Onboarding

Remitting SGD from Standard Chartered to USD in FTX

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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 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 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 FTX window and copy and paste the details so your form looks like this.

Please copy the deposit instructions from the exchange website as the screenshot might be outdated

Click Save when you’re done.

4. Making the transfer

Hover over Menu and click Transfers & Paymentss

Then follow the below steps

  • Click SC Remit & International Transfers
  • Fill in the form as follows
    • Send To: United States of America
    • You Send: The amount you intend to send
    • Transfer From: The account you want to send from
    • Transfer To: FTX
  • Click Continue
  • Check the details and click Continue

Important!!

Now comes the most important step.
Enter your FTX transaction memo in the description box.
Your memo will be different from mine. The transaction memo can be found here

ftx memo

scb memo

Click Continue and verify the details before clicking Submit

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 SCB 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 SCB 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 SCB.

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

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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