How to Transfer Money from Banks to Digital Wallets

Sending money abroad from Philippine banks can be very expensive due to high and hidden fees and exchange rate charges. Sometimes even the physical distance just to send remittances can be an impediment or hassle. Moreover, it can take up to four days for international wire transfers.  

But before we talk about digital wallets, let us understand how international wire transfers via SWIFT work. 

What Is the SWIFT Banking System?   

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) system is a global messaging network that enables secure and efficient international money transfers. Founded in 1973, SWIFT now connects more than 11,000 financial institutions globally.  

SWIFT assigns each institution with a unique identification code. 

SWIFT Transaction Flows 

Financial institutions use SWIFT to securely transmit information and instructions by using a standardized code system. While SWIFT is important to global financial infrastructure, it’s not a financial institution. SWIFT does not hold or transfer assets but facilitates secure and efficient communication between member financial institutions.  

As an example, imagine a Filipino living in Japan wants to send money to his nephew Cavite, Philippines, so he visits a local Rakuten Bank branch in Tokyo. He brings his nephew’s account number and Cavite-based branch information for Bank of the Philippine Islands (BPI). This information includes the unique SWIFT code.  

Rakuten Bank sends a payment transfer message to the BPI branch over the secure SWIFT network. When BPI receives the SWIFT message about the incoming payment, it will clear and credit the money to the nephew’s account.  

As powerful as SWIFT is, it must be remembered that it is only a messaging system. SWIFT does not hold any funds or manage client accounts. 

Steps to Transfer Money Internationally via SWIFT   

In general, sending funds via SWIFT uses the same process as sending a wire transfer. Here are the steps. 

First, gather these requirements: 

• Recipient’s bank name, address and country, routing code  

• Recipient’s full legal name, current address, and account number  

• SWIFT Code of the bank account  

• Your government-issued ID  

• Purpose of sending funds  

• Any other documentation or information required by your bank  

Then follow the next steps: 

1. Go to your bank or log into your bank’s online or mobile system to request an international wire.  

1. Make sure you understand all fees and limits associated with sending cash abroad.  

1. You may be asked for the country you’re sending to, the currency you wish to send in, and the above information.  

1. Send the money from your bank via SWIFT and keep a record of the transaction. 

If you’re receiving money, you’ll need to collect your bank’s SWIFT number for the person sending you money. These SWIFT numbers may differ based on whether you’re receiving funds in Philippine pesos or in a foreign currency.
 

Cheaper and Faster Alternatives to SWIFT and Wire Transfers 

There are many steps and many fees associated with transferring money via SWIFT. That is why in the past decade or so, and especially with the advent of more advanced smartphones, application-based ecosystems were developed for sending/receiving remittances and also for cashless transactions. Users found that these apps made transactions cheaper, easier, and more convenient. 

As for virtual assets, the Bangko Sentral ng Pilipinas (BSP) started issuing directives for the rise of virtual currencies for payments and remittances. The regulatory landscape for Virtual Asset Service Providers (VASP) has evolved since its inception. The use of virtual assets such as cryptocurrency has also paved the way for cheaper remittance and other cashless transactions. 

DOPAY E-Wallet and Crypto Wallet 

DOPAY by WIBS PHP, which is licensed by the BSP as an Electronic Money Issuer (EMI) and as a VASP. Through DOPAY, you can have a digital wallet and a crypto wallet in one app.  

You can enjoy cheaper rates and an easy-to-use app where your funds are kept safe through BSP-regulated systems and practices. 

Transferring Money From Your Bank to Your DOPAY Wallets 

Transferring money from your bank accounts to your DOPAY E-Wallet or to your DOPAY Crypto Wallet is easy and convenient. 

Here are six quick steps to fund or to “Top Up” your DOPAY digital wallets: 

1. Select the Receive button.
2. Select Top up your bank account if you want to deposit funds to your DOPAY electronic wallet, OR
3. Select Top up your crypto wallet if you want to deposit funds to your DOPAY cryptocurrency wallet.
4. Select the Bank Name, enter the Account Number, and enter the Account Holder Name as is relevant to the source of funds for your DOPAY electronic wallet or your DOPAY cryptocurrency wallet.
5. Once you have entered the required information in the DOPAY app, deposit the funds in the amount you indicated. Follow the instructions in-app for depositing funds. Please note that you have two (2) business days from the day that you made your Top Up request to deposit the respective funds as instructed in the app. Failure to do so will forfeit your request. 
6. You will receive the funds that you deposited in your electronic and cryptocurrency wallets upon confirmation. 

Top Up your DOPAY E-Wallets and Digital Wallets so you can start sending/receiving money from other people, using DOPAY for payments and remittances, and trading crypto using the DOPAY app.