4 Ways To Withdraw Your Crypto From Binance To A Singapore Bank

Last updated on November 13th, 2021

You’ve decided that you want to cash out on the gains that you’ve received from buying certain altcoins on Binance. Or maybe, you may want to shift your funds out from Binance after they have been placed on the MAS Investor Alert List.

However, the problem is that Binance does not have any SGD trading pairs!

So how do you go about withdrawing your funds from Binance into a Singapore bank account?

Here are some methods you can consider:

How to withdraw your crypto from Binance to a Singaporean bank account

Here are 4 methods you can use to withdraw your crypto:

1. P2P trading
2. Selling crypto via credit card
3. Selling your crypto for a fiat currency and transferring it to your multi-currency account
4. Withdrawing crypto from Binance to an exchange that has SGD trading pairs

These methods are somewhat similar to how you can withdraw from Huobi to your bank account. Here is each of them explained in-depth:

P2P trading

You can use Binance’s P2P trading platform to sell your crypto for SGD.

You can sell these cryptocurrencies for SGD:

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

If you are currently holding an altcoin like SHIB or ADA, you will need to trade the altcoin to one of the 6 currencies mentioned above.

To start selling off your crypto, you’ll need to find a buyer on the platform.

Here are some things you can see for each buyer:

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

There are quite a few ways for you to receive SGD from the buyer, including:

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

You can view the entire process of selling USDT to SGD in this video:

Verdict

Binance 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 selling your crypto for 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 crypto for SGD each time. Once you’re sure that you can trust the buyer, you can start selling larger amounts of your crypto to him/her.

Selling crypto via credit card

Another way you can go about selling your crypto is via your credit card.

You’ll need to go to ‘Buy Crypto → Credit/Debit Card‘,

and then click on ‘Sell Crypto‘.

You will be brought to a page that allows you to sell your crypto for SGD.

However, there are a limited number of currencies you can sell using this method too.

You can sell currencies such as:

1. BTC
2. ETH
3. USDT

As such, you may need to trade your altcoin to one of these currencies to sell it for SGD.

Verdict

You may incur a lot of credit card fees when you choose this method. Furthermore, Binance does not have a fixed fee structure for this type of transaction.

As such, your bank may charge you quite a bit of fees!

While this method can be quite convenient, the fees that you pay may reduce the returns that you receive.

Selling your crypto for a fiat currency and transferring it to your multi-currency account

While Binance does not support SGD on their platform, it supports other fiat currencies such as:

1. EUR
2. GBP
3. AUD

It is possible for you to sell certain cryptocurrencies directly to a fiat currency like EUR.

Binance does not offer any USD trading pairs. You can only trade your crypto to a stablecoin, such as USDT, USDC or DAI.

After that, you can withdraw this fiat currency into a multi-currency account, such as Wise or the DBS Multiplier account.

You’ll need to go to ‘Wallet → Fiat and Spot‘,

go to ‘Withdraw’,

and then select ‘Withdraw Fiat‘.

You will be asked to select:

1. The currency you wish to withdraw
2. The network you would like to withdraw on

There may be some fees that you’ll incur, depending on the network.

Verdict

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

You will incur fees when sending foreign currencies to your multi-currency account. When you want to convert the foreign currency to SGD, the exchange rate will be less favourable too!

Furthermore, it may take a while before your funds reaches your bank account.

I feel that this method is too costly and time-consuming to be worth the effort.

Withdrawing crypto from Binance to an exchange that has SGD trading pairs

If you want to reduce the fees and risks that you are taking up, you can consider withdrawing your crypto to a platform with SGD trading pairs.

In this way, you are able to sell your crypto directly to SGD, and then withdraw from that platform via Xfers.

However, this method can be rather complicated. Here are some of the steps you’ll need to do:

1. Sell your crypto to USDT
2. Buy XRP / LTC / XLM / BCH from USDT
3. Withdraw XRP / LTC / XLM / BCH from Binance to a crypto exchange with SGD trading pairs
4. Sell XRP / LTC / XLM / BCH for SGD on that exchange
5. Withdraw SGD from that exchange to Xfers
6. Withdraw from Xfers to your bank account (depends on exchange)

Here is a further explanation of this method:

Which crypto should I be withdrawing?

