Wise business account in the Philippines 2025

What is Wise for business?

Wise Business is a specialist service offered by Wise, a popular currency exchange provider.

Wise Business makes it super-easy for organizations to send money overseas and receive funds in a foreign currency. Wise's business accounts are fast and simple to use, and Wise's fees are low and transparent.

Wise Business has been designed around convenience, and to save time on admin. You can set up a business account in a few minutes, and get started with sending and receiving funds. Even better, Wise Business offers mid market exchange rates on transfers.

Wise's business account offers a range of services, which has made them into a great choice for businesses in the Philippines to transfer and receive money with other organizations and individuals.

Wise business accounts are available online and via the Wise app. There’s no set-up fee to send payments, hold and exchange 40+ currencies, get a business debit card and add team members to your account. With a low, one off charge of Free, customers can also access account details for 8 currencies, and get paid from third party accounts.

Who is it for?

Wise Business is offered in the Philippines for eligible business owners and freelancers. You’ll be asked to provide some information and documents related to your business when you sign up.

Where is it available?

Wise Business is available in a very large range of countries around the world, including the US, UK, Eurozone - and now the Philippines.

Business account users and permissions

You can add users to your Wise business account, and manage their permissions so they can access the features they need. Wise business account user profiles fall into several different categories:

• Viewer - can see the account and download statements

• Employee - can get a Wise business card, spend up to pre-set limits, and view their own activity

• Preparer - can set up single payments for approval and download statements

• Payer - can make and manage payments, convert currencies and download statements

• Admin - has overview of all activity, can use a Wise business card and can add and remove team members

Reconciliation 

You can integrate your Wise account with Xero and QuickBooks for easy reconciliation across multiple currencies. What this means is that any activity you make on Wise appears within your accounting software for you to then reconcile. This cuts down on admin time and makes it easier to keep track of income and outgoings.

How does Wise work?

Wise is a specialist provider of account, card and transfer services. It operates a network of accounts globally to make it cheap, safe and fast to hold, send and spend money all around the world. Wise is a digital only business and does not have a branch network. This keeps costs low and allows Wise to pass this saving on to customers.

Is Wise regulated and safe to use?

Yes. Wise Pilipinas Inc. is licensed by the Bangko Sentral Ng Pilipinas (BSP). As a global company, Wise is also licensed and regulated in many other countries.

Wise Business Account fees and exchange rates

You’ll be able to see the full Wise Business fee information online or in the Wise app - to give an idea we’ll break down some core costs here.

Account Fees

Here are some important fees for the Wise Business account:

Transfer Fees

First, here’s a look at the prices for some example transfers from PHP to the US:

As you can see, Wise uses the mid-market rate for the currency you need, and splits out all the associated costs for transparency. Rates are live and vary a lot, but there’s a handy calculator on the Wise website and in the app, which helps you understand the rate and fee which applies to your payment.

It’s good to know that Wise offers volume discounts on exchange fees, which means you pay a lower fee if you convert, send or spend over 20,000 GBP in a month. That’s about 1.5 million PHP.

Wise Exchange Rates

Wise Business lets you hold 40 currencies. When you convert between currencies to spend, or to send a payment, you get the live mid-market rate with any fee split out to make it easy to see and compare.

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Large payments for business

Wise Business has progressive fee discounts, which means that if you send more than 20,000 GBP over the course of a month, your fees drop. There’s no need to take any action to get this fee discount - it’s automatically applied for you when you transfer.

How to open a Wise business account online

Opening a Wise business account is easy and can be done entirely online.

1. Open the Wise homepage or app

2. Click Register and confirm you want to open a business account

3. Follow the prompts to enter information about your business, including your business registration and industry

4. Enter details of names, date of birth, and country of residence for any directors and shareholders who own 25% or more of the business

5. Complete your own personal details – if you’re not a director of the business you may need to upload proof you’re acting on behalf of the business

6. Upload images of the documents requested to get verified

The exact documents you need to verify your Wise Business account can vary depending on the type of business you have and the transactions you want to make. However, you’ll be guided through the process by online prompts, and you can also save and close the registration and return to it later if you don’t have everything you need. We’ll look at the documents usually needed for verification next.

Documents needed to open a business account

As with banks and other providers, you’ll need to get verified before you can use your Wise for business account. This is to keep your money safe and comply with laws in the Philippines and globally.

Exactly what information and documents you need will depend on your business entity type and structure.

The documents and information needed to open a Wise Business account will usually include:

• Business location, industry, social media and web presence

• Business registration document or details

• Documents showing who owns or controls the company

• The names, date of birth, and country of residence for any directors and shareholders who own 25% or more of the business.

You’ll be guided through the verification process when you register your account and don’t need to enter all of your verification information at once. Just save and exit the process and pick it up again later if you need to.

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Verification Process

The Wise business verification process is part of the way Wise keeps customers and their accounts safe. It’s also a legal requirement.

As part of the Wise Business account opening process you’ll be asked to upload images of some paperwork as part of the verification process. The exact documents needed vary based on the business entity type you have, and you’ll be guided throughout the process by on screen prompts. All you’ll need to do is to take clear images of the documents needed and then upload them to your account using your phone or laptop.

The Wise service team aims to have all accounts verified within 2 days – and often accounts are verified within just one working day. If any more information or documentation is needed after you apply for your Wise business account, a member of the Wise team will be in touch to talk you through the details.

How to Use Wise for Business?

You might want to use Wise Business for these common tasks:

• sending money overseas to pay suppliers or contractors

• receiving international money transfers from customers or marketplaces

• paying employees abroad using batch payments

Wise Business Account Limits

Here are the most important limits on the Wise Business account in the Philippines:

• There's a limit of 10,000 USD or equivalent in another currency per conversion or transfer.

• There's also a limit of 50,000 USD or equivalent transferred per calendar month.

• There’s no limit on how much you can hold in your Wise account.

Some limits also apply to your card. You can spend a maximum of 500,000 PHP per transaction using your Wise card.For Business accounts, there's a spending limit of 2.8 million PHP and 300,000 PHP ATM withdrawal limit per calendar month.

How long does it take to make a transfer?

Because Wise uses its own payment network, transfers are typically fast and can even be instant. Wise is working towards increasing the number of instant payments for customers until all transfers can arrive in minutes.

When you send an international payment the delivery time will vary based on a few things including how you pay, the currency and country you’re sending to and the value of the transfer. However, you’ll always be shown an estimated delivery time before you confirm your transfer and you can easily track your payment once it’s on the move.

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

Alternatives to Wise Business

Wise Business presents a great alternative to using a bank for your business finance needs. Wise is not a bank and does not offer the full range of financial services your bank does. However, for holding multiple currencies, receiving foreign payments, and sending money abroad, Wise can be a cheap, reliable and easy to use option. Compare Wise Business to your bank to see if it suits your needs.

Conclusion

Wise business customers can send and receive payments, and handle multiple currencies all in the same account. You can manage your money online or on your mobile device for convenience, and get linked Wise business debit and expense cards for easy payments and withdrawals.

To get full account features you’ll pay a one off fee, but there are then no ongoing charges or minimum balance requirements. That makes the Wise account equally suited to freelancers and entrepreneurs, as well as business owners and enterprise level organizations.

If you need to pay or get paid from abroad, the Wise account might suit you. Get paid conveniently from abroad, and manage international payments and invoices with batch payments in just a few clicks. Currency exchange uses the mid-market exchange rate and low transparent fees, and there’s no foreign transaction fee to worry about when you spend with your Wise Multi-Currency Card.

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