Remitting SGD from DBS Singapore to USD in FTX

This post will guide you on using DBS remit to convert SGD to USD and remit it to FTX.

Please note that FTX has changed their banking details. You will need to Re-add or edit your payee info

1. Preparation

  • DBS linked mobile phone or OTP token
  • ID documents if you do not already have a FTX account
  • Utilities bill or bank statement addressed to you with your address for level 3 verification

2. Setting up your FTX account

Head over to FTX

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 to use the platform and at least Level 3 Verification before you will be able for fiat remittance.

Do follow the steps and provide the requested documents_

After level 3 verification, login and head to https://ftx.com/wallet and click Deposit under USD and Stablecoins

Next, click DEPOSIT FIAT

The popup will show your transfer instructions

Leave this window aside 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 FTX 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 Alameda Research LTD
Fill in the desired USD transfer amount and click CONFIRM USD DEPOSIT

Important

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

ftx 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 FTX 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 FTX?
Yes, you can contact FTX support in multiple ways

  • Chat on support page bottom right button (during working hours)
  • email support@ftx.com

A more comprehensive list of contacts can be found here https://help.ftx.com/hc/en-us/articles/360028737592-How-to-contact-us


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