How to withdraw funds from your Independent Reserve account to DBS/POSB

DBS and POSB customers in Singapore can securely sell Bitcoin and crypto by using reputable exchanges such as Independent Reserve, one of Singapore’s longest-running and most trusted cryptocurrency exchanges.

This guide walks you through selling Bitcoin and other cryptocurrencies, and withdrawing funds into your DBS/POSB bank account. 

How to sell Bitcoin and crypto with your IR account

Before you sell your BTC or other crypto, ensure that your DBS/POSB bank account is linked to your Independent Reserve account. 

1. Sell Bitcoin and crypto

Selling your Bitcoin with your Independent Reserve account is quick and easy.

1. Log in to your account.
2. Navigate to the Trade screen.
3. Select Bitcoin or your preferred crypto from the list of available cryptocurrencies.
4. Enter the amount of Bitcoin you want to sell.
5. Select the fiat currency you want to receive.
6. Click Sell Bitcoin.
7. Review transaction details and confirm your order.

Once the transaction is complete, your SGD or USD 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.

2. Withdrawing funds to your DBS/POSB bank account

Independent Reserve customers in Singapore can make instant SGD withdrawals via FAST transfer. FAST transfer withdrawals up to SGD $20,000 made within 24 hours will be processed and credited to your account instantly.

USD withdrawal, or SGD withdrawal amounts above SGD $200,000 can only be done via Telegraphic Transfers. 

After the withdrawal is processed, you will receive an email notifying you that the funds are available in your account.

See the Fee Schedule for a list of all fees and charges.

Frequently asked questions

Are there any fees for selling crypto?

• Buying and selling crypto incurs a 0.5% fee.
• For transactions above SGD $50,000, you can use our over-the-counter crypto trading desk to help minimise price slippage.

Is there a withdrawal limit for bank transfers?

• Depending on your personal transfer limits, there may be a limit to the amount of money using FAST.

Are there any other limitations when it comes to using DBS?

• 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.