Buy Crypto with UOB Bank

How to buy Crypto with UOB Bank

The easiest way to buy digital assets with a UOB Bank account in Singapore, Malaysia, Thailand, Indonesia and other supported countries is with a regulated trading platform. With this method, you can transfer your local fiat currency from your bank account, onto the crypto exchange to trade or invest in digital assets.

The guide below is a 5-step outline of how to buy cryptocurrency from your UOB account with Bybit, which is one of South-East Asia's most popular exchanges.

1. Sign up to Bybit (does not need ID or KYC information).
2. Select the fiat currency (SGD, MYR, THB) you want to use and the crypto you want to buy.
3. Select the deposit method you want to use (Bank Transfer Debit Card, Credit Card, Apple Pay etc).
4. Complete the transaction and the funds will arrive in your account immediately.

UOB Bank Crypto Policy

UOB Bank stated in its latest crypto policy that it will not allow the use of its credit cards to purchase cryptocurrencies. The bank revealed that the decision was made to "better align" with its risk management framework. UOB is the first major bank in Singapore to ban the use of credit cards for cryptocurrency purchases.

This comes as a blow to cryptocurrency investors in Singapore as UOB is one of the four major banks in the country. The other three are OCBC, DBS and Standard Chartered. UOB's crypto policy is similar to that of Citigroup, which also banned the use of credit cards for cryptocurrency purchases earlier this year.

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About UOB Bank

UOB Bank, also known as United Overseas Bank, is one of Singapore's "big three" banks. UOB was founded in 1935 by Malaysian-Chinese entrepreneur Wee Kheng Chiang and has since grown to become one of the largest financial institutions in Southeast Asia.

The bank has a network of over 500 branches and offices across 19 countries and territories in the region, including Singapore, Malaysia, Thailand, Indonesia, Vietnam, Cambodia, Laos, Myanmar, Brunei, the Philippines and mainland China.

UOB offers a wide range of banking and financial services to both retail and corporate customers. These include savings and deposit accounts, credit cards, personal loans, home loans, investment and wealth management products, as well as business banking solutions. The bank also has a strong focus on digital banking and was one of the first in Singapore to offer features such as mobile banking, online bill payments and real-time fund transfers.

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Final Thoughts

The UOB bank does not offer any products or services to directly buy digital assets. That said, customers can transfer funds from their UOB account to a licensed exchange if they want to buy or trade crypto. We recommend the Bybit platform because they offer fast and cheap SGD, MYR, THB and 50 other currency deposits.

Additionally, UOB Bank has banned the use of its credit cards for cryptocurrency purchases. This is to better align with their risk management framework.

Overall, customers should be aware that investing in digital assets involves high risks and they should do ample research before making any investment decisions. It is also important to remember that digital asset trading carries the same risks as other financial instruments, such as stocks and commodities. Therefore, customers should always invest responsibly.