirements:

• You must be 18 or older

• You must live in the Philippines

• You must be able to provide an eligible document to verify your identity

You may also be asked to verify your address and the source of the funds you’re adding to Wise.

How to verify a Wise account

To keep customers, their accounts and their money safe, Wise completes verification checks when you open an account. Here’s how to verify a Wise account in the Philippines:

• Upload a photo of your ID document, following the Wise prompts

• Upload a photo of yourself, following the Wise prompts

If you’re a foreigner residing in the Philippines you must upload an image of your passport for identity checking. If your nationality is Filipino, you can use the following identity documents:

• Philippines National ID (PhilID)

• Passport

• Driving licence

• UMID

You may also be asked to upload images of a proof of address document, and a source of wealth document. You’ll be guided through this step if it is required. Generally you can upload a bank statement or utility bill as a proof of address, while the source of wealth documents needed vary depending on your personal situation.

How to login to a Wise account

When you create your Wise account you will also set a secure password which is used to keep your account safe, and ensure that only you can access it. If you’re using Wise through the Wise desktop site, you’ll use your password to log in securely when you need to access your account.

If you choose to use the Wise app you can set your smart device’s 2 factor authentication to allow you to access your account using your biometric identification tools, face ID or other measures depending on the type of device you have.

How to open a Wise business account

Wise also serves business customers with international payment, account and card services. Whether or not you’re eligible to apply for a Wise business account will depend on the country your business is registered in.

The good news is that Wise has recently launched business accounts to customers who have a company registered in the Philippines.

Here’s how to open a Wise Business account step by step:

1. Download the Wise app, or open the Wise desktop site

2. Register with your email address, or an Apple, Google or FaceBook account, and confirm you want a business account

3. Follow the prompts to enter your personal and business details

4. Upload your personal ID and address documents, and the required business paperwork for verification

5. Pay the one time account opening fee if you want to get full feature access

6. Once your account is verified, you can start transacting

How to send money abroad with Wise

You can send a payment with Wise using your phone or laptop. Here’s how to send money abroad with Wise Philippines in a few simple steps:

1. Log into your Wise account online or in the Wise app

2. Tap Send and enter the amount and currency you want to send, or the amount and currency you want the recipient to get in the end

3. Choose your payment method from the drop down box

4. Check the fees and exchange rate, and confirm your payment - you’ll be guided through the process of paying for your transfer using your preferred payment method

Wise payments are deposited in bank and mobile wallet accounts all over the world, and can arrive very quickly or even instantly. In fact, 60% of payments arrive instantly, and 80% are deposited within an hour*. Plus, because Wise uses low, transparent fees and the mid-market exchange rate, you could also find you pay less compared to using a bank to transfer money abroad. Here’s how Wise compares on fees, against a couple of popular banks in the Philippines, for an example transfer of 50,000 PHP which is deposited to a bank account in EUR:

With Wise you’ll see the amount you need to pay for your transfer, and the fee which applies, before you pay, which means it’s easy to compare your options and pick the best deal for your specific payment. Remember to check both the fees and the exchange rate you’re offered by different transfer services, as it’s common to find additional fees added to the exchange rate you’re quoted for currency conversion. These fees are tricky to spot and can mean you’re paying more than you expect for your transfer.

*The speed of transaction claims depends on individual circumstances and may not be available for all transactions

What is Wise?

Wise is a specialist provider of international payments, multi-currency accounts and cards. The exact services which are available from Wise do vary based on the country you live in, but you can use your account to hold 40+ currencies, and to send payments to 40+ countries with the mid-market exchange rate and low fees from 0.57%. You can also order a Wise card to spend and make cash withdrawals conveniently at home and abroad.

What are the advantages of a Wise account?

Here’s a quick reminder of what you can do with a Wise account in the Philippines:

• Send money transfers from your bank account (or Wise Account) using the Wise app, to 40+ countries

• Open a Wise account to hold and exchange 40+ currencies in your Wise account using mid-market exchange rates

• Receive money into your Wise account in 20+ currencies, by sharing your local and SWIFT account details with the sender

• Order a Wise debit card, make in-store and online purchases in 150+ countries

Send international payments with Wise

You can send money to bank and mobile wallet accounts with Wise, to 40+ countries. You can pay with a card or from your bank, and your funds are deposited quickly or even instantly in the currency your recipient needs.

Hold and exchange currencies with Wise

Open your Wise account to hold and exchange 40+ currencies in your Wise account. Currency exchange uses the mid-market rate, and there are low, transparent fees for conversion, which are transparently shown so you can check and compare.

Receive payments from others with Wise

Wise accounts come with local and SWIFT account information in  20+ currencies, which you can give to others to receive payments from abroad. This makes it easy and convenient to get paid in foreign currencies without needing to convert to PHP every time.

Spend and withdraw with a Wise card

Order a Wise debit card for a one time fee, to spend and make cash withdrawals conveniently all over the world. There’s no fee to spend a currency you hold enough balance in, and if you need currency conversion for a payment your card can convert for you using the mid-market rate and a low fee.

Conclusion

Wise accounts in the Philippines offer many advantages, including easy ways to send, spend, hold, exchange and receive foreign currencies. Wise stands out thanks to its transparent fees, and uses the mid-market exchange rate to convert currencies, which can mean your international transactions cost less.