Can I Buy Crypto with OCBC Bank?

Yes, OCBC clients can buy digital assets like Bitcoin, Ethereum, and Solana, though the bank itself doesn't offer cryptocurrency trading or digital asset custody. 

Instead, OCBC account holders can send Singapore Dollars (SGD) to Singaporean crypto exchanges regulated by the Monetary Authority of Singapore (MAS) for investing and trading. 

How to Buy Bitcoin with OCBC Bank

OCBC users interested in purchasing Bitcoin or other cryptocurrencies can do so by transferring Singapore Dollars (SGD) to a MAS-regulated digital asset exchange.

Independent Reserve is a popular exchange operating under MAS license number PS20200517. It supports straightforward SGD funding options, including bank transfers, FAST, and PayNow.

Follow these steps to start trading Bitcoin with Independent Reserve using your OCBC account:

1. Create Your Account: Open an account with Independent Reserve and complete their mandatory Know Your Customer (KYC) verification process.
2. Deposit Singapore Dollars: Go to the deposit section, select SGD as your currency, and follow the detailed instructions provided to transfer funds from your OCBC bank account.
3. Select Cryptocurrencies: Once your SGD deposit is confirmed in your account, select Bitcoin or your preferred digital currency, ensuring SGD is set as the trading currency.
4. Finalize Your Transaction: Input the amount of Bitcoin you intend to purchase, carefully verify your transaction details, and confirm your order to finalize the purchase.

OCBC Bank Cryptocurrency Policy

OCBC Bank currently does not facilitate direct cryptocurrency trading or custody services. However, clients interested in cryptocurrencies can transfer Singapore Dollars (SGD) to exchanges fully licensed by the Monetary Authority of Singapore (MAS).

While OCBC classifies cryptocurrencies as higher-risk investments, the bank actively explores blockchain-based innovations. The bank has advanced its blockchain capabilities, becoming the first Singaporean bank to offer tailored tokenised bonds to accredited corporate clients. These tokenised bonds allow fractional investments as low as S$1,000.

Alternative Crypto Exchanges for OCBC Customers

There are several trustworthy exchange alternatives beyond Independent Reserve. These platforms comply with regulations set by the Monetary Authority of Singapore (MAS) and accept SGD deposits from OCBC accounts:

• Coinhako: Based in Singapore, Coinhako supports SGD deposits directly from OCBC. It has over 100 digital assets, typically charging around 1% per transaction.
• OKX: This exchange allows OCBC users to transfer SGD through bank deposits. OKX provides more than 300 cryptocurrencies, with trading fees starting at 0.1% per trade.
• Crypto.com: Known for its extensive asset range, Crypto.com facilitates SGD deposits directly and supports 250+ cryptocurrencies with trading fees of 0.4%.

OCBC customers should carefully consider important factors such as trading fees and deposit convenience from their bank accounts when choosing an exchange.

About OCBC Bank

OCBC Bank, established in 1932 through the merger of three local banks, is Singapore's longest-established financial institution and the second-largest in Southeast Asia by assets. Headquartered in Singapore, OCBC operates a comprehensive network of over 420 branches and representative offices across 19 countries and regions. 

The bank offers a wide range of services, including consumer, corporate, investment, private, and transaction banking, as well as treasury, insurance, asset management, and stockbroking. Its subsidiaries include Bank of Singapore for private banking, Great Eastern Holdings for insurance, and Lion Global Investors for asset management.

Final Thoughts

OCBC customers interested in cryptocurrency can securely engage in digital asset trading by transferring Singapore Dollars (SGD) to MAS-regulated exchanges like Independent Reserve, OKX, or Coinhako. 

While the bank does not offer direct crypto services, it facilitates seamless SGD transfers to these platforms, enabling clients to buy, hold, and trade various cryptocurrencies. As with any financial decision, it's essential to assess each exchange's features, fees, and security measures to ensure they align with your investment goals.