Wise PHP Account Review - 2025

If you live in the Philippines you can open a flexible Wise account to hold, send, receive, and manage PHP payments conveniently. Wise accounts offer local and SWIFT details in 20+ currencies, including local account details in PHP which you can give to others if you need to receive a payment in pesos. This guide covers how to open and use a Wise PHP account, including a look at the other supported currencies, features, fees and more.

Wise PHP account: Key points

• Use Wise to hold, send, spend, exchange and receive payments in PHP and other currencies

• Get a Wise card for day to day payments and withdrawals in the Philippines and overseas

• Get local and SWIFT details in 20+ currencies, including PHP to receive payments conveniently

• Hold PHP in your Wise account, withdraw to a bank or convert to another currency if you prefer - 40+ currencies are supported for holding and exchange

• Wise currency conversion uses the mid-market exchange rate with low fees from 0.57%

Pros and cons of Wise PHP account

Open a Wise PHP account🚀

What is a Wise PHP account?

You can open a Wise PHP account to receive and hold PHP payments, and perform transactions in multiple currencies. Wise accounts support 40+ currencies in total, so you can manage your money across different currencies conveniently with easy ways to spend, send and exchange payments. Use your Wise account to get paid from others in PHP and foreign currencies, to send your own remittances, or for spending abroad when you travel. Wise supports low cost multi-currency transactions which make it cheap and easy to handle your finances, even when you regularly use foreign currencies.

Wise PHP account details

If you’re registering with Wise using an address in the Philippines, your Wise account comes with local account details for incoming PHP payments, including a bank name and account number - that’s everything you need to have someone send you a PHP payment conveniently and securely.

Can I open a Wise PHP account in the Philippines?

Yes. You can open a Wise account in the Philippines if you’re a resident of the Philippines. You do not have to be a citizen of the Philippines.

How to open a PHP account in Wise

Here's how to open a Wise PHP account in the Philippines:

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 select Currency Balance and tap PHP to open your PHP account

6. Top up your balance, and complete any required security step - your account details are available within the currency balance tab on the Wise app

Once you have your PHP account set up with Wise you can receive payments, send money to others and order a debit card for simple spending and withdrawals.

How can I activate a PHP account in Wise?

You’ll need to set up your Wise account online or in the Wise app. As part of the process, you’re prompted to complete a verification step for security, which will mean you need to upload a photo of your ID document, and a photo of yourself, following the Wise prompts. Once your account has been verified, you’ll be free to use it to transact.

When is a Wise PHP account needed?

You can use your Wise PHP account to hold and exchange PHP as well as a selection of other currencies in one account. Your Wise account will come with local account information for PHP so you can receive payments conveniently from others - or you can top up your account yourself in PHP or another supported currency.

Once your account is active you can order a Wise card to make spending and withdrawals easy, and you can also use your account to send payments in multiple currencies to others. Because Wise accounts support PHP alongside many other currencies, you can exchange between currencies easily, with just the Wise app or using your laptop.

How to use a Wise account to receive payments from the Philippines?

You can use your local account information from Wise to receive peso payments conveniently, and with no Wise fee. Here’s how to receive a payment to Wise in PHP:

1. Log into your Wise account tap the + symbol in the app to open a balance in PHP

2. Tap the PHP currency balance and then select See local account details

3. You’ll be shown the account information you need – share this with the sender

4. Your money will be deposited to Wise directly

Wise PHP Account fees

Here are the key Wise PHP account fees you need to know about.

*Details correct at time of writing - 1st April 2025

Wise PHP exchange rate

Wise uses the mid-market exchange rate with a low conversion fee which varies by currency, from 0.57%. Whenever you convert a currency in your account, to send a payment or to spend with your card, the conversion fee you pay is split out from the exchange rate for transparency so you can easily see what you’re paying for any transaction.

How does a Wise PHP account work?

Using Wise is simple and accounts offer flexible features for easy, safe transactions. Here’s what you need to know.

• Account Creation: You can sign up for a Wise PHP Account online or in the Wise app, by providing your personal and contact information and completing the verification process. Usually this just means uploading a photo of yourself and an image of your ID document, like your passport.

• Fund Transfers: Once the account is set up, you can transfer funds into your Wise PHP Account from a bank account or through other supported payment methods.

