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Transfer USD to FTX via DBS Same-Day Remit

FTX is one of the exchanges I use to buy crypto coins. I transferred USD100 in the morning using DBS Same Day remit, and by 8pm on the same day, I received a confirmation from FTX that they received the USD.

Below are the screengrabs I took for the entire process of funds transfer.

There are 2 process you need to do. First, it is to add FTX as a USD recipient in the DBS platform. Secondly, transfer the SGD amount, which DBS would then convert to USD for you, and remit to FTX.

Step 1: Sign into FTX.com, go to the wallet tab. On the row ‘USD(USD)’, click ‘Deposit’ and you would see this screen. Select ‘DEPOSIT WITH WIRE’.
Step 2: Take note of the Account Identifier assigned to you. In my case, it is 8-digit number.
Step 3: Login to POSB/DBS app, select ‘DBS Remit and Overseas Transfer’.
Step 4: First, you would need FTX as a New Recipient. Key in the info provided by FTX (in Step 2). In my case, FTX’s Full Name is ‘North Dimension Inc’, Country is “USA’, Recipient gets ‘USD’.
Step 5: Key in the information required. For Recipient Bank, choose ‘Other Banks in United States’.
Step 6: You would need to ‘Find SWIFT Code’. In my case, Step 2 has advised that I choose the one with ‘SIVGUS66’. Click ‘ Select’.
Step 7: Enter the Recipient’s Account Number.
Step 8: Click ‘Finish’ to finalise the details. You have now added FTX(North Dimension Inc’ as Recipient for the USD.
Step 9: Click the ‘Transfer’ tab again at the top of the DBS app, and now you would see ‘North Dimension Inc’ as ‘Overseas Recipient’. Click the ‘Transfer’ tab beside the word ‘North Dimenison Inc’.
Step 10: Select the amount you wish to transfer in SGD, and the quote in USD would auto-generate. Note that it is Zero fee, and same day transfer!
Step 11: In ‘Payment Details for the Recipient’, remember to input your account identifier (see picture in Step 2 or below). Click ‘Next’ to confirm the transaction.
Step 12: Go to the FTX screen. FTX requires you to input the amount of USD transferred, and ‘Select’ ‘I have included my account identifier in my wire transfer.’.
Step 13: You would receive a confirmation email from DBS of the transfer about 5 minutes later.
Step 14: I received a confirmation from FTX around 8pm on the same day to inform that the USD is in my USD wallet.

Yay! I can start buying coins now! Meow meow!

By Wai Peng Chan

Born in sunny Singapore, my interests are in photography, videography, personal finance, cryptocurrency, botox and softwares.

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