How To Transfer To Binance (International) From Singapore

Last updated on September 23rd, 2021

Binance has one of the largest offerings of cryptocurrencies for any crypto exchange.

If you are looking to buy a ‘rare altcoin’, it will definitely be one of the places you should consider.

However, Binance does not support SGD fiat deposits to their platform. So how do you go about transferring cryptocurrencies to Binance from Singapore?

Here’s what you need to know:

Does Binance support SGD?

Binance (International) does not support fiat deposits in SGD into their platform. You are only able to deposit fiat currencies like AUD or HKD, as well as another cryptocurrency.

If you go to the ‘Deposit Fiat‘ page on Binance, you may realise that there is no SGD option available.

This means that you can’t directly transfer SGD from your bank account to Binance.

However, there are some alternative methods that you can try to buy cryptocurrencies on Binance.

How to transfer to Binance from Singapore

Here are 5 methods you can consider when transferring to Binance from Singapore:

1. P2P trading
2. Buying crypto via credit card
3. Transferring a fiat currency that is supported by Binance
4. Buying BTC or ETH from Gemini and sending to Binance
5. Buying crypto from a platform that supports SGD and sending to Binance

Here is each method explained in-depth:

#1 P2P trading

Binance has a P2P trading platform, which allows you to buy crypto directly from SGD.

You are able to buy these currencies from a seller:

You can sell these cryptocurrencies for SGD:

1. USDT
2. BTC
3. BUSD
4. BNB
5. ETH
6. DAI

If you want to buy other currencies like SHIB or ADA, you will need to buy one of these 6 currencies from SGD first. After that, you can trade that cryptocurrency to the altcoin that you wish to buy.

To start buying crypto, you’ll need to find a seller on the platform.

Here are some things you can see for each seller:

1. The price in SGD that the seller will pay
2. The minimum and maximum amount of SGD you can buy from the seller
3. The method of payment that will be used to transfer SGD to you

There are quite a few ways for you to send SGD from the seller, including:

1. Bank transfer
2. PayNow
3. PayLah
4. Google Pay

Verdict

Binance P2P does not charge any fees for using their P2P platform. This will help you to save on the transaction fees that you may incur!

However, there are 2 main drawbacks with this method:

1. You can’t control the conversion rates between the crypto and SGD
2. There may still be scammers that are present on the platform

Binance claims to have very high standards for advertisers that are listed on their platform. However, there is a limit to how much they can regulate these advertisers.

Using Binance’s P2P platform is a hassle-free way of buying crypto from SGD. However, it is still risky as there may still be some scammers!

If you intend to use the P2P platform, I would suggest trading small amounts of your SGD for crypto each time. Once you’re sure that you can trust the seller, you can start sending larger amounts of SGD to him/her.

#2 Buying crypto via credit card

You are able to buy some cryptocurrencies using SGD on Binance. You’ll need to go to ‘Buy Crypto → Credit/Debit Card‘.

This will bring you to the buy crypto from credit card page.

However, you can only buy these 7 cryptocurrencies:

1. BNB
2. BTC
3. BUSD
4. ETH
5. USDT
6. XRP
7. ZIL

Furthermore, you may incur quite a hefty fee for each trade you make, which could add up to 1%.

Verdict

This method is the fastest and most direct way of buying cryptocurrencies on Binance from SGD. However, it may also be the most expensive.

Furthermore, there is not much variety in the cryptocurrencies that you can buy directly from your credit card.

I believe that using your credit card to buy cryptocurrencies should only be done as a last resort. They are usually the most expensive method to buy the tokens of your choice!

#3 Transferring a fiat currency that is supported by Binance

While Binance does not support SGD fiat deposits, you can deposit other fiat currencies like:

• AUD
• HKD
• EUR

Binance currently does not support USD deposits after Silvergate cut their ties with them.

For example, you can deposit EUR into your Binance account via Bank Transfer (SEPA).

You can consider depositing your currency from a multi-currency account, such as Wise or the DBS Multiplier account.

To find this option, you’ll need to go to ‘Wallet → Fiat and Spot‘,

and then click on ‘Deposit’.

You will need to select:

• The currency you wish to deposit
• The network you would like to use to deposit

After depositing your fiat currency into Binance, you can start using that fiat currency to buy cryptocurrencies!

However, you’ll need to make sure that the cryptocurrency that you want to buy has a trading pair with the fiat currency you’ve deposited!

Verdict

Binance does not support SGD fiat deposits, so this method is rather limited.

You will incur fees when sending foreign currencies from your multi-currency account into Binance. If you’re converting SGD to a foreign currency, the exchange rate will be less favourable too!

When taking into account all the fees that you incur, it may not be such an ideal method after all!

