Remitting SGD from DBS Singpaore to Crypto.com Exchange for USDC

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

1. Preparation

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

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2. Setting up your Crypto.com account

Head over to Crypto.com

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 before you will be able for fiat remittance.

Do follow the steps and provide the requested documents

Next, click Balances and Bank Transfer. You will be prompted to input your bank details here.

Enter your bank details as follows

Next, enter your home address. Do note that this address must be consistent with your bank statement.

You will then be prompted to upload a page of your bank statement as proof of bank account ownership as well as address.

You will have to wait for your bank account to be verified before you can proceed further.

3. Remitting funds

Your bank account will show up on the bank transfer view once it has been verified.

Click deposit and select your verified bank account

The popup will show your transfer instructions

Take special note of the unique code, please use the one generated for you. yours will differ from mine

Leave this window open for now as we will be using the transfer instructions provided.

4. Access DBS and setup overseas remittance

Open a new tab and 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 Crypto.com 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

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4. Making the transfer

Hover over the Transfer tab and click DBS Remit and Overseas Transfer again.
The overseas Recipients should be populated with Circle Internet Financial Inc
Fill in the desired USD transfer amount and click CONFIRM USD DEPOSIT

Important

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

Click next, Verify the details and submit your transfer.

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5. Conclusion and FAQ

You’re all done, now just sit back and wait for the transfer to reflect in your Crypto.com 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 Crypto.com?
Yes, you can contact Crypto.com via chat by clicking the chat bubble on the bottom right of your screen (during working hours)

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Any contribution is greatly appreciated and motivates me to continue this project.

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