For Filipino freelancers, transferring money from Wise to Security Bank is straightforward, with low fees and quick processing times. Typically, transfers take 1-3 business days with fees around 0.5% of the transfer amount. This method supports major banks like Security Bank, making it ideal for those in the Philippines.
Quick Facts
| Feature | Details |
|---|---|
| Fees | Approximately 0.5% of the transfer amount |
| Processing Time | 1-3 business days |
| Minimum Withdrawal | No minimum amount required |
| Supported Banks | Security Bank, BDO, BPI, UnionBank, GCash, Maya |
Step-by-Step Process
1. **Create a Wise Account**: Start by signing up on Wise's website or app. Ensure you provide accurate personal information and complete the verification process. 2. **Link Your Security Bank Account**: In your Wise account, go to the 'Recipients' section and choose 'Add a Bank Account'. Enter your Security Bank details carefully to avoid transfer issues. 3. **Initiate a Transfer**: Select 'Send Money' on Wise. Enter the amount you wish to transfer and choose 'PHP' for the currency. Provide your Security Bank account as the recipient. 4. **Review Fees and Exchange Rates**: Wise provides a transparent breakdown of fees and real-time exchange rates. Make sure you're comfortable with these before proceeding. 5. **Confirm and Pay**: Review all details and confirm the transfer. You can pay Wise using various methods, including credit/debit cards or a bank transfer. 6. **Track Your Transfer**: Once initiated, you can track your transfer's status within your Wise account. You'll receive notifications via email or SMS. 7. **Receive Money in Security Bank**: Typically, funds arrive in your Security Bank account within 1-3 business days.Fees Breakdown (Philippines 2026)
- **Transfer Fee**: Wise charges a fee of approximately 0.5% of the transfer amount. For a $1000 transfer, this is around $5 or roughly ₱280. - **Exchange Rate Markup**: Wise offers a mid-market exchange rate with no additional markup, ensuring you're not losing money on conversion. - **Comparison**: For context, the ₱280 fee is less than a Grab ride across Manila, making it a cost-effective option for freelancers.Best Banks to Use
When transferring money through Wise, it's crucial to choose a bank that aligns with your financial needs and offers seamless integration with Wise. - **BDO**: Known for its extensive branch network and online banking capabilities, BDO is a solid choice for freelancers needing frequent cash withdrawals. - **BPI**: Offers competitive exchange rates and low transaction fees. BPI's digital banking app is user-friendly and efficient for managing funds. - **UnionBank**: Offers excellent customer service and a robust online platform, making it ideal for tech-savvy users. - **GCash/Maya**: If you prefer mobile wallets, GCash and Maya offer quick and convenient options for receiving and spending your money.Common Problems
Verification Issues
Sometimes, verification may take longer than expected due to document discrepancies. Ensure your ID matches your Wise account details to avoid delays.Transfer Delays
While Wise generally processes transfers quickly, public holidays or incorrect bank details can cause delays. Double-check all information before confirming a transfer.Solutions
- **Contact Support**: Wise offers dedicated customer support to help resolve any issues. - **Recheck Details**: Always verify recipient details and ensure your bank account is correctly linked. - **Plan Ahead**: Initiate transfers ahead of time, especially if you need funds by a specific date.Frequently Asked Questions
How long does a transfer from Wise to Security Bank take?
Transfers typically take 1-3 business days. Delays may occur due to bank processing times or public holidays.
Are there any hidden fees with Wise?
Wise is transparent with its fees, charging a small percentage of the transfer amount with no hidden costs.
What exchange rate does Wise use?
Wise uses the mid-market exchange rate with no markup, providing a fair and accurate conversion.
Can I use Wise with other banks?
Yes, Wise supports many Filipino banks, including BDO, BPI, and UnionBank, among others.
Is Wise safe to use for international transfers?
Wise is a regulated financial institution and uses industry-standard security measures to protect user data and transactions.
My Recommendation
In my 6 years of freelancing, I have found Wise to be one of the most reliable services for receiving and withdrawing international payments. Its low fees and transparency are unmatched, making it an excellent choice for Filipino freelancers. By linking your Security Bank account, you can enjoy efficient transfers with minimal hassle. However, for those seeking alternative options, Payoneer is also an excellent choice, offering a $25 bonus for new users.Start Receiving International Payments
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