The Ultimate Guide To Using Xfers For Crypto Purchases

Xfers Ultimate Guide

If you want to buy cryptocurrency in Singapore, you may have heard of Xfers.

This company has partnered with many crypto exchanges in Singapore. As such, they are the main way you can use SGD in these exchanges to purchase crypto.

So what exactly is Xfers, and how can you use it to purchase crypto?

Here’s what you need to know:

What is Xfers?

Xfers is a payment solutions provider for businesses to automate bank transfer payments in Singapore. They also have StraitsX, which is a payment infrastructure for Digital Assets like cryptocurrencies. You are able to have both a Digital Goods Wallet and a General Wallet on their platform.

Xfers was mainly started to unify banking systems across Southeast Asia. However, they have started to provide payment solutions for cryptocurrencies as well!

Xfers is one of the main ways that you can use SGD to purchase cryptocurrencies on the different crypto exchanges.

What is the Xfers Digital Goods Wallet?

The Xfers Digital Goods Wallet is a wallet to be used for digital products. This allows you to transfer either SGD or XSGD to the different crypto exchanges in Singapore.

Most crypto exchanges do not allow you to directly transfer your SGD to their platform via FAST.

Instead, you would need to go through Xfers’ Digital Goods Wallet first. You will then be able to purchase cryptocurrencies using SGD.

As such, Xfers acts like the middleman between your bank account and the crypto exchange.

To start using Xfers, you’ll need to deposit your funds into your Digital Goods Wallet.

How to deposit SGD into Xfers

Here’s what you need to do to deposit your SGD into Xfers:

  1. Go to ‘My Account’
  2. Add a bank account in your own name
  3. Go to ‘Digital Goods Wallet → Deposit’
  4. Select ‘Digital Goods Wallet’ as your deposit destination
  5. Select your bank account and enter the amount to transfer
  6. Go to your bank app and add the details

#1 Go to ‘My Account’

To start depositing money into your Xfers account, you’ll need to link a bank account first.

You’ll need to go to ‘My Account‘ in the Xfers dashboard.

Xfers My Account

#2 Add a bank account in your own name

You’ll need to click the ‘Add New‘ button to add your first account.

Xfers Add New Bank Account

After that, you’ll need to enter the details of your bank account.

Xfers Add Bank Account Details

Make sure to add one that is under your own name!

#3 Go to ‘Digital Goods Wallet → Deposit’

Once you’ve linked your bank account, you’ll need to go back to the Xfers dashboard.

There, you’ll see the Digital Goods Wallet, which is the wallet you’ll use to deposit your funds to a crypto exchange.

Xfers Deposit Digital Goods Wallet

#4 Select ‘Digital Goods Wallet’ as your deposit destination

You’ll be brought to another page, where you’ll need to select Digital Goods Wallet as your deposit destination.

Xfers Deposit Into Digital Goods Wallet

#5 Select your bank account and enter the amount to transfer

After that, you’ll need to select the bank account that you’re depositing from, and the amount.

Xfers Deposit Amount

When you are depositing your funds into Xfers, make sure that you use your linked bank account!

#6 Go to your bank app and add the details

You will be shown certain instructions to deposit your funds into Xfers.

Xfers Bank Account Details

You’ll need to add Xfers’ bank account as a payee, and transfer the funds via FAST.

Once you have transferred, it will take a few minutes for Xfers to process your request.

The funds will be credited into your Xfers wallet once it is done.

Xfers Deposit Confirmed

How to withdraw from Xfers

Here’s what you need to do to withdraw your funds from Xfers:

  1. Go to ‘Digital Goods Wallet → Withdraw’
  2. Select the wallet you wish to withdraw from
  3. Select your bank account and amount to withdraw
  4. Confirm the transaction

#1 Go to ‘Digital Goods Wallet → Withdraw’

You may have sold some of your funds from your crypto wallet back into your Digital Goods Wallet.

Just like depositing your funds into Xfers, you’ll need to go to your Digital Goods Wallet.

Xfers Digital Goods Wallet Withdraw

#2 Select the wallet you wish to withdraw from

Just like before, you’ll need to select the wallet you wish to withdraw from.

Xfers Digital Goods Wallet Withdraw 2

In this case, it will be from your Digital Goods Wallet.

#3 Select your bank account and amount to withdraw

You’ll need to select the bank account you wish to withdraw too, as well as the amount.

Xfers Select Amount To Withdraw

#4 Confirm the transaction

After entering all of the details, you’ll need to confirm your transaction.

Xfers Withdrawal Confirmation

The funds will take up to 1 day to be transferred to your bank account.

Xfers 1 Business Day For Withdrawal 1

Are there any fees when using Xfers?

Xfers does not charge any fee for topping up or withdrawing from your personal wallet. However, you may be charged a 1% admin fee if you fail to follow the top-up instructions to your wallet.

Even though Xfers acts as the middleman for most crypto exchanges, they do not charge any fees for processing your transfers.

However, you may incur a 1% admin fee if you do not follow the instructions to deposit funds into your wallet.

