Wise has announced that it became the first global fintech to fully integrate with both InstaPay and PESONet, strengthening its position in the Philippines’ remittance market. The company said it now processes 12 percent of all inward personal remittances in the country, supporting high-value transactions such as tuition payments and large remittances from Overseas Foreign Workers.
The integration with PESONet allows users to transfer larger amounts without the delays and limits that previously affected cross-border transactions. Parents paying for overseas education and workers sending significant amounts home can now complete transfers in a single transaction, using mid-market exchange rates without hidden markups.
“We are empowering millions of Filipinos”
Wise partnered with the Philippine Statistics Authority to connect its services with the National ID eVerify system. The integration allows users to authenticate their accounts quickly within the Wise platform using their National ID in physical, paper, or digital formats.
Claire Dennis S. Mapa, Undersecretary, National Statistician and Civil Registrar General, commented, “The integration of Wise with the National ID system is a testament to the power of collaboration in driving financial inclusion. With over 88 million Digital National IDs already available for access, we are empowering millions of Filipinos — regardless of their location or background — this is a significant step towards financial inclusion, and we are excited to see the positive impact it will have on the lives of many.”
Areson Cuevas, Country Manager for Wise Philippines, commented, “Wise’s growth to processing 12% of all inward remittances reflects the pent-up demand for better financial services in the Philippines. With direct access to both InstaPay and PESONet, plus streamlined National ID verification, we are removing barriers to transparent, affordable international money transfers. We are committed to ensuring that every Filipino can send and receive money with ease, confidence and transparency.”
Since its entry into the Philippine market in May 2024, Wise has launched its Wise Account and Card, enabling users to transact in over 40 currencies with clear pricing. The direct connections to InstaPay and PESONet have reduced fees for transfers, with costs for a PHP 50,000 transaction to USD dropping by over 10 percent.
Leslie May Daguplo, a freelancer paid by clients in the United States, said, “Before using Wise, dealing with payments from my clients abroad was a headache. I’d always get less than I expected because of all these hidden fees and bad exchange rates. Now, I see exactly what I’m paying in fees right away, and the exchange rates are spot-on. That means more of my hard-earned money actually lands in my pocket, without any nasty surprises. It’s truly made managing my freelance work so much simpler and more affordable.”
