GoTyme Bank has entered into a collaboration with Wise Platform to improve the speed, cost, and transparency of international money transfers for Filipinos. According to the official press release, the partnership marks Wise Platform’s first integration with a local bank in the Philippines and its first international receive partnership in the Asia-Pacific region. The collaboration addresses long-standing issues faced by overseas Filipino workers and their families, including high transfer costs, limited visibility on fees, and delays in fund delivery.
By integrating Wise Platform’s infrastructure into its system, GoTyme Bank now enables customers to receive international transfers directly into their accounts through the GoTyme app.
Expanding access to transparent cross-border transfers
Customers can now receive money from over 11,000 financial institutions across 23 major currencies, such as the USD, EUR, and GBP. According to the companies, transfers processed through the platform will benefit from faster settlement and clearer fee structures compared to traditional international payment methods. GoTyme Bank users can withdraw remitted funds free of charge at more than 1,400 Robinsons Retail outlets nationwide.
The official press release further reveals that remittances play an important part in the Philippine economy, accounting for billions of dollars each year. Research cited by Wise Platform suggests that Filipino consumers collectively lose hundreds of millions of dollars annually due to hidden fees on overseas transfers. The new service aims to provide an alternative that allows recipients to receive the full value of remittances with greater ease and transparency.
Representatives from GoTyme Bank said the initiative reflects the bank’s efforts to simplify the remittance process while supporting the financial needs of millions of Filipino families. Wise Platform officials added that the integration demonstrates how its technology can power partner institutions to offer faster and more affordable cross-border transactions through established payment networks such as SWIFT.