Xfers Admin Fee

To avoid any errors, here are some things you’ll need to take note of:

  1. Xfers’ bank account number
  2. Transferring from your linked account with Xfers

If not, you may incur an unnecessary fee!

What are the deposit and withdrawal limits for Xfers?

Xfers has a combined holding limit of $5,000 (Digital Goods Wallet + General Wallet), an annual spending limit of $30,000, and a daily withdrawal limit of $10,000.

There is no deposit limit on your Xfers account. However, the combined amount you have with Xfers cannot exceed $5,000 after you deposit more funds into Xfers.

For example, you may have $4,950 in your Xfers account. You can only deposit up to $50 into your account.

If not, the excess cash will be placed in your Temporary Holding Balance. You can only withdraw the amount that you have inside this account to your linked bank account.

Which crypto exchanges have Xfers support?

Here are 6 crypto exchanges that offer Xfers support to transfer your SGD:

  1. Coinhako
  2. Gemini
  4. Luno
  5. Tokenize
  6. Binance Singapore

Here are the options explained one by one:

#1 Coinhako

Coinhako allows you to deposit your money via Xfers Direct Charge. However, you will be charged a 0.55% fee for each deposit by Xfers.

Instead, you can directly transfer your SGD to Coinhako via FAST.

Coinhako FAST Transfer

There is no deposit fee when you transfer your SGD via FAST.

As such, this method will help you to save on unnecessary fees!

#2 Gemini

Gemini is the most convenient as you’ll just need to transfer your SGD to Xfers. Once the transaction is approved, it will be sent immediately to your Gemini account.

Gemini Received Deposit

You are able to start purchasing crypto immediately on Gemini.


For, you are able to instantly buy your crypto from your fiat wallet. This fiat wallet is directly linked to your Xfers Digital Goods Wallet. Buy Ethereum From Xfers

However, you are only limited to buying 8 different currencies directly from your SGD:

  1. BTC
  2. ETH
  3. BCH
  4. LTC
  5. XRP
  6. CRO
  7. BNB
  8. XSGD

If you want to buy other currencies like DOGE or ADA, you’ll need to make at least 2 trades.

Moreover, charges a 0.4% fee if you want to sell any of these 8 currencies back to Xfers.

This is an extra fee that you’ll need to consider when you want to sell your crypto!

#4 Luno

Buying crypto on Luno may be a little bit more troublesome.

This is because you’ll need to transfer your funds from your Xfers wallet to your Luno wallet.

Luno Deposit SGD From Xfers

Compared to the other exchanges, you will need to do 2 steps:

  1. Transfer SGD from your bank account to Xfers
  2. Transfer SGD from Xfers to Luno

It may be slightly more troublesome. However, Luno’s Exchange platform has one of the lowest fees (0.10%), which is something that you may want to consider.

#5 Tokenize

Tokenize requires you to deposit your funds from Xfers into your SGD wallet.

Tokenize Deposit Via Xfers

You will incur a 0.55% fee for every deposit or withdrawal that you make. This is pretty steep compared to other exchanges.

However, Tokenize does provide the highest number of trading pairs with SGD. You are able to trade 30 different cryptocurrencies from SGD alone.

Tokenize Number Of Cryptocurrencies From SGD

If you want greater access to more currencies, Tokenize might just be worth the fees.

#6 Binance Singapore

Binance Singapore is a different platform compared to Binance.

It was built to comply with the regulations set out by the Monetary Authority of Singapore (MAS).

You are able to buy cryptocurrencies directly from your Xfers Digital Goods Wallet.

Binance Singapore Buy ETH

This method is similar to

You can consider Coinut which allows direct FAST transfers

Besides Coinhako, Coinut is another exchange that allows you to transfer funds immediately via FAST.

Coinut Deposit FAST Transfer

This means that you do not need to go through Xfers as your middleman!

If you just prefer to do FAST transfers, Coinut may be something you can consider. However, the minimum amount that you can deposit into Coinut is $100.

Xfers no longer has Coinbase support

Before May 2018, you were able to use Xfers to deposit your funds into Coinbase. However, Coinbase paused their integration with Xfers, possibly due to regulation issues. The only way that you can purchase crypto on Coinbase from Singapore is via a debit or credit card.

Coinbase is one of the largest crypto exchanges in the world. However, they no longer support Xfers, which means that you can’t deposit your SGD into your account.

This also means that you can’t sell your cryptocurrencies on Coinbase, and withdraw SGD from the platform!

You can check out my guide on how you can withdraw and sell the crypto that you have with Coinbase.

Is Xfers safe?

Xfers obtained the Major Payment Institution Licence from the Monetary Authority of Singapore (MAS) in 2020. This allows them to provide payment services in Singapore in a safe and regulated way.

With this licence, Xfers is also regulated under the Payment Services Act. This Act helps to regulate the growing FinTech and crypto spaces.

Since they have received rather strong support from the MAS, I believe that Xfers is a platform that you can trust your money with.


Xfers has evolved from a payment solutions provider to become a gateway towards trading crypto.

Most exchanges use them as a middleman. So if you’re looking at buying some crypto, you may want to consider signing up for an account.

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