Six Wise Alternatives in the Philippines
Mesan Ali
The freelance and international workforce of the Philippines is a strong contributor to the country’s economy. With more than 1.5 million active freelancers, it is dubious that people still struggle to find a reliable and inexpensive way to withdraw their funds from freelance platforms.
The few solutions offered in the country either charge a high currency conversion rate and FX rate or need more reliable customer support. One popular service is Wise (formerly TransferWise); however, you need to explore all alternatives to find the most suitable service.
Wise alternatives in the Philippines have a lot of potential including a USD bank account offered by Elevate Pay
What is Wise and What Does it Offer in the Philippines?
You can use Wise to send money internationally as an individual or even with a business account. It also claims to offer highly competitive exchange rates to ensure you make the most out of your transfer.
Wise is known for the following services in the Philippines:
Smooth money transfer to the Philippines from all supported countries.
Competitive market exchange rates with no hidden markups.
Wise charges relatively lower fees than most of its competitors.
Wise offers a multicurrency account that you can use to hold USD, GBP, and EUR.
However, Wise has some limitations that still make the journey of international transfers and accessing funds cumbersome. There are high taxes involved along with top-up and withdrawal limits.
This is exactly why you need to be aware of your options. There are Wise alternatives in the Philippines that offer solutions in unique ways and can offer a better experience.
To be super protective of your funds is your right, and along with it comes the responsibility to carefully choose your international transfer partner. Therefore, it is vital that you know the factors that make a funds transfer platform stand out.
How to Choose the Right Platform for International Transfers?
When choosing a payment platform for international transfers, you want to consider your needs and the application’s services against the following factors:
Transfer Fee
Seek providers with transparent fee structures. You want to avoid those with hidden charges that only become apparent after the transaction.
Transfer Speed
Consider the urgency of your transfers. Processing times can range from instant to several business days. Choose a provider that aligns with your timing needs.
Supported Currencies
Think ahead about your future currency requirements. Opt for a service that supports a wide range of currencies to accommodate potential future needs and avoid switching providers later.
Payment Methods
Evaluate the available payment options. Ensure the platform supports your preferred methods, whether it's bank transfers, debit/credit cards, or cash pickups.
Exchange Rates
Compare exchange rates across platforms. While providers don't control market rates, some offer competitive rates to attract customers. Look for those providing rates close to the mid-market rate.
Account Features
Consider additional perks like linked international debit cards. These features can provide added convenience for frequent travelers or those making regular international transactions.
Customer Service
Prioritize providers with responsive and helpful customer support. Quality assistance is crucial during payment delays or when unexpected issues arise, helping to alleviate stress and resolve problems efficiently.
Support For the Philippines
Ensure the provider offers specific support for the Philippines. This typically results in smoother transactions, more efficient assistance, and increased reliability for users in the region.
Wise Alternatives You Can Use in the Philippines
There are multiple alternatives for Wise that you can use in the Philippines. Find out the unique aspects of each of these platforms to find the most befitting solution.
Elevate Pay
Elevate Pay is revolutionizing how freelancers and remote professionals in the Philippines manage their finances. Along with being the most inexpensive solution to send money to the Philippines, Elevate Pay also provides you with a virtual debit card to spend and save in USD. It offers you a USD bank account sponsored by Bangor Savings Bank.
Pros
Elevate Pay offers freelancers and remote workers in the Philippines a free US-based USD account through their sponsor bank Bangor Savings Bank. This allows users to receive payments directly from platforms like Upwork without any withdrawal fees.
Your USD account comes with an account number and local rails that allow you to hold USD for as long as possible.
Elevate Pay is focused on emerging markets like the Philippines compared to others focusing on Western countries.
Elevate Pay offers ultra-competitive exchange rates when converting currencies, helping maximize income for users.
Users get a secure virtual debit card for easy online transactions and purchases in USD. Try now.
Cons
There is no physical card offered by Elevate Pay, yet.
Lacks brand recognition in the Filipino market.
