Onboarding

Sending SGD from DBS Singapore to Binance

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

Please remember to include the transfer memo

1. Preparation

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

2. Setting up your Binance account

Head over to Binance

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

After verification, login and head to https://www.binance.com/en/my/wallet/account/main/deposit/fiat/USD

or navigate by

  • Hover over wallet
  • Click fiat & spot
  • Click deposit
  • Click fiat

Select Bank Transfer (SWIFT) and click Continue

Enter your desired USD deposit amount and click Continue

The payment details should reveal your transfer instructions

Leave this window aside and open a new tab/window. Take special notice to the reference code.

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 Binance 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 Key Vision Development Limited
Click Transfer to start your transfer
Enter the amount you would like to remit

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

binance memo

dbs memo

Click next, Verify the details and submit your transfer.

5. Conclusion and FAQ

You’re all done, now just sit back and wait for the transfer to reflect in your Binance 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 Binance?
Yes, you can contact Binance support directly on the binance website by clicking the chat bubble on the bottom right corner.

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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