Remitting from DBS Singapore to Paxos (PAX)

02-May-2020

dbs, fiat, onboarding, onboarding-dbs, onboarding-paxos, pax, paxos, remit, remittance, sgd

This post will guide you on using DBS remit to send SGD to a USD account via DBS.

1. Preparation

DBS linked mobile phone or OTP token
ID documents if you do not already have a Paxos account

2. Creating your Paxos account

Head over to https://www.paxos.com and click login.
Sign up for a paxos account if you do not have one, else, login with your credentials.

Note: You would have to go through identity verification before you will be able to use the platform.
Do follow the steps and provide the requested documents

Click Deposit on the top right corner and select USD

Select Wire from Bank and open a new tab/window

3. Access DBS and setup overseas remittance

In the new tab, head to the dbs online portal https://internet-banking.dbs.com.sg/ and sign in with your credentials

Hover over the Transfer tab and click DBS Remit and Overseas Transfer and Authenticate your login with your 2FA device

Click New Recipient on the bottom of the left column

Enter the details as follows, you can copy paste them from the Paxos site in your other window.

Check the box if you agree to the terms and conditions, press next, verify the details and save the recipient.
The same process can be used to set up remittances to foreign currency accounts in general

4. Making the transfer

Hover over the Transfer tab and click DBS Remit and Overseas Transfer again.
The overseas Recipients should be populated with Paxos Trust Company
Click Transfer to start your transfer
Enter the amount you would like to remit

Important

Enter your Paxos transaction memo in the Comments section.
This memo is required for Paxos to tag the amount to your account.
Do note that your reference will be different from mine.

Click next, Verify the details and submit your transfer.

5. Conclusion

You’re all done, now just sit back and wait for the transfer to reflect in your Paxos account.
Once the deposit is in, you can swap your USD to a stablecoin such as PAX, BUSD or HUSD and transfer them to exchanges such as Binance or Huobi to purchase Bitcoin, Ethereum and Altcoins.

Click here for our guide on how to purchase cryptocurrencies with stablecoins on Binance.

Paxos also offers an in-built exchange “itBit” where major cryptocurrencies such as Bitcoin and Ethereum are available for purchase.

6. FAQ

Frequently Asked Questions:
How long does the transfer take?
The transfer typically takes 1 working day to clear. First time transfers may take longer.
Do note that the transfer will be sent by DBS in Singapore working hours and processed by Silvergate in US working hours.

What happens if I forget to include the memo?
Do not worry, remittances have a tracking number and DBS will contact you to resolve the error. Note that this might take some time as Silvergate has to manually trace the origin and contact a representive in DBS.

Is it possible to contact Paxos?
Yes, you can find their contact information here

Do consider using one of my referral links or leaving me a tip if you find this useful.
Any contribution is greatly appreciated and motivates me to continue this project.

BTC: 3BTskuSQzF3PZfqFj4sUdp9tSiLMdDGLXj
ETH or ERC20: 0x65a20cDbA50b81E5fA600f4F0655907E5A87C2F5

Onboarding