Transferring SGD from DBS Singapore to Gemini (GUSD)

06-May-2020

dbs, fiat, gemini, gusd, onboarding, onboarding-dbs, onboarding-gemini, 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 Gemini account

2. Setting up your Gemini account

Click Sign Up if you don’t already have an account, 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

My UI might be a little different from yours as I have ActiveTrader enabled.

Leave this window aside and open a new tab/window. Note that an email will also be sent to you with the transfer instructions.

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 Gemini 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 Gemini Trust Company LLC
Click Transfer to start your transfer
Enter the amount you would like to remit

Important

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

gemini memo

dbs memo
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 Gemini account
Once the deposit is in, your USD will automatically be converted to GUSD which you can transfer to exchanges such as Bitfinex to purchase Bitcoin, Ethereum and Altcoins.

Gemini also offers an in-built exchange where Bitcoin and Ethereum are available for purchase.

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

6. FAQ

You’re all done, now just sit back and wait for the transfer to reflect in your Gemini account

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 Gemini?
Yes, you can contact Gemini support 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.

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Onboarding