Offboarding

Withdrawing USD from FTX to DBS Singapore

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This post will guide you on using FTX to send USD to your DBS SGD account.

1. Preparation

  • FTX account with KYC3 to send transfer
  • DBS account to receive transfer

2. Fees

  • FTX’s charges

    • Remittances above 5,000 USD are free
    • First withdrwal below 5,000 USD each week is free
    • Users who stake 25 FTT will have additional free withdrawal below 5,000 USD
    • WITHDRAWALS UNDER 100 USD WILL NOT BE PROCESSED

  • DBS charges a $10 handling fee

    • Handling fee is waived for Treasures customers
      current account
    • Transfers into DBS FCY fixed deposit account are free

3. Obtaining USD for transfer

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 before you will be able to use the platform.
Do follow the steps and provide the requested documents

After verification head to https://ftx.com/wallet

You may skip this part and move on to step 4 if you already hold USD in your FTX account.

Click Deposit to deposit USD you would like to remit back if your funds aren’t already on FTX. FTX supports a large variety of stablecoins which are all taken as 1 USD.

Click on the respective stablecoin you would like to deposit for withdrawal

You may also deposit other cryptocurrencies and swap them for USD in FTX. The key is to hold USD (not USDT) in FTX for the withdrawal

4. Making the withdrawal

Head to https://ftx.com/wallet

Click Withdraw under USD

Click Withdraw FIAT in the popup

Enter the following for withdrawal to DBS

Note: The boxed fields should contain your information

For convenience, here are some of the values

Bank Information

Bank Name: DBS Bank
Bank Address: 12 Marina Boulevard, Marina Bay Financial Centre Tower 3, Singapore 018982
SWIFT Code: DBSSSGSGXXX

Intermediary Bank Information

Bank Name: JPMorgan Chase Bank, N.A.
SWIFT Code: CHASUS33
Bank Address 1: 383 MADISON AVENUE
City: New York
Country: United States of America
State: NY
Postal Code: 10179

Info provided is accurate at the time of writing. I will try to update if there are any changes.

Sources:
Link 1
Link 2

5. Conclusion and FAQ

You’re all done, now just sit back and wait for the transfer to reflect in your DBS account

Frequently Asked Questions:
How long does the transfer take?
The transfer typically takes 1 working day in the US to clear. First time transfers may take longer.
Do note that the transfer will be sent by FTX’s bank in the US

What happens if I do not receive the transfer after a few days?
If you’re sure you’ve done the above steps correctly, then patience is key. Transfers sometimes take longer due to heavy load on either bank.

If you are certain that your transfer has been lost, you may contact FTX here. The tracking process usually takes some time (i.e weeks) as the process is very manual.

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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