When it comes to accessing the crypto-economy, there are a couple things that everyone should consider: which cryptocurrency exchange in Singapore to use, what crypto are available on said exchange, and how secure the exchange is. Absolute newbies can always rely on the various guides online to get started, but even the best guides can sometimes overlook some important aspects — one of the more underappreciated features is the ease of deposits and withdrawals of funds.
Think about it — it’s the process that starts and ends your crypto trading journey, so it really should be more of a consideration. While we’ve made it super convenient for our users with our different payment methods, we thought we’d revisit the good ol’ reliable bank transfers, a.k.a FAST.
What is FAST?
FAST stands for Fast And Secure Transfers, an electronic funds transfer service that enables customers of the participating banks to transfer funds (in SGD) from one bank to another in Singapore almost instantly.
FAST can be used for interbank funds transfers of up to $200,000 per transaction, depending on daily or monthly withdrawal limits. It’s available completely free of charge.
Are there any requirements to using FAST?
While FAST is available to you 24 hours a day, 7 days a week, do make sure that you take note of the following:
- Both you and the recipient should each have savings or current account at one of the FAST participating banks
- FAST only applies to local fund transfers
- FAST may not be available at all banks; check if your bank supports FAST before making any transfers
How do I make a deposit using FAST?
Before you get ahead of yourself, there are a couple of things you should take note of:
- Avoid including words like Bitcoin/Cryptocurrency/Coinhako when transferring
- Do not transfer funds using a bank account that does not match the name on your submitted identity document or
- Do not make GIRO/ATM, or over-the-counter transfers
Now that you know what to expect, depositing into your Coinhako using FAST can be done in a few simple steps:
- Select the Deposit option on your Superwallet page
- Copy the deposit information from the pasting it into banking app
- Complete your transfer
- Now you're ready to trade crypto in Singapore!
For more detailed instructions on how to deposit, or if you need help with using the bank apps, you can check out our knowledge base article here
How do I withdraw money using FAST?
You’ll be happy to hear that the withdrawal process is as simple and fuss-free as depositing, but as usual, here are a couple things you should look out for:
- Two Factor Authentication (2FA) has to be be set up before withdrawals are allowed
- Your bank account as to be added to your Coinhako account before you can withdraw
- You can only withdraw funds to bank accounts tied to your name
- Daily withdrawal limits (varies person to person)
Once you’re ready, you should be able to withdraw your funds in a few steps:
- Select the Withdraw option on your Superwallet page
- Select bank account you wish to withdraw to
- Enter the withdrawal amount
- Complete the withdrawal
Other ways to deposit on Coinhako
There are a couple of other ways you can deposit your funds to Coinhako. Users can fund their wallets and purchase cryptocurrencies in Singapore with any of the following options:
- Credit/Debit card
Disclaimer: All writers’ opinions are their own and do not constitute financial advice. As a company, we do our best to provide information that is accurate and valuable. The contents of this blog post are intended for educational purposes only. Individuals are advised to perform due diligence before purchasing any cryptocurrencies as these assets are subject to high volatility, and understand the risks associated with trading cryptocurrencies.