How to Buy Crypto with DBS Bank

Can I Buy Crypto with DBS Bank?

Yes, you can buy cryptocurrencies like Bitcoin, Ethereum, and stablecoins using your DBS bank account or DBS Card. These purchases are made in Singapore Dollars (SGD) through a regulated cryptocurrency exchange in Singapore. To ensure regulatory compliance, you need to register with a digital currency exchange licensed by the Monetary Authority of Singapore (MAS).

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How to Buy Crypto with DBS Bank

To buy cryptocurrencies through DBS Bank, start by choosing a cryptocurrency exchange regulated by the Monetary Authority of Singapore (MAS). Coinhako is a prominent option, offering fast SGD deposits via PayNOW and Fast bank transfers, low fees, and access to over 100 cryptocurrencies.

Here’s a simple four-step guide to begin:

1. Register and Verify: Sign up on Coinhako and complete the verification process to activate your account.
2. Link Your DBS Bank Account: Connect your DBS Bank account for SGD transfers to Coinhako.
3. Choose Your Cryptocurrency: Explore and select from over 30 available cryptocurrencies on Coinhako.
4. Execute the Trade: Decide how much SGD to invest and complete your trade on Coinhako.

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What are the Fees?

When buying Bitcoin or other cryptocurrencies through a DBS Bank account, fees depend on the exchange platform used. Key costs include deposit and withdrawal fees, the spread between buy and sell prices, and transaction fees.

For DBS Bank customers, Coinhako is a cost-effective option. It features competitive fees and low spreads on crypto assets. Trading fees start at just 0.6%, making it an affordable choice. Deposits under SGD 1,000 incur a small fee of SGD 2.50, while withdrawals are charged a flat fee of SGD 1.50.

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Is DBS Bank Crypto-Friendly?

Yes, DBS Bank is supportive of cryptocurrency activities, allowing transactions with approved trading platforms that adhere to the Monetary Authority of Singapore's (MAS) regulations. This policy enables DBS Bank customers to transfer Singapore Dollars (SGD) from their accounts to exchanges that meet the country's stringent standards aimed at preventing financial crimes, including fraud and money laundering.

As a result, DBS Bank customers can confidently engage in cryptocurrency investments on these regulated exchanges, knowing their transactions are secure and fully compliant with legal requirements.

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About DBS Bank

DBS Bank, headquartered in Singapore, is a top financial institution known for its extensive services and digital innovation. Key offerings include the DBS Multiplier Account and the DBS digibank app, which provide seamless online banking and investment options. The bank is committed to security and regulatory compliance, supporting cryptocurrency transactions through approved exchanges to ensure a safe and trustworthy banking experience.

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Bottom Line

In conclusion, DBS Bank offers a secure and compliant way for customers to purchase cryptocurrencies such as Bitcoin and Ethereum using their bank accounts or DBS Cards. By utilizing regulated exchanges like Coinhako, users can ensure their transactions are safe and meet all legal requirements. With competitive fees and a commitment to security, DBS Bank stands as a reliable choice for those looking to invest in digital assets.