Summary: UOB Bank does not directly offer any products or services which enable customers to invest in digital assets through its internet banking platform. That said, customers can transfer funds from their UOB account to a licensed exchange if they want to buy or trade crypto.

If you are looking to get started quickly, we recommend the Bybit platform because they offer fast and cheap SGD, MYR, THB and 50 other currency deposits.

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Can you Buy Crypto with UOB?

UOB Bank does not provide direct cryptocurrency trading or custody services for its customers in Singapore or across Asia. Consequently, you cannot invest in cryptocurrencies like Bitcoin or Ethereum via the UOB Bank online banking platform.

However, UOB Bank customers can link their bank accounts to licensed and regulated trading platforms overseen by relevant authorities in their region. By doing so, they can deposit their local currency to securely and legally trade cryptocurrencies within their respective areas.

How to Buy Bitcoin and 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 4-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 Bybit
Buying 0.36 ETH with SGD on Bybit via UOB Bank.

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.

About UOB Bank

United Overseas Bank (UOB) is a multinational banking organization headquartered in Singapore. It was established in 1935 by businessman Wee Kheng Chiang and has since grown to become one of the largest banks in Southeast Asia. UOB provides a wide range of financial services, including personal and corporate banking, wealth management, insurance, and investment services. The bank has an extensive network of branches and offices across Asia, as well as in key international financial centers such as London, New York, and Sydney. UOB is listed on the Singapore Exchange (SGX) and is considered one of the leading banks in the region.

UOB Bank
UOB Bank.

Final Thoughts

In conclusion, while UOB Bank does not offer direct cryptocurrency trading or custody services, customers can still access the crypto market by linking their UOB Bank accounts to licensed and regulated trading platforms. Following our step-by-step guide, you can easily buy digital assets like Bitcoin and Ethereum using platforms such as Bybit. It is important to note that UOB Bank has prohibited the use of its credit cards for cryptocurrency purchases, aligning with its risk management framework. As the crypto landscape continues to evolve, always ensure you are using secure, reputable platforms and staying informed about your bank's policies.