We are pleased to announce that USD bank transfers are now supported for all Singapore and International StraitsX Personal and Business accounts. Users can convert USD to USDC directly through their bank account via the StraitsX. In addition, users will also be able to redeem USDC funds back as USD via our platform.

Find out more about how to transfer in and out by watching the video below.

Transferring in your USD fund to mint USDC

1. Log in to your account and select the ‘Transfer In’ tab
2. Select ‘USDC’ as the asset to transfer in
3. Select Bank Transfer’ as the transfer method
4. Click ‘Transfer In’ to proceed.
5. A virtual account will be generated for you to transfer in USD funds. Click ‘Apply Now’ to proceed.
6. Note that the process of virtual account generation may take up to 2 days due to verification checks by our banking partner. 
7. Take note of the Transfer In instructions listed and make a SWIFT transfer from your bank’s mobile app or website.

Your inbound transfer request will take 2-5 business days to be processed and reflected in your StraitsX account dashboard. Please note that the minimum amount to transfer is USD 10. Furthermore, a transaction fee of a minimum of USD 5 is embedded for each inbound transaction. For USD bank transfers in, overseas bank accounts are accepted.‍

Transferring out your USDC fund as USD fiat to your bank account

1. Log in to your account and select the ‘Transfer Out’ tab
2. Select ‘USDC’ as the asset to transfer out
3. Select ‘Bank Transfer’ as the method of transfer
4. Select the bank account to transfer USD to
5. Input the amount of transfer
6. Click ‘Transfer Out’ to proceed
7. Confirm the recipient and transfer amount details
8. Click ‘Proceed’ to continue
9. Authenticate your outbound transfer by 2FA
10. Click ‘Verify’ to proceed.

Your outbound transfer request will take 2-3 business days to be reflected in your bank account. Please also note that a transaction fee of a minimum of USD 40 is applied for every transaction and the minimum amount of transaction is USD 100. Only Singaporean-based bank accounts are supported for outbound transfers, with International bank accounts to be supported in due time. 

Note that outbound transfers to Non-Financial institutions, also known as third-parties such as Wise, GrabPay, Razer, LiquidPay, Matchmove, and Singtel Dash etc. are also not supported at the moment. Reach out to our support team for any assistance on supported bank accounts for your transfers.‍

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Our USD Transfer Transaction Limits

An overview of transaction limits for Personal accounts:

An overview of transaction limits for Business accounts:

Our USD Transfer Fees

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An overview of our platform fees for both Personal and Business Account users:

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By supporting USD bank transfers, our team hopes to provide our users with more access to faster global transactions and opportunities to interact with other DeFi protocols.

Login or Sign Up for an account today to begin minting and redeeming stablecoins!

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