Onboarding

Remitting from Standard Chartered (SCB) to Gemini (GUSD)

, , , , , , , , ,

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 Gemini account

2. Setting up your Gemini account

Head over to https://gemini.com/

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 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 Gemini 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: Gemini
  • Click Continue
  • Check the details and click Continue

Important!!

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

gemini 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 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.

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 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.

BTC: 3BTskuSQzF3PZfqFj4sUdp9tSiLMdDGLXj
ETH or ERC20: 0x65a20cDbA50b81E5fA600f4F0655907E5A87C2F5

Share