Overview
Related guide: Wise Vs Remitly Vs Western Union Philippines
💸 Before you send money
Wise shows the fee and the exchange rate before you confirm a transfer. Compare it with what your bank or platform charges for the same amount.
For Filipino freelancers, WiseAd is better for low-cost international transfers while Remitly is better for fast delivery times.
Urgent Money Needs: If you need funds quickly, Remitly’s express service can deliver money instantly to your GCash or bank account.
Family Support: For those who frequently send money to family back home, Remitly’s reliable delivery times are a lifesaver.
Simple Transfers: If you prefer a straightforward process without worrying too much about fluctuating fees, Remitly’s fixed fee structure can be reassuring.
Occasional Use: For those who don’t need to transfer money regularly, the convenience of Remitly outweighs the slightly higher fees. When to Choose WiseAd There are distinct scenarios where Wise shines:
Frequent Transfers: If you regularly receive payments from international clients, WiseAd’s low fees can save you a significant amount.
Cost-Effective Payments: WiseAd provides the mid-market exchange rate without markup, which means more pesos for every dollar.
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Detailed Guide
Transparent Fees: Wise’s transparency in fees is perfect for freelancers who need to predict their earnings accurately.
Currency Conversions: If you’re dealing with multiple currencies, Wise offers a seamless experience.
Fees and Costs
Wise offers significantly lower fees than Remitly, especially for larger amounts. Remitly charges a fee for express delivery, which can add up over time. Wise, on the other hand, charges a small, transparent fee that doesn’t change based on speed, making it more predictable. In the Philippines, every peso counts. Wise’s low fees mean more funds remain in your pocket. Payment Methods (GCash, Maya, Bank Transfer) Remitly supports a range of payment methods, including instant transfers to GCash, BDO, and BPI. This is a huge advantage if you or your family rely on mobile wallets for daily expenses. Wise primarily supports bank transfers, which means you’ll need a bank account like those with UnionBank or BPI. This is less flexible but works well for transfers into savings accounts. User Experience Both platforms offer user-friendly interfaces. Remitly’s app is intuitive and easy to navigate, perfect for those who prioritize convenience. Wise, while slightly more complex due to its range of features, offers a streamlined experience for managing multiple currencies. Remitly’s straightforward approach, however, is great for quick, no-fuss transactions. Client Quality While both platforms are reliable, Wise’s client base includes more freelancers and professionals. This has occasionally led to networking opportunities, as fellow Wise users often reach out for collaboration. Remitly is more oriented towards personal use, making it perfect for remittances rather than business transactions. For Beginners vs Experienced For beginners, Remitly offers a simple, straightforward service. Its easy setup and clear instructions make it accessible to those new to online transfers. Experienced freelancers, however, may appreciate Wise’s advanced features. The ability to hold multiple currencies and the detailed fee breakdowns are invaluable for managing international projects. One memorable experience was during a project with a European client.
Key Points for Filipino Freelancers
- Create strong profiles on Upwork or Fiverr
- Set up Payoneer for receiving USD payments
- Consider BIR registration for tax compliance
- Use Maya or GCash for quick peso withdrawals
- Explore alternatives to OFW work
Pro Tips
If you find that you’re frequently transferring money internationally, Wise might be the better choice for you. Their fees are not only lower than those of Payoneer but also clearer and more predictable. If you’re looking to save on fees while receiving international payments, Wise is a fantastic option. With its low fees and mid-market exchange rate, you can save significantly on every transfer. Remitly’s express transfer to GCash was a lifesaver, ensuring the money was available within minutes. Common Mistakes to Avoid - Ignoring Exchange Rates: Always check the rates offered. Wise typically provides better rates than Remitly, which can significantly affect your earnings.
Not Considering Speed vs. Cost: Decide if speed or cost is more important for your situation. Remitly is faster, but Wise is more economical.
Overlooking Hidden Fees: Ensure you understand all fees involved. Remitly’s fees can be higher for express services, while Wise is upfront about costs.
Not Exploring Payment Options: Choose the payment method best suited for your needs. GCash is great for quick access, while bank transfers through Wise are better for savings.
Pro Tip: Most successful Filipino freelancers use Payoneer to receive payments and transfer to Maya or GCash for instant access to their earnings in Philippine Peso.