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DBS customers in Singapore can securely buy Bitcoin and crypto by making transfers to reputable exchanges such as Independent Reserve, one of Singapore’s longest-running and most trusted cryptocurrency exchanges.
This guide walks you through creating an Independent Reserve account, depositing funds, and purchasing Bitcoin.
How to buy Bitcoin and crypto with your DBS/POSB account
1. Create your account
To buy Bitcoin and crypto with DBS or POSB, you can create an account on Independent Reserve with SingPass in minutes.
We will need a few more documents for verification purposes.
- Proof of address (accepted documents include bank statements, utility bills, or government-issued documents
- Proof of identity (driver’s licence, passport, and a selfie)
This ensures compliance with MAS regulations and enhances security for all users.
Learn how to sign up with Independent Reserve here.
2. Deposit funds from DBS/POSB
DBS customers can fund their Independent Reserve account using multiple payment options, including:
- PayNow (no processing fee)
- FAST ($2.50 processing fee for deposits under SGD 1,000)
3. Buy Bitcoin and crypto
Once your funds have reached your account, buying Bitcoin is quick and straightforward.
- Log in to your account.
- Navigate to the Trade screen.
- Select Bitcoin or your preferred crypto from the list of available cryptocurrencies.
- Enter the SGD amount you want to purchase.
- Click Buy Bitcoin.
- Review transaction details and confirm your order.
Once the transaction is complete, your Bitcoin will be credited to your Independent Reserve wallet.
While the steps are the same for desktop and mobile, the desktop and mobile interfaces differ. Below is an example of the mobile app interface.
Frequently asked questions
Are there any fees for buying crypto using DBS bank transfers?
- PayNow deposits are free, while FAST deposits under SGD 1,000 incur an SGD 2.50 processing fee.
- Buying and selling crypto incurs a 0.5% fee.
- View the fee schedule for a list of all fees and charges.
Is there a deposit limit for bank transfers?
- There may be a limit to the amount of money you can transfer using PayNow or FAST, depending on your personal transfer limits.
- For higher daily deposit limits, please contact customer support via the support screen. Our over-the-counter crypto trading desk is available for transactions above $50,000.
Can I withdraw SGD to my bank account?
- Yes, you can easily send SGD to your linked bank account.
Are there any other limitations when it comes to using DBS?
- PayNow and FAST transfers are usually instant.
Can I create a business account with Independent Reserve?
Yes, Independent Reserve offers Bitcoin and crypto solutions. Book a call with our business team to find out more.
