Summary: OCBC Bank doesn't offer a direct route for cryptocurrency investments through its online banking services. However, it does enable its clients to transfer Singapore Dollars (SGD) to digital asset exchanges that are overseen by the Monetary Authority of Singapore. We recommend using a MAS-regulated platform to ensure you adhere to Singaporean financial laws.
For OCBC customers looking to delve into the cryptocurrency market, we recommend Independent Reserve. This exchange holds the distinction of being among the first to obtain an exchange license from MAS. It offers quick SGD deposits, which can be used to invest in more than 40 different cryptocurrencies and stablecoins with competitive fees.
- Fast and cheap Singapore Dollar (SGD) deposits from OCBC Bank.
- Trade 40+ Cryptocurrencies and Stablecoins with low fees and tight spreads.
- Most trusted in Singapore and was the first MAS-licensed crypto trading platform.
Can I Buy Bitcoin with OCBC Bank?
Yes, OCBC Bank offers its customers the opportunity to convert Singapore Dollars into various digital assets, including Bitcoin and Ethereum. This is made possible through collaborations with reputable cryptocurrency exchanges in Singapore regulated by the Monetary Authority of Singapore (MAS). If you're considering diving into the crypto world, it is recommended to utilise platforms that not only adhere to MAS guidelines but also have a well-established reputation in Asia for smooth and secure transactions.
How to Buy Crypto with OCBC
If you're an OCBC Bank customer interested in buying crypto assets such as Bitcoin, Ethereum, or various stablecoins, the most reliable way is through a regulated digital asset exchange like Independent Reserve. You can deposit SGD into your account through various payment options, including bank transfers, credit cards, debit cards, FAST Transfers, and wire transfers.
Here are four simple steps to help you start trading cryptocurrencies:
- Go to the Independent Reserve website and complete the KYC (Know Your Customer) and AML (Anti-Money Laundering) verification process.
- Connect your OCBC Bank account to Independent Reserve to make SGD deposits. You can do this through Bank transfer, Bank Wire, Debit Card, Credit Card or FAST transfers.
- Once you're on the platform, look for the 'trade' button, usually located at the top part of the screen, and click on it.
- Finally, input the SGD amount you'd like to invest in cryptocurrency. After this step, you are ready to make your purchase.
OCBC Cryptocurrency Policy
OCBC Bank adopts an open approach to cryptocurrency transactions, enabling customers across Asia and globally to comfortably engage in digital asset trading. Customers are urged to exercise caution when transferring Singapore Dollars to international cryptocurrency exchanges, such as Huobi or Bitfinex. To ensure a secure investing experience, customers are advised to use platforms authorized by the Monetary Authority of Singapore (MAS) and operate within the jurisdiction of Singapore.
Digital Asset Investing Fees
When diving into the digital asset market through your OCBC Bank account, knowing the fee structure is crucial for a well-informed investment strategy. If you're considering using Independent Reserve, here's how their fee structure looks:
- Deposit Fees: Deposits above SGD 1,000 via FAST transfer are free. For bank transfers under SGD 1,000, a SGD 2.50 processing fee is applied.
- Trading Fees: Fees start at 0.5% and can go as low as 0.02% based on your 30-day trading volume. So, if you buy $100 of Bitcoin, the standard fee would be $0.50.
- Withdrawal Fees: For instant FAST withdrawals up to SGD 200,000, fees start from $1.50. Different fees apply for instant, SWIFT, and crypto withdrawals.
The transparent and competitive fee structure of Independent Reserve makes it an attractive option for those looking to invest in digital assets via their OCBC Bank account.
What is OCBC?
OCBC Bank, or Oversea-Chinese Banking Corporation Limited, is one of the largest and most well-established financial institutions in Singapore. Founded in 1932, the bank has a rich history and a robust presence not only in Singapore but also in Malaysia, Indonesia, and other key markets worldwide. It offers a comprehensive range of financial services, including personal and corporate banking, investment banking, insurance, and wealth management.
The bank is regulated by the Monetary Authority of Singapore (MAS) and adheres to stringent regulatory and compliance standards. This makes OCBC a trustworthy option for various financial transactions, including foreign exchange, asset management, and, more recently, digital asset investments such as cryptocurrencies.
In summary, while OCBC Bank doesn't facilitate direct cryptocurrency investments, it offers a seamless way to transfer Singapore Dollars to regulated exchanges like Independent Reserve. This provides a trustworthy and efficient avenue for Singaporean investors interested in investing in digital assets. We recommend IR as it provides fast SDG deposits, competitively low fees, a wide range of tokens and multilingual customer support.