These are the fees that Binance charges you for withdrawing some currencies from their platform:

Currency	Minimum Withdrawal	Withdrawal Fee
BTC (BTC / SegWit)	0.001	0.0005
ETH (ERC20)	0.014	0.007
XRP	20.25	0.25
LTC	0.002	0.001
USDT (ERC20)	50	25
XLM	40	0.02
BCH (BCH)	0.002	0.00021
BCH (ERC20)	0.08	0.04

Based on the current fees, the currencies that you can withdraw with the lowest fees are:

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

It would be best if you do not withdraw either BTC or ETH. The withdrawal fees are really high, and it will really eat into your returns!

This also means that you’ll need to make 2 trades.

For example, you may be currently holding ADA, and you want to cash it out for SGD.

You’ll have to make these 2 trades:

1. ADA to USDT (you can also choose BTC or ETH)
2. USDT to XLM / XRP / LTC / BCH

I would prefer to use USDT when trading to XLM / XRP / LTC / BCH. This is because USDT is much less volatile compared to BTC or ETH!

Withdrawing XLM / XRP / LTC / BCH from Binance

Once you’ve received the currency (XLM / XRP / LTC / BCH), you will then be able to withdraw your crypto to another exchange that has a SGD trading pair.

You will need to go to ‘Wallet → Fiat / Spot‘,

And then click on ‘Withdraw‘.

You will need to choose the currency you wish to withdraw,

as well as the network that you want to withdraw your crypto on.

It is very important that you select the correct network! I believe that most crypto exchanges in Singapore do not support the BNB or BSC networks.

It would be best if you double check which network the crypto exchange supports.

If you send your crypto via an unsupported network, your crypto will be lost forever!

You’ll also need to double check the address that you’re sending your crypto to.

You can check out my guide on how to transfer crypto from Binance to Coinhako to find out more.

Which platforms should I withdraw my crypto to?

There are a few crypto exchanges that you can consider sending your crypto to:

1. Zipmex
2. Gemini
3. Luno
4. Coinhako
5. Coinut
6. Tokenize
7. Crypto.com (App)
8. Binance Singapore

Here are the fees that you’ll incur when trading on each platform:

Platform	Trading Fee	SGD Withdrawal Fee
Zipmex	0.2%	SGD 5
Gemini	From 1.49% (Exchange) Up to 0.35% (Active Trader)	None
Luno	1% (Instant Sell) Up to 0.1% (Exchange)	None
Coinhako	1%	SGD 2
Coinut	Up to 0.5%	0.55% (Min SGD 1)
Tokenize	0.8% – 1% (Min SGD 1)	0.55%
Crypto.com (App)	None (but spread may be high)	0.4%
Binance Singapore	0.6%	None

You’ll need to consider the currencies that each platform supports too! For example, some of the platforms may not support XRP, such as Gemini.

For both Luno and Gemini, there are 2 ways that you can sell your crypto:

1. Instant Sell
2. Trading platform

You should use either trading platform instead of the Instant Buy feature to sell off your crypto. This is because both trading platforms charge lower fees!

Verdict

This method is definitely the most tedious, as there are many steps that you’ll need to do.

However, it can help you save quite a bit of fees if you are willing to go through the hassle!

I believe that this method would be the most suitable way of selling your crypto if you are not comfortable with P2P trading.

Am I able to transfer money from Binance to Xfers?

There is no possible method for you to link your Binance account to Xfers. You can only link your Binance Singapore account to Xfers, as Binance Singapore is a separate platform from Binance.

Binance (International) does not support SGD deposits, and neither does it allow you to link your Xfers account to the platform.

However, Binance Singapore does have Xfers support, and you can transfer SGD into this platform. This is because Binance Singapore is a separate entity from Binance (International).

If you are confused, you can read my comparison of Binance and Binance Singapore to find out what are the differences between these platforms.

Can I still withdraw from Binance (International) in Singapore?

The recent MAS ruling on Binance has prevented any Spot trading or P2P trades using SGD on their platform. However, it is still possible for you to withdraw any cryptocurrencies that you still have in your Binance account to another platform.

Although you can’t trade on the Binance platform, it is still possible for you to use certain features such as withdrawing your cryptocurrencies.

I have made a few cryptocurrency withdrawals to another platform, and there were no issues so far!

Conclusion

You may have been so focused on buying crypto from Binance, until you did not consider how you should be withdrawing your crypto.

This may be a similar dilemma when you’re trying to withdraw from Coinbase, as it does not have SGD support!

However, it is rather straightforward, and it is sort of the opposite of depositing your funds into Binance from Singapore.

You should try to decide on a way that you’re most comfortable with to cash out your crypto from Binance.

It is important to have this strategy, especially when you intend to take your profits!

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