Business Bank accounts

Maya Business Account Philippines: Everything You Need to Know

Sanjeed V K

29.10.25

Read time 6 minutes

Running a business in the Philippines today means being ready to accept payments wherever your customers are—whether that's online or in person. Customers value having the option to pay in different ways, such as through your website, in-app, by card, or by scanning a QR code.

One popular platform that helps make this possible is Maya Business, which brings together all these payment methods in a single solution built for modern Filipino businesses—along with other tools to help you manage and grow your venture.

In this guide, we'll look at what Maya Business is, how it works, and whether it can help Filipino entrepreneurs stay competitive in an increasingly cashless market. And since Maya Business primarily supports local transactions, we'll also introduce the Wise Business account as a convenient solution for managing international payments.

Table of contents
What is Maya Business and how does it work? Maya Business account pricing Who benefits most from a Maya Business account in the Philippines? Limitations of Maya Business How to open a Maya Business account Wise Business: A great alternative to Maya Business Account

What is Maya Business and how does it work?

Maya Business is an all-in-one digital financial services platform powered by Maya Philippines, a digital payments company, and Maya Bank, its digital banking arm. Both entities are regulated and licensed by the Bangko Sentral ng Pilipinas (BSP).

Maya Business combines digital payments, banking services, and other financial tools under one roof to help businesses in the Philippines manage their finances and provide customers with a smooth payment experience.

Businesses of all sizes can sign up for a Maya Business account to gain access to the following key features:

Online payment solutions: Accept online payments through Maya Checkout, payment links, and invoices — with plugins available for Shopify, WooCommerce, and ChatGenie for quick e-commerce integration.¹
In-store payment tools: Use Maya Terminal, Terminal Lite, or Maya QR to accept card and QR payments in physical stores, all managed conveniently through the Maya Business App.²
Business Banking: Open a Maya Business Deposit Account that earns 2.5% annual interest, offers free local PHP fund transfers, and provides real-time tracking via the Maya Business Manager dashboard.³
Financing: Apply for a Maya Flexi Loan of up to 2 million PHP, with no collateral and fast approval, to help fund business growth.⁴
Payouts: Transfer funds to your employees or suppliers for free via InstaPay or PESONet, or pay them all in one go with bulk transactions.
Tax Compliance Support: Automatically collect and remit BIR withholding tax for qualified merchants, ensuring smooth and compliant operations.

By using a Maya Business account, business owners in the Philippines can also ensure that their business funds are kept clearly separate from their personal finances.

This not only supports accurate bookkeeping and tax compliance but also helps project a professional image—building credibility and trust with employees, partners, clients, and investors.

➡️Learn the pros and cons of using a personal bank account for business in the Philippines.

Maya Business account pricing

There are generally no fees for opening or maintaining a Maya Business account. Most charges are transaction-based and apply only once your account is active and you begin accepting payments.

Here’s a quick look at the main fees you can expect:

Fee Category	Fees
Account opening fee	Free
Ongoing fees	No monthly or annual fees
Minimum balance	No minimum balance required
Account closure fee	Waived⁵
Receiving payments	Visa, MasterCard, JCB, Amex: Up to 3.50% MDR + PHP10 per transaction Maya QR: 1.50% MDR QR PH: 1.50% MDR GCash, WeChatPay, ShopeePay: Up to 2% MDR⁶
Sending payments	Free PHP payments via Instapay, Pesonet, or Maya
Maya Business cards	Not offered

Who benefits most from a Maya Business account in the Philippines?

Maya has built one of the most integrated financial ecosystems in the Philippines — connecting consumers and merchants in a way similar to GrabPay or GCash, but with deeper banking and lending capabilities.

Today, Maya powers payments for businesses of all sizes across the country. Over 1 million registered businesses use Maya Business, while more than 40 million consumers rely on the Maya wallet.⁷ In 2024, Maya processed 44% of all QR PH merchant payments, making it the leading platform for QR-based transactions in the Philippines.⁸

The types of businesses that have been reported to adopt and benefit most from Maya Business fall into a few key categories:

Quick-service restaurants: These fast-paced, high-volume establishments benefit from Maya’s cashless payment solutions, especially QR PH and card transactions. Maya’s tech enables smoother, faster customer experiences and easier reconciliation for operators.
Small and mid-sized enterprises (MSMEs): Traditionally reliant on cash, MSMEs are turning to Maya Business to access business deposit accounts with 2.5% annual interest, unsecured loans up to 2 million PHP, and digital payment tools that boost visibility and customer trust.
Retail and service businesses: Retailers and service providers are leveraging Maya’s solutions to accept digital payments, access credit and banking services, and adapt to the growing cashless economy. Maya Checkout, the company’s online payment gateway, is also gaining traction among e-commerce businesses.