#4 Buying BTC or ETH from Gemini and sending to Binance

You may not be able to buy a certain cryptocurrency directly from SGD. In this case, you’ll need to buy one cryptocurrency on one of the exchanges with SGD trading pairs.

After that, you’ll need to this cryptocurrency to Binance. You can use this currency to trade for the currency you wish to own.

Gemini is one of the crypto exchanges that you can use from Singapore. One of its main advantages is that you are able to make 10 free withdrawals per month.

This really helps to save on the withdrawal fees that you’ll incur if you use other platforms!

Furthermore, Gemini’s trading fees are not too high as well. If you use the Active Trader platform, you’ll only incur a trading fee of up to 0.35%.

However, you are only limited to BTC or ETH when you buy from Gemini.

This is also advantageous as BTC and ETH have a lot of trading pairs with other currencies on Binance.

You can find out more on how to transfer your crypto from Gemini to Binance with my guide.

Verdict

I personally feel this is the most cost effective way to buy cryptocurrencies on Binance, as:

1. You save on the high withdrawal fees
2. You will only be charged up to 0.35% for the trade you make on Active Trader

If you don’t want to buy crypto with a foreign currency or your credit card, then this may be the best way for you to buy crypto on Binance from Singapore.

#5 Buying crypto from a platform that supports SGD and sending to Binance

If you want to use another platform apart from Gemini, there are other ways to send crypto too. However, the process may be slightly more complicated.

Some of the exchanges have different withdrawal fees, depending on the currency you’re sending.

The ones that usually have the cheaper withdrawal fees include currencies like:

1. XLM
2. LTC
3. XRP
4. BCH

For example, here are the withdrawal fees for the cryptocurrencies on Coinhako:

Currency	Withdrawal Fee
XRP	0.01
LTC	0.001
BCH	0.00005
XLM	0.1

Most of these only cost a few cents in SGD!

These 4 currencies can be found in the following crypto exchanges:

Platform	Number of Currencies	Trading Fees
Zipmex	3	0.2%
Gemini	1	From 1.49% (Exchange)  Up to 0.35% (Active Trader)
Luno	2	1% (Instant Sell)  Up to 0.1% (Exchange)
Coinhako	4	1%
Coinut	1	Up to 0.5%
Tokenize	4	0.8% – 1% (Min SGD 1)
Crypto.com (App)	4	None (but spread may be high)
Binance Singapore	2	0.6%

However, after you send this currency to Binance, you may need to make more than 1 trade.

For example, you may want to buy DOT from the XRP you’ve transferred over. However, Binance does not have a DOT/XRP trading pair.

Instead, you’ll need to make 2 trades:

1. XRP to USDT
2. USDT to DOT

With every trade you make, you’ll be incurring some fees! All of these will reduce the returns that you receive in the end.

Verdict

This method may be more complicated and costly compared to using Gemini’s platform. I would only recommend this method if you do not wish to create an account with Gemini.

You may have to make more trades, and the trading fee may be higher than the 0.35% offered by Gemini!

Conclusion

When you are choosing the best method to buy crypto on Binance from Singapore, you’ll want to look for the cheapest and least complicated way of doing so.

Since Binance does not support SGD deposits, you can’t directly buy crypto from SGD on Binance.

As such, you can choose to use one of the methods mentioned above instead!

Once you’ve decided on the method that you wish to deposit funds to Binance, you can also consider how you would like to withdraw your funds from Binance too.

👉🏻 Referral Deals

If you are interested in signing up for any of the products mentioned above, you can check them out below!

Binance Referral (Receive 5% off your trading fees)

If you are interested in signing up for a Binance account, you can use my referral link.

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If you are interested in signing up for a Gemini account, you can use my referral link.

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Here’s what you need to do:

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If you are interested in signing up for Crypto.com, you can use my referral link and enter the code ‘x2kfzusxq6‘.

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Here’s what you need to do:

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You will need to purchase BTC using the Instant Buy function. The fees that you incur will be 0.75%.

It would be best to buy only $200 SGD worth of BTC, which only incurs you a $1.50 fee. The $30 SGD bonus will be able to offset the fee!

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Here’s what you’ll need to do:

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Once you’ve completed the 2 steps, you’ll receive 73 USDT in your account.

Tokenize Referral (Get 5 TKX worth ~ $25 SGD)

If you are interested in signing up for a Tokenize account, you can use my referral link.

You will be able to receive 5 TKX in your account (worth ~$25 SGD)!

Here’s what you need to do:

1. Sign up for a Tokenize account
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You can view details of this referral program on Tokenize’s website.

Receive a further SGD $50 worth of TKX when you upgrade to Premium

You are able to receive another SGD $50 worth of TKX if you upgrade to the Premium or Platinum membership of Tokenize.

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