• Sending and Receiving Payments: The Wise PHP Account allows you to send and receive PHP payments domestically and internationally, using the mid market exchange rate for conversion, plus a low fee.

How to receive PHP in your Wise account

You can receive PHP to your Wise account using the PHP account details that are available in the Wise app. Just log into your account to view your PHP details, and pass these to the person sending you money. You’ll have a bank name and account number which is all the sender needs to set up your PHP payment. The funds are then deposited to your Wise account once the sender’s bank has processed the transfer.

How to use the PHP account abroad

Customers who register with a Philippines address can get account details to receive PHP to Wise. Once your Wise account is set up you can order a Wise card to spend and withdraw your PHP balance when you're abroad. Because Wise uses the mid-market exchange rate and low conversion fees, this is cheap and flexible.

It’s also good to know that you can use your Wise account when you’re travelling easily through the Wise app or desktop site, making it easy to manage your money no matter where you happen to be.

What is the eligibility for a Wise PHP account?

You can open a Wise account if you are 18 or older and live in the Philippines. You must be able to provide an eligible document to verify your identity, and you may also be asked to verify your address and the source of the funds you’re adding to Wise.

Who is it good for?

Use your Wise PHP account:

• To receive PHP payments from others, including transfers from friends and family, or salary payments

• To hold PHP and convert to and from other currencies using the mid-market exchange rate and low fees

• To send payments to others, including transfers in PHP and in many other global currencies

• To spend with your Wise card at home and all over the world

Is a Wise PHP account safe to use?

Yes. Wise is a large and trusted global provider which uses stringent security measures and high data protection standards. Wise customers must complete a verification check which helps to keep accounts safe - and your Wise account offers industry level security features such as Two-Factor Authentication (2FA) for an extra layer of account security.

Availability

If you live in the Philippines you can open a Wise PHP account. Customers with a Philippines address can also get account details to receive PHP to Wise. You can then choose to convert your PHP to other currencies with low fees and spend them conveniently when you travel abroad.

Other available currencies

In addition to PHP, Wise supports various other currencies, allowing users to hold and transact in multiple currencies, including popular options such as US dollars, British pounds, Australian dollars, and more.

Wise PHP account limits

There’s no limit on how much you can hold in your Wise PHP account. But there’s a monthly limit (up to 10 million PHP) that applies to how much you top up (cash-in) or receive. This limit resets on the first of each calendar month.

If you have a Wise card in the Philippines, you can use it to spend up to 2 million PHP per month. There’s also an ATM withdrawal limit of 275,000 PHP per month. You can view and manage the limits applied to your account in the Wise app.

How does a Wise PHP account compare?

While major banks like BPI and BDO do offer a broad range of account services in the Philippines, inducing PHP accounts and foreign currency accounts, they don’t usually work in quite the same way that Wise does.

Generally banks offer PHP accounts which can hold, receive and manage PHP only. Then, as a separate product, you may also be able to open a savings account in a foreign currency. These accounts do not hold multiple currencies side by side, and foreign currency savings account usually have a fairly high minimum balance requirement which can be inconvenient for day to day use.

Banks in the Philippines may offer interest on foreign currency balances, which can be attractive if you’re looking for a way to save and invest. However, for day to day money management across PHP and many other currencies, the Wise account and card can be a great alternative.

Wise PHP account alternatives

• BPI - BPI offers PHP accounts for day to day use, and savings accounts in a selection of 9 major currencies. You need a minimum deposit amount to open your foreign currency account and avoid fees, around 500 USD or the equivalent

• Security Bank - Security Bank has a full range of PHP products, and also foreign currency accounts in 8 global currencies which are intended for saving purposes. Minimum balance requirements of 500 USD apply

• BDO - BDO has foreign currency accounts in 5 different currencies which allow you to save conveniently. Minimum opening deposit and minimum balance requirements apply

Conclusion: Is a Wise PHP account a good option?

The Wise PHP Account offers a range of features and benefits for users looking to manage their money efficiently. You can receive and hold PHP alongside many other important global currencies, making it easy to manage your money when you travel or receive foreign incoming payments.

If you’re looking for a low cost way to manage your day to day finances, Wise could be a good choice. Wise uses the mid-market exchange rate with low, transparent fees, which allows you to easily see what you’re paying for transactions, and which can help you to minimise the costs of money management overall.