Limitations of Maya Business

Maya’s services are primarily designed for domestic transactions. While you can use Maya Checkout to accept payments in USD on your online store,⁹ and let foreign customers pay in their own currencies via Maya Terminals in-store,¹⁰ every foreign-currency payment is automatically converted and settled in PHP in your Maya Business account.

You cannot hold multiple currencies in your Maya Business account — it supports PHP only. Additionally, Maya doesn’t clearly state what fees or exchange rate markups apply to those conversions.

For many businesses in the Philippines with international clients, remote teams abroad, or overseas suppliers, Maya’s global coverage is unlikely to be comprehensive enough to meet their needs. Such businesses often require an international business account to manage their cross-border operations efficiently and cost-effectively.

💡The Wise Business account is built exactly for that, offering multi-currency support and some of the lowest fees available for cross-border transfers. This enables businesses in the Philippines to pay, get paid, and operate globally—without complex administrative hassles or the risk of profits being eroded by high conversion fees or hidden exchange rate markups.

How to open a Maya Business account

To register for your free Maya Business account, follow these steps:

Visit the Maya Business website at maya.ph/business, then click "Sign Up."
Enter your company name and email address, then click "Register."
Click “Continue” under Maya Business Manager to begin opening an account with full features.
Provide your first name, last name, mobile number, and create a strong password. Then click “Continue.”
Read and agree to the Terms and Conditions and Privacy Policy.
Verify your email address and mobile number using the verification email or codes you receive.

Next, you’ll be prompted to provide additional personal and business information, as well as proof of identity, which typically includes:

Nationality, place of birth, and date of birth
Nature of your business and source of funds¹¹
Your present and permanent addresses
Details and photos of your government-issued ID
A video selfie for identity verification¹²
You may also be required to upload business registration documents and your BIR Form 2303, depending on your business structure.

After providing all the required information and submitting all valid documents, verification may take up to 3 business days.

If you only need to receive QR payments and don’t require the full features of a Maya Business account, there is the option to apply for this through the Maya Business App. This option has fewer requirements and faster approvals.

Wise Business: A great alternative to Maya Business Account

💡Are bank accounts limited to USD, EUR, or GBP options holding back your business? With a Wise Business multi-currency account, you can access over 10 local account numbers — far more currency options than the handful most banks offer. Plus, Wise makes it easy to hold, send, receive, and exchange 40+ currencies from a single account. With the freedom to send and receive payments in more currencies globally, you can focus on what matters most: growing a local business that knows no borders.

Obtain account details to receive payments in USD, EUR, GBP, SGD, HKD and more for a one-time fee of 1,400 PHP.
Zero fees when you get paid via ACH, FAST, InstaPay/PESONet, & other local transfers.
Send money to pay invoices, suppliers & contractors fast, with fewer fees
Always get the mid-market rate with transparent conversion fees starting from 0.57%.
Pay your bills and ad-hoc overseas expenses using the Wise Business card without hefty foreign transaction fees.
Seamless integrations with popular accounting software.

➡️Get started with Wise Business today

Conclusion

Maya Business is a solid choice for Filipino entrepreneurs focused on serving the local market. Its combination of digital banking, payment processing, and business financing makes it one of the most comprehensive solutions in the Philippines today—trusted by millions of consumers and enterprises nationwide.

Whether you’re running a café, an online shop, or an MSME, the ability to accept card, QR, and digital payments all under one platform—powered by BSP-regulated Maya Bank and Maya Philippines—offers both convenience and credibility.

However, while Maya Business shines for domestic operations, it’s less suited for businesses dealing with international clients or suppliers. Since all transactions are ultimately settled in PHP and you can’t hold or manage multiple currencies, you may encounter higher conversion fees and limited cross-border functionality.

That’s where Wise Business comes in. With Wise, you can open a multi-currency account that lets you hold, send, and receive funds in major global currencies—always at the real mid-market exchange rate, with low, transparent fees. You’ll also gain access to other features such as the Wise Business debit card, invoicing, and accounting integrations designed to streamline your international transactions and save you valuable time.

➡️Learn more about Wise Business today!

Sources:

Sources checked on 18th October 2025

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.