Onboarding

Remitting from Standard Chartered (SCB) to Paxos (PAX)

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

1. Preparation

  • SCB 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 SCB and setup overseas remittance

In the new tab or window, head to the SCB online portal https://www.sc.com/sg/ and sign in with your credentials

Then follow the below steps

  • Hover over menu and select Transfer & Payments
  • Click Add & Manage Payees
  • Click Add Payee
  • Fill in the form as follows
    • Payee Type: International
    • Payee Account Type: International Bank Account Corporate
    • Bank Country: United States of America
    • Enter Local/SWIFT CODE: SIVGUS66XXX and press search
    • Select the option with Swift code SIVGUS66XXX and press Done

The rest should be automatically filled for you.
Click Continue.

Now head back to the Paxos window and copy and paste the details so your form looks like this.

Click Save when you’re done.

4. Making the transfer

Hover over Menu and click Transfers & Paymentss

Then follow the below steps

  • Click SC Remit & International Transfers
  • Fill in the form as follows
    • Send To: United States of America
    • You Send: The amount you intend to send
    • Transfer From: The account you want to send from
    • Transfer To: Paxos
  • Click Continue
  • Check the details and click Continue

Important!!

Now comes the most important step.
Enter your Paxos transaction memo in the description box.
Your memo will be different from mine. The transaction memo can be found here

paxos memo

scb memo

Click Continue and verify the details before clicking Submit

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 SCB 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 SCB 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 SCB.

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.

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