Withdrawing USD from Binance to DBS Singapore

This post will guide you on using Binance to send BUSD to your DBS SGD account.

1. Preparation

  • Binance account with KYC3 to enable fiat withdrawals
  • Enable at least 2 2fa methods
  • Access to all your Binance 2fa devices
    • Email
    • Phone
    • Authenticator
  • DBS account to receive transfer

2. Fees

  • Binance charges 30 USD for each remittance back to your DBS account.
  • 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 BUSD for transfer

Head over to Binance

You may skip this part if you already have a binance account with BUSD

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

You can then proceed to deposit BUSD into your binance account’s deposit address or use the exchange to swap your coins for BUSD

4. Making the withdrawal

After verification, head over to this Link

The link can also be accessed by Wallet -> Fiat and Spot -> Withdraw -> Fiat

Enter the amount you would like to withdraw and click Confirm

Note: You can only withdraw BUSD to your bank account, use the exchange to swap to BUSD

Fill in the form as seen in the picture.

For convenience, here are some of the values

Bank Name: DBS Bank

Click Confirm Withdrawal

You will then need to key in your 2fa details before the withdarw will be processed.

5. Conclustion & 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 2 to 3 working days in the US to clear. First time transfers may take longer.

The time also depends a lot on the number of fiat deposits/withdraws binance is handling and may take much longer.

Do note that the transfer will be sent by Binance’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 Binance at their support center here. The tracking process usually takes some time (i.e weeks) as the process is very manual.

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