Wise integration with PESONet eliminates persistent challenges around caps and delays in moving significant amounts across borders for the citizens of the Philippines.
International money transfer company Wise announced that it has become the first global fintech fully integrated with both InstaPay and PESONet, popular electronic fund transfer (EFT) services in the Philippines, enabling faster and more cost-efficient international transfers to the country.
The company now processes around 12% of all inward personal remittances, supporting Filipinos with high-value transactions such as tuition payments and family support, which typically are harder to handle.
Through PESONet, Wise can now handle larger transfers in a single transaction, addressing previous challenges of limits and delays in sending substantial amounts from abroad. Users also benefit from transparent pricing and mid-market exchange rates without hidden fees.
In addition, Wise has partnered with the Philippine Statistics Authority (PSA) to connect with the National ID eVerify system, allowing customers to verify their identity directly through the Wise app or website using their National ID in card, paper, or digital format. This integration is intended to simplify account setup and widen access to financial services.
According to the PSA, more than 88 million Digital National IDs are already available, which can help streamline onboarding for millions of Filipinos.
Since its launch in the Philippines in May 2024, Wise has introduced the Wise Account and Card, enabling transfers in over 40 currencies. The latest integrations with InstaPay and PESONet have also led to lower transfer costs, with fees for a PHP 50,000 transaction to USD reduced by more than 10%.
Remittances are a major economic lifeline for the Philippines, supporting household consumption, education, health care, and foreign-exchange inflows. Inward personal remittances grow each year. In 2024, they reached over $38 billion, now accounting for over 8% of the national GDP and being one of the largest external sources of income for the country.
