The digital economy in the Philippines is booming, with more freelancers, remote workers, digital nomads, and small business owners earning in foreign currencies. Managing those earnings, however, often comes with a hidden cost: foreign exchange (FX) fees that quietly reduce your income. Grey changes that by offering a transparent, faster, and fairer way to manage your global payments. Here’s how you can save more by switching to a better FX solution.

Challenges with FX Fees in the Philippines

1. Inflated conversion rates from banks: Most local banks in the Philippines add hidden markups to exchange rates when converting foreign payments. Instead of using the real market rate, they give you a lower one, without telling you. For freelancers and remote workers, this means you lose a chunk of your earnings every time you convert your money.
2. Hidden service charges: Beyond the visible transfer fee, platforms often impose hidden charges, either as percentage deductions or poor conversion rates, making it hard to track how much you’re truly paying.
3. Lack of control: With many providers, you don’t know what rate you’re getting until after the transfer is completed. This uncertainty makes it difficult to plan and budget accurately.

Read also: How to get an instant USD debit card in the Philippines

How much are you losing to FX fees?

Freelancers, small business owners, and digital nomads in the Philippines lose millions to hidden FX fees — often without knowing it. A ₱50,000 monthly inflow can mean ₱2,000–₱3,000 lost to poor rates and charges. Over a year, that's over ₱30,000 gone. In total, Filipinos lost an estimated ₱8.37 billion to hidden foreign exchange costs in 2023, a silent leak that hurts real income.

Platforms to save on FX fees in the Philippines

1. Grey: Grey gives you US, UK, and EU accounts to receive money from clients or platforms abroad. You can convert at competitive exchange rates with full transparency and transfer to your Philippine bank account without surprise fees. It’s fast, reliable, and perfect for freelancers and digital professionals.
2. Wise: Wise allows you to hold and convert over 50 currencies at mid-market rates. You only pay a small upfront fee and see exactly what you’ll get before you send or receive funds. It’s a strong option for those receiving multiple currencies and making global payments.
3. Payoneer: Popular among freelancers on platforms like Upwork and Fiverr, Payoneer offers USD, EUR, and GBP receiving accounts. However, their FX rates can be slightly less competitive than Grey or Wise, and fees apply when withdrawing to your local bank.
4. Revolut: While not fully supported for Philippine residents, many digital nomads and travelling freelancers use Revolut for international transfers. It offers great rates and budgeting tools, but limitations exist on account availability and usage in the Philippines.

Why Grey Is the smart FX solution for Filipino freelancers

• Multi-currency foreign accounts: Get UK, US and EU accounts to receive payments like a local, no matter where your clients are.
• Competitive exchange rates: Enjoy better rates than traditional banks, so you keep more of what you earn.
• No hidden fees: Transparent pricing means no surprises when converting or withdrawing your money.
• Fast transfers: Withdraw funds quickly and securely to your Philippine bank account.

Read also: The best digital nomad jobs in the Philippines

Conclusion

Whether you’re saving for new gear, investing in your next big idea, or simply covering monthly bills with ease, your freelance money should go exactly where you need it, not lost to poor FX rates and hidden charges. With Grey, you keep more of what you earn through fair exchange rates, fast transfers, and no surprise fees.

Get started today with Grey and start making your money work smarter for you.

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