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I don't understand the use of "Wise Transfers"...does the U.S. bank send the money to "Wise" and then "Wise" converts USD into Filipino pesos (at a favorable exchange rate) and then "Wise" transfers the pesos amount to your bank account in the Philippines?

I sent a sent a Wise transfer just now, exchange rate of USD of 57.1825.I checked the official rate, it is 57.19 - @Enzyte Bob

I just signed up for Wise the other day (been using Western Union).  Unfortunately, they don't offer a way to connect to Fidelity Cash Management, so looks like I'll have to use another financial institution.  Truth be told, Fidelity Cash Management isn't truly a bank, so that's probably why (although, WU has no issue with it).  Also, it doesn't appear that they allow Debit Card transfers to PHP (only ACH and wire xfers), which is not a huge deal, but something I wan't expecting.

swt90alum asked . . . . I don't understand the use of "Wise Transfers"...does the U.S. bank send the money to "Wise" and then "Wise" converts USD into Filipino pesos (at a favorable exchange rate) and then "Wise" transfers the pesos amount to your bank account in the Philippines?

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Yes

In seconds most of the time.

When you send money to WISE it goes from your US/Europe bank account to the Wise account in the US/Europe. Then it goes from a Wise account in the Philippines to the target WISE account in the Philippines.  There is no transfer bank between. This is why it is so cheap and fast.