PayPal
PayPal has exceptional global recognition as one of the longest-serving payment platforms. Supporting 25 currencies and active in more than 200 countries, PayPal is the first name most individuals think of when talking about transferring money. However, PayPal can be quite costly for a local professional who intends to receive international payments frequently.
Pros
PayPal has a global reach allowing users to send and receive money from around the world.
With personal, premier, and business account options it can tend to different needs.
Users can send and receive payments from around the world.
PayPal offers personal, premier, and business accounts to suit different needs.
Users can link multiple payment methods to their PayPal account.
PayPal offers zero withdrawal fees when transferring to a G-Cash account
Cons
PayPal charges a high currency conversion fee.
Deposits from Upwork are not free, there are charges from Upwork and PayPal both.
Withdrawal to the local bank can take up to 7 days.
Payoneer
Payoneer has been a long-serving partner for freelancers globally. It offers reliable services and is trusted globally, but its pricing gets too heavy on the pocket for freelancers from emerging markets. As other platforms are making it easier to access accounts, Payoneer now has complicated their registration process.
Pros
Payoneer Mastercard can be used for online payments or ATM withdrawals worldwide.
Payoneer enables you for global payments.
Allows you to receive payments in various currencies, including USD, EUR, GBP, and others.
Cons
Payment delays and account freezes have become common on Payoneer
A lot of complaints about high currency conversion fees.
Poor FX rates.
Lack of quality customer support.
High fees for using the services including an account inactivity fee.
The platform may have limitations on which local banks it can transfer to in the Philippines.
Remitly
Remitly has been a strong choice for those who value speed and convenience with their transfers. Remitly is solely a source of transferring funds and does not offer any sort of bank account or e-wallet. It has no specific use cases designed to support freelancers.
Pros
Remitly supports bank transfer, mobile wallet, home delivery, and cash pickup at over 10,000 locations in the Philippines.
For a higher fee Remitly allows you to make express transfers which complete immediately.
Excellent customer service available 24/7
Remitly locks the exchange rate when you start the transfer, protecting you from fluctuations.
Cons
Remitly imposes limitations on how much you can transfer daily and monthly.
Cannot complete larger transfers without extra verification steps.
Exchange rate transparency is an issue. The exact markup is not shown.
The overall fee structure is quite complex which can be confusing.
Parallax
Parallax is a new entrant in the payment industry offering its money transfer services. While it is easing the payment process for remote professionals and freelancers, there are some limitations to this developing platform.
Pros
Parallax strives to offer you competitive conversion rates.
The platform focuses on enabling you for mass payments making it ideal for businesses.
It is locally developed by Filipinos for Filipinos focusing on specific local needs.
You get a USD account to store your money in USD.
Cons
Being a new player, customer service and scaling challenges are bound to happen.
The payment options are not as widely ranged even with a USD bank account.
Limited integration options with other payment platforms.
Wind
Wind is a digital payment platform that leverages blockchain and crypto technology. Also a relatively new platform in the market, it is not backed by a bank but it is instead a digital wallet.
Pros
Wind offers high interest rates of up to 7-8% on the USD balance.
It leverages smart contract technology which allows a high level of transparency and security.
It's a self-custody digital wallet, which means you more have control over private keys and digital assets.
Cons
As a crypto company, they might face regulatory challenges more often.
All crypto-based platforms have a lot of potential volatility which can impact their performance.
Even with blockchain’s security protocols, an entirely digital platform is more vulnerable to cyber-attacks.
Why is Elevate Pay the Best Pick For You?
Filipino freelancers and remote professionals have jumped enough payment platforms in search of the perfect solution. Elevate Pay changes this by streamlining all processes on a single platform.
With Elevate Pay you can:
Start using a fully functional US bank account which allows you to receive USD.
You can receive international payments or withdraw money from Upwork for free.
Save your income in USD with Elevate Pay and don’t let Peso instability impact you.
Experience a high level of transparency. You know every detail about what you’re paying for.
Use Elevate Pay and bypass the high fees, poor exchange rates, and gruesome processes of international payments.
Wrap Up
With all the knowledge about payment platforms that you can use, the decision is now easier. You just need to focus on the strengths of each platform and compare them with your needs to find the perfect solution for yourself.