Onboarding

Remitting from SCB Singapore to Binance

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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 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 Silvergate Bank (SWIFT), enter your desired transfer amount and click Continue

The payment details should reveal your transfer instructions

Leave this window aside 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 Binance 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 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

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

scb 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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