Summary: OCBC Bank doesn't offer a direct route for cryptocurrency investments through its online banking services. However, it does enable its clients to transfer Singapore Dollars (SGD) to cryptocurrency exchanges that are regulated by the Monetary Authority of Singapore (MAS).
For OCBC customers looking to delve into the cryptocurrency market, we highly recommend Independent Reserve. This exchange holds the distinction of being among the first to obtain an exchange license from MAS. It offers quick and affordable SGD deposits from accounts, and allows trading in more than 40 different cryptocurrencies and stablecoins, all while maintaining competitive fee structures.
- Fast and cheap Singapore Dollar (SGD) deposits from DBS iBanking and other DBS accounts.
- Trade 40+ Cryptocurrencies and Stablecoins with low fees and tight spreads.
- Most trusted in Singapore and was the first MAS-licensed crypto trading platform.
Can I Buy Bitcoin with DBS?
DBS enables its clients to transform Singapore Dollars (SGD) into multiple digital currencies, such as Bitcoin and Ethereum. This is facilitated through crypto exchanges in Singapore that operate under the Monetary Authority of Singapore (MAS) regulations. If you're considering stepping into the crypto arena, it's advisable to use platforms that are not only compliant with MAS rules but also enjoy a solid reputation in Asia for seamless and safe transactions via DBS Bank.
How to Buy Bitcoin and Crypto with DBS Bank
If you're a DBS customer keen on acquiring digital currencies like Bitcoin, Ethereum or USDT, a secure method is to utilise a MAS-regulated exchange like Independent Reserve. With DBS Bank, you can compliantly deposit Singapore Dollars (SGD) into your Independent Reserve account through various payment methods such as bank transfers, debit/credit cards, FAST Transfers, and international wire transfers.
Here's a quick guide to get you started on your crypto journey:
- Visit the Independent Reserve website and complete the KYC (Know Your Customer) and AML (Anti-Money Laundering) verification procedures.
- Link your DBS account to your Independent Reserve account for SGD deposits. This can be done using bank transfer, SWIFT, debit card, credit card, or FAST transfers.
- After logging in to the Independent Reserve platform, locate the 'trade' option, generally found at the upper section of your screen, and click it.
- Enter the SGD sum you wish to invest in digital assets. Once you've done this, you're set to complete your acquisition.
DBS Bank Cryptocurrency Policy
DBS Bank has a forward-thinking stance on cryptocurrency, permitting customers to conduct digital asset transactions. However, the bank specifies that fund transfers for cryptocurrency trading are allowed only to platforms regulated by the Monetary Authority of Singapore (MAS) and holding a license under the Payment Services Act.
By limiting transfers to MAS-approved platforms, DBS aims to ensure that clients engage in secure and compliant trading activities. This approach helps customers align with existing regulatory frameworks, thereby reducing the risk associated with trading on unregulated platforms.
Digital Asset Investing Fees
If you're planning to enter the digital currency market through your DBS Bank account, knowing the fee structure is essential for making informed investment choices. For those considering the use of Independent Reserve, here is a breakdown of their fees:
- Deposit Charges: If you deposit more than SGD 1,000 using a FAST transfer, the process is free. However, for deposits under SGD 1,000, there's a SGD 2.50 processing fee.
- Trading Costs: The trading fees begin at 0.5% and can decrease to as little as 0.02%, depending on your trading activity over a 30-day period. For instance, buying $100 worth of Bitcoin would typically incur a $0.50 fee.
- Withdrawal Expenses: For immediate FAST withdrawals up to SGD 200,000, the fees commence at $1.50. Distinct fee structures exist for instant, SWIFT, and cryptocurrency withdrawals.
Independent Reserve's clear and competitive fee schedule makes it a compelling option for DBS customers interested in digital asset investments.
About DBS
DBS is a premier financial institution based in Singapore, widely acclaimed for its technological advancements and customer-focused services. Established in 1968, the bank's core offerings span personal banking, institutional wealth management, treasuries, and markets, among other services. With a strong regulatory framework, DBS Bank has earned multiple accolades for its innovation in delivering a seamless and secure banking experience to a broad spectrum of clients, both individual and institutional.
Final Thoughts
In conclusion, although DBS Bank doesn't directly support cryptocurrency investments, it does provide an efficient method for transferring Singapore Dollars to authorized cryptocurrency platforms such as Independent Reserve. This creates a reliable and streamlined pathway for DBS customers keen to delve into the world of digital assets. Paying attention to the steps outlined and being aware of associated fees can set the stage for a hassle-free experience in crypto investing. Opting for platforms regulated by the Monetary Authority of Singapore is a prudent choice for ensuring compliance and security.
I am a Finance graduate and market analyst that enjoys researching and writing about digital assets and how they intersect with Macro.
