Buy Bitcoin via Bank Transfer
Bank transfers remain the most reliable way to move large amounts of SGD to crypto exchanges. Here is everything you need to know about FAST, GIRO, and wire transfers.
Bank Transfer Methods in Singapore
Singapore's banking infrastructure is among the most advanced in the world, offering several ways to transfer SGD to crypto exchanges. Each method has different speed, cost, and limit characteristics. Understanding these differences helps you choose the best option for your investment amount and urgency.
FAST Transfer (Recommended)
FAST (Fast And Secure Transfers) is Singapore's electronic funds transfer service that enables near-instant interbank transfers. It operates 24 hours a day, 7 days a week, including public holidays. Transfers typically complete within minutes.
Speed
Instant - 5 min
Fee
Free
Limit
Up to S$200,000
Availability
24/7
To make a FAST transfer, log into your banking app (DBS digibank, OCBC app, UOB TMRW), select "Transfer" or "Pay," choose "Other Bank Account," and enter the exchange's bank account details. The exchange will provide their account number, bank name, and a unique reference code for your deposit.
Always include the reference code in the transfer description. Without it, the exchange cannot match the deposit to your account, which may cause delays of several business days while their support team manually reconciles the payment.
GIRO Transfer
GIRO (General Interbank Recurring Order) is the traditional interbank transfer system in Singapore. Unlike FAST, GIRO transfers are processed in batches and typically take one to two business days. GIRO is useful when FAST transfer limits are not sufficient or when you want to set up recurring transfers for dollar-cost averaging.
Speed
1-2 business days
Fee
Free
Limit
Higher than FAST
Availability
Business days only
Telegraphic Transfer (TT / Wire)
Telegraphic transfers, also known as wire transfers, are typically used for large amounts that exceed FAST limits or for international transfers. Most domestic transfers do not require a TT, but some exchanges may accept them for deposits above S$200,000. Fees range from S$20 to S$35 per transfer depending on your bank.
For most Singapore residents buying Bitcoin, FAST or PayNow will be sufficient. Wire transfers are primarily relevant for institutional investors or high-net-worth individuals making very large purchases. Consider using an exchange with an OTC desk like Independent Reserve for large orders.
Supported Banks
All major Singapore banks support FAST transfers to crypto exchanges. Here are the most commonly used banks and any specific considerations for crypto deposits:
DBS / POSB
Singapore's largest bank. Smooth FAST transfers to all major exchanges. PayNow also available. Use digibank app for fastest processing.
OCBC
Reliable FAST transfers. Some users report occasional delays during peak hours. The OCBC app supports both FAST and PayNow deposits.
UOB
Full FAST and PayNow support via UOB TMRW app. Transfer limits can be adjusted in the app under security settings.
Standard Chartered
Higher default FAST limits (S$10,000/day). Good for investors making larger regular deposits.
Tips for Smooth Bank Transfers
Always Include the Reference Code
The most common issue with bank deposits is forgetting the reference code. Without it, the exchange cannot automatically credit your account. If you forget, contact support immediately with your bank transfer receipt.
Transfer From Your Own Account
The bank account name must match your exchange account name. Third-party transfers are usually rejected for AML compliance reasons and can take weeks to refund.
Increase Your Limits Before Large Transfers
Default FAST limits are typically S$5,000 per day. Increase them through your banking app before making large deposits. Changes usually take effect within 24 hours.
Keep Transfer Receipts
Screenshot every transfer confirmation. These receipts are useful for resolving disputes and for tax record-keeping purposes.
Bank Transfer vs PayNow: Which to Choose?
For most Singapore residents, PayNow is the better choice due to its instant processing and simplicity. Use bank transfer (FAST) when:
- - Your PayNow daily limit is not sufficient
- - The exchange does not support PayNow (some international exchanges)
- - You prefer to set up recurring GIRO transfers for DCA
- - You are depositing very large amounts (S$50,000+)
Ready to Deposit and Buy?
Follow our complete step-by-step guide to buying Bitcoin in Singapore.
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