How to transfer your e-wallet to your account: Philippines edition
Over the years, an increasing number of parents in the Philippines have used e-wallets for their daily transactions. The Bangko Sentral ng Pilipinas (BSP) noted that the number of accounts for e-wallets in the Philippines reached 393.6 million in 2023, making digital wallets an essential tool for managing family finances and daily expenses. However, one common question busy parents often ask is how to transfer your e-wallet to your account successfully and keep it too!
Below is a practical guide designed specifically for parents, covering everything you need to know about transferring your e-wallet funds and keeping it too!
Everyday transactions and convenience
Are you the type who uses your e-wallet for routine daily transactions, such as paying for a Grab ride or dining out? If so, then you can calculate the total routine transactions demand for the week to determine how much balance you should have in your e-wallet.
Keeping your balance in your Maya wallet to cover just enough for the week, plus a little extra, ensures that you can pay for your daily expenses while also deterring you from making unnecessary large purchases. This can also be a wise way to stay within budget, as spending outside of your routine transactions may leave you short on funds for the rest of the week.
Transaction fees and cash-in options
Depending on your e-wallet, you may be charged a small transaction fee each time you cash out funds from your bank or other accounts to your e-wallet. If you expect to make multiple top-ups over the week or month, consider those fees as well when deciding how much to keep in your e-wallet. However, a more cost-effective approach would be to make a single cash-in transaction every few weeks instead of daily.
Knowing your cash-in options can help you determine how much money to keep in your e-wallet as well. For instance, if you have easy access to reload points such as convenience stores or if your payroll account is linked to your e-wallet, then you may not need to keep such a large balance. Otherwise, if there aren’t any reloading outlets near you, then having a larger wallet balance may be less of a hassle.
Rewards, cashback, and seasonal discounts
Many e-wallets offer various rewards and cashback when you use their services to pay for bills or other transactions. To take advantage of such offers, consider topping up your e-wallet with the amount needed for your bills, in addition to your usual budget, so that you can pay for them digitally instead. Just make sure that you make the payment as soon as possible so that you won’t accidentally spend what should be for your bills on your daily expenses.
If you’re anticipating seasonal discounts such as double-digit or holiday sales, you can also top up your digital wallet in advance for faster transactions. To make sure you don’t spend recklessly, however, set a specific budget to be used for purchases for that particular sales period.
Emergency funds
It’s also important to keep a modest amount in your e-wallet to cover for small emergencies, such as unplanned transport needs or medical costs. This could range from PHP 1,000 to PHP 3,000, or more, depending on your financial means. In addition, having an emergency fund in your own e-wallet can also be beneficial in cases where you need to quickly transfer money to family members, such as when they’re facing an emergency themselves.
Opportunity cost and interest-bearing accounts
Having a large amount just sitting in an e-wallet that doesn’t earn interest can actually be losing you money that you could’ve earned instead. Hence, consider limiting the amount in your e-wallet to your daily expenses and your emergency fund only. Here’s a pro tip: you can put any excess funds in a savings account that earns a higher interest so that it grows over time.
Fortunately, some e-wallets offer their own savings counterparts, allowing you to seamlessly transfer your e-wallet funds to your digital savings account with just a few taps. Maya wallet users, for instance, can maintain their own Maya Savings accounts, which offer higher rates than traditional banks and allow users to reduce transfer fees. With this approach, you can maximise your e-wallet use for daily expenses while growing the rest of your funds in the process.
Security and fraud prevention
While most e-wallets employ top-notch security measures to ensure their users’ funds are safe, it would still be wise to avoid keeping a large balance in your e-wallet to minimise potential losses from hacking or fraudulent transactions.
To better protect your funds, ensure that you activate your e-wallet’s security features, such as two-factor authentication, biometric verification, and spending limits, for an additional layer of protection.
Ultimately, the amount to keep in your e-wallet can depend on multiple factors and varies from individual to individual. The points above should help you determine a good baseline amount to keep in your wallet that covers your expenses while not wasting your money’s potential.
Transfer funds instantly from your e-wallet to your bank account
Transferring funds from your e-wallet to your bank account is a convenient option, especially when managing a family budget or dealing with unexpected expenses. Follow these simple steps to move your funds securely and quickly:
- Log in to your e-wallet app.
- Find the “transfer” option.
- Select your linked bank account or add one if you haven’t already.
- Enter the amount of money you wish to transfer.
- Confirm the details, then click “transfer funds.”
Most transfers occur instantly or within minutes, depending on your e-wallet provider.
How to transfer e-wallet to account using the FNB App
If you’re using FNB eWallet specifically, transferring funds is just as straightforward:
- Open your FNB eWallet app.
- Select “Link eWallet to account via the app.”
- Choose your account and enter your FNB eWallet PIN.
- Enter the amount you wish to transfer.
- Confirm and complete the transaction.
This process is especially handy when balancing family finances or sending money quickly to relatives.
Important security tips for parents
When transferring funds, always:
- Keep your eWallet PIN safe.
- Regularly perform e-wallet balance checks.
- Enable security features like biometric verification or transaction alerts to ensure your funds stay secure.
Frequently Asked Questions (FAQS)
Can you transfer an eWallet to your bank account?
Yes, most ewallet providers allow direct transfer from your ewallet to your bank account.
How to cash out an eWallet?
You can cash out by transferring your ewallet balance to your linked bank account and then withdrawing funds via ATM or bank branch.
Can I transfer TNG eWallet to bank account?
Yes, Touch n Go eWallet supports bank transfers, enabling you to easily transfer funds from your eWallet to your bank.
Is it possible to transfer money from an IRCTC e-wallet to a bank account?
Yes, IRCTC ewallet allows transferring money back to your bank account through their online portal.
How do I withdraw from an eWallet?
Withdraw by transferring your ewallet funds to your linked bank account, then accessing your funds via ATM or bank withdrawal.
Additional quick tips for parents:
- Regularly check your e-wallet balance using your app or the e-wallet balance check number.
- If you’ve forgotten your eWallet card PIN, use the “Forgot eWallet Card PIN” option in your app to reset securely.
- Use QR codes for instant transfers—scan the QR code to make an instant fund transfer now.
Wrapping up
Transferring your ewallet funds to your account shouldn’t be complicated—especially for busy mums managing household budgets and family financial responsibilities. Follow these straightforward tips and frequently asked questions to ensure your ewallet transfers are seamless, secure, and stress-free.
*Collaborative feature post*
