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Transfer USD to Crypto.com via DBS Same-Day Remit

Ftx.com is good, then I realised that FTX does not sell 1 coin which I wanted, while Crypto.com has it. Thus, I signed up for Crypto.com account and fund the Crypto.com wallet with USD from my POSB Savings bank account which has my SGD. At the time of writing, Crypto.com has a feature where the USD I transferred from DBS would be converted to USDC at a 1:1 ratio, minimum amount required is 500 USDC.

Note: You must first verify your DBS bank If you have not verify your DBS bank, please do so before proceeding. It takes about 3 business days for your DBS bank to be verified.

Note: I am using the Crypto.com EXCHANGE for this purpose. Crypto.com has an app, and also the desktop web version of the exchange. Usually I prefer to use the desktop version of all the different exchanges. I use the app only to check prices..

Below outlines the process.

Step 1: Login to Crypto.com EXCHANGE using desktop computer, click on the ‘Transfer Now’ button beside the USDC Bank transfer banner. You must first verify your DBS bank If you have not verify your DBS bank, please do so before proceeding. It takes about 3 business days for your DBS bank to be verified. Select ‘DBS bank’ as the bank you wish to transfer USD from.
Step 2: Take note of your Unique Code. This code is used to identify you when transferring USD. Take note of all the other bank information, you need to enter all these information into the DBS bank platform.
Step 3: Login to your DBS/POSB platform. Click ‘Transfer’, then ‘DBS Remit and Overseas Transfer’.
Step 4: Enter Recipient’s Full Name as ‘Circle Internet Financial Inc’ for Crypto.com. Country as ‘United States’, Recipient Gets ‘USD’. You would see that Benefits includes ‘Zero fee’ and ‘Same Day Transfer.
Step 5: Enter Recipient’s Address. Select ‘Other Banks in United States’.
Step 6: Click ‘Find SWIFT Code’. Select ‘SILVERGATE BANK’ with the SWIFT CODE SIVGUS66 (Refer to the information provided by Crypto.com at Step 2).
Step 7: Enter Recipient’s Account Number (Refer to the information provided by Crypto.com at Step 2).
Step 8: Click ‘Finish’ to complete adding Crypto.com as your New USD Recipient.
Step 9: Click ‘Transfer’ tab again, and select ‘DBS Remit and Overseas Transfer’. You would see ‘Circle Internet Financial Inc’ as one of the recipient at the left side of the screen. Click the button ‘Transfer’ next to ‘Circle Internet Financial Inc’. Decide the amount you wish to remit across to Crypto.com, minimum amount is 500USD. Enter the amount in SGD, the USD amount would be generated by the system.
Step 10: Take note of your Unique Code.
Step 11. Input this ‘Unique Code’ into the ‘Payment Details for Recipient’.
Step 12: Check every detail again. Make sure the details are correct to avoid any delay in the remittance process.
Step 13: Click ‘Submit’ button to confirm.
Step 14: Yay! Your transaction has been submitted for processing.
After 27 hours, I received an email from Crypto.com confirming that they received the USD i remitted.

Yay! I can now wait for my ideal time to buy the crypto coins I wanted.

By Wai Peng Chan

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

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