Summary: DBS Bank does not offer cryptocurrency investing services directly through its iBanking platform. That said, they do allow their customers to withdraw SGD from their accounts to Monetary Authority of Sinapore (MAS) licensed cryptocurrency exchange.
Our top pick for DBS customers is Independent Reserve, which was the first-ever exchange to receive their exchange license from MAS. They offer fast & cheap SGD deposits from DBS Bank to trade over 40 cryptocurrencies and stablecoins with industry-leading fees.
- Fast and cheap Singapore Dollar (SGD) deposits from DBS iBanking and other DBS accounts.
- 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 Crypto with DBS Bank?
DBS Bank provides its patrons the facility to convert Singapore Dollars (SGD) into Bitcoin, Ethereum, as well as a wide selection of other cryptocurrencies. This unique service is enabled by forging partnerships with credible exchanges in Singapore, and aligning with the rules laid down by the Monetary Authority of Singapore (MAS). DBS Bank counsels its customers who have a penchant for cryptocurrencies to utilize a platform that is in line with MAS directives and possesses a sturdy standing across Asia, enabling smooth transactions using their DBS Bank accounts.
How to Buy Bitcoin and Crypto with DBS Bank
The most convenient approach for DBS Bank customers to procure crypto assets like Bitcoin, Ethereum, and stablecoins is through a reliable, regulated exchange such as Independent Reserve. You can deposit Singapore Dollars (SGD) to Independent Reserve using a variety of methods, including bank transfer, credit/debit card, FAST Transfers, Wire transfer and more.
Here are four steps to kickstart your foray into cryptocurrency trading:
- Visit Independent Reserve and verify your KYC/AML information.
- Connect your DBS Bank account to deposit SGD via Bank Transfer, Bank Wire or FAST.
- Select the 'trade' button at the top of the screen.
- Input the amount of SGD you want to use and you're ready to buy.
Is DBS Bank Crypto-Friendly?
DBS Bank doesn't enforce any prohibitive banking policies that might deter its customers from buying or carrying out transactions in cryptocurrencies. Consequently, clients across Asia, and elsewhere, can assuredly perform transactions involving digital assets through DBS Bank.
Nevertheless, customers are urged to proceed with caution when transferring Singapore Dollars to international cryptocurrency exchanges (such as Huobi or Bitfinex), as DBS Bank retains the right to freeze funds seen as questionable. For a secure and reliable trading experience, clients are advised to engage with platforms endorsed by the Monetary Authority of Singapore (MAS) within Singapore.
Fees to invest in Cryptocurrencies
The fees to buy and sell digital assets will vary depending on the broker you use. Independent Reserve charges a 0.5% fee for digital asset trading and their deposit and withdrawal fees are among the lowest in Singapore at $2.5 per transaction.
About DBS Bank
DBS Bank is a leading financial institution in Asia, headquartered in Singapore. The acronym DBS stands for "Development Bank of Singapore," which reflects its roots as a development bank. Founded in 1968 by the Singapore government, DBS has evolved over the decades into a full-fledged commercial bank.
The bank provides a wide range of financial services, including personal banking, business banking, wealth management, and investment banking. It has a robust network, not just in Singapore, but also across other key Asian markets, including China, Hong Kong, India, Taiwan, and Indonesia.
Final Thoughts
In conclusion, DBS Bank indeed offers its customers a pathway to purchase cryptocurrencies, such as Bitcoin and Ethereum, with Singapore Dollars (SGD). This service is facilitated through partnerships with credible exchanges like Independent Reserve, adhering to the rules set by the Monetary Authority of Singapore (MAS). While DBS Bank maintains an open stance towards cryptocurrencies, clients are encouraged to trade cautiously, particularly on international exchanges, as the bank can freeze funds perceived as dubious.
The transaction costs will differ depending on the platform, with Independent Reserve, for example, charging a 0.5% trading fee and a low withdrawal fee. This reinforces DBS Bank's commitment to providing comprehensive banking solutions that meet its customers' evolving needs, making it a crypto-friendly banking option in Asia and beyond.
I am a Finance graduate and market analyst that enjoys researching and writing about digital assets and how they intersect with Macro.
