Shifted my coins out of Binance. I setup FTX to replace Binance. My cryptocurrencies are currently in 3 different platforms (Celsius, FTX and Gemini)
This post is meant as a beginner step-by-step guide on how you can deposit USD funds using SGD in Binance. Depositing USD allows you to buy, sell and store cryptocurrencies such as Bitcoin, Ethereum, Matic (Polygon) and even dogecoin. Binance is one of the world biggest bitcoin exchange and altcoin crypto exchange in the world by volume.
There are 3 methods to fund your Binance account:
1) Deposit USD via bank transfer (zero fees, same day transfer), using SGD
2) Deposit USDT from SGD via P2P
3) using of credit card
In this guide, I shall touch on the first method. I used my POSB/DBS bank account which does not charge any fees for same day overseas transfer.
If you do not have a Binance.com account you can use my referral link and get 10% commission kickback on your Binance.com trading fees. After you have signed up, you can follow the steps below. To view a clearer image, you can click on the images.
1. Click on your Wallet and select "Fiat and Spot".
2. Click on Deposit.
3. Select USD for Currency and Select Silvergate Bank (Swift). Click Continue.
4. Input amount of USD you want to transfer. It will be deposited as BUSD. Your BUSD can be withdrawn as USD. Click Continue.
If you do not know about BUSD, read the bottom of this post after step 8.
5. Take note of your unique reference code. This code has to be inputted when making the overseas remit via your local bank. Click Confirm.
6. Binance payment details including bank account information is shown.
7. To deposit USD funds into Binance, login to your ibanking . Select "Transfer" and click on "DBS Remit and overseas transfer".
7. Scroll down to this image. Select "United States" and indicate the amount of USD you want to deposit into Binance. This amount should be the same as the amount you entered in Step 4. Click "Get Quote".
The next screen will show that exchange rate, and that you will enjoy zero admin/processing fees and same day transfer. Click "Start a new transfer".
8. Indicate the details as per what you have received in Step 6.
You can fill in as per what is in the images above. But do note this is accurate as of 7 Jun 2021. You still need to check the instructions given in step 6 as the details may change.
Remember to indicate the unique reference code give to you under "Payment Details for Recipient" (I redacted mine out in black). If this is not indicated correctly, the funds will not be transferred.
Click "Next" and submit the transactions. If you submit the transactions before 5pm on weekdays, the funds will be deposited in your Binance account by 10pm on the same day (if it is not a Public Holiday for SG or USA). If the transaction is submitted after this timing and DBS does not process the transaction, you will need to wait for the next business day. If you do this after 5pm on Fri or weekends, the funds will be deposited on Monday night, provided Monday is not a public holiday in United States.
Sometimes, the funds take longer to be deposited due to an influx of deposits. If you waited more than 4 business days, log a ticket with Binance support. So far, I have not encountered any such issues.
Once the funds are in Binance, you can make your crypto purchase.
What is BUSD?
BUSD (Binance USD) is a stablecoin which avoids the extreme volatility of other cryptocurrencies while keeping value within the crypto market. Basically, BUSD can be used to purchase cryptos.
Need a Binance referral link? You can use this
link. For other crypto referral links such as Gemini, Coinlist, Celsius or Blockfi, you can refer to this
link.
If you are interested in Cyrpto, you can also read on
