How to fund a FTX.com account with USD using DBS Remit

Introduction

Sharing my experience on how to fund a FTX.com account with USD using DBS Remit.

Why use DBS Remit? Because it is FREE to remit USD to banks in USA using DBS Remit.

FTX.com has this warning when users select to wire transfer funds in:

IMPORTANT NOTES WHEN WIRING FUNDS

The holder of the account transferring funds to FTX must match the KYC Name registered on FTX. Wires sent from a different name will result in a return with a flat fee of 75 USD for the return and a processing delay of up to two weeks.

The fear of having to pay a failed transaction fee of 75 USD got me researching on the internet how to do this correctly and unfortunately, most of the information online are obsolete.

Pre-requisites

You will need a DBS bank account. I use ‘My Account’, which is a digital Multi-Currency Account (MCA). It allows me to hold USD withdrawn from stock brokerages prior to remitting to FTX.com.

If you don’t mind using the DBS bank rates for SGD to USD conversion, any other DBS account should suffice.

Exchanging SGD for USD

Method 1. Currency exchange on DBS

DBS Remit allows you to exchange SGD for USD when submitting the remittance request.

The benefit is you can complete the currency exchange immediately. The drawback is that while the exchange rate is quite good, it is not the best.

This approach is preferable if you urgently need to fund your FTX.com account.

Method 2. Perform currency exchange on stock brokerage

Steps:

1. deposit SGD to brokerage
   • certain brokerages integrate with banks to allow customers to link their bank accounts to the brokerage. This allows for instantaneous funding.
   • Examples of brokerages operating in Singapore, along with links to sign-up benefits are listed below:
     • moomoo powered by Futu
     • Tiger Brokers
     • uSMART Securities
2. convert SGD to USD using currency conversion feature in brokerage
3. withdraw USD to DBS ‘My Account’
   • depending on the day and time that you submit the withdrawal request, this can take up to 3 days to complete.

Setting up Payee in DBS

Perform the remittance from DBS to FTX.com

Actual funding experiences

All timelines based on Singapore time (GMT+8)

[May 2022] Example 1: delayed over weekend

• Sat 7 May 2022 12:56 AM: submit request to remit USD from DBS to FTX.com

  • “We refer to your request dated 07 May for DBS Remit to UNITED STATES. We are pleased to confirm that this request has been submitted.”

• Mon 9 May 2022 3:09 PM: DBS approves request to remit USD from DBS to FTX.com

  • “We refer to your DBS Remit to UNITED STATES dated 07 May. We are pleased to confirm that the transaction was sent successfully.”

• Mon 9 May 2022 7:31 PM: FTX.com receives USD and credits into account

  • “Your fiat deposit of XXX.XX USD has been credited.”

[May 2022] Example 2: entire process completed in one weekday

• Wed 11 May 2022 11:08 AM: submit request to withdraw USD from uSMART

  • “Thank you for choosing uSMART. We have received your application for USDXXXX.XX withdrawal and are reviewing it. After approval, we will transfer to your bank account. Thank you for your patience.”

• Wed 11 May 2022 3:41 PM: uSMART approves withdrawal request and sends USD to DBS
• Wed 11 May 2022 4:21 PM: submit request to remit USD from DBS to FTX.com. Request is approved immediately by DBS

  • “We refer to your DBS Remit to UNITED STATES dated 11 May. We are pleased to confirm that the transaction was sent successfully.”

  • 

• Wed 11 May 2022 7:41 PM: FTX.com receives fund and credits into account

  • “Your fiat deposit of XXX.XX USD has been credited.”

[May 2022] Example 3: delayed over long weekend

• Fri 13 May 2022 9:51 AM: submit request to withdraw USD from uSMART
• Fri 13 May 2022 6:02 PM: uSMART approves withdrawal request and sends USD to DBS
• Tue 17 May 2022: received funds in DBS account. Delayed over long weekend. Monday was a public holiday in lieu
• Tue 17 May 2022 1:37 PM: submit request to remit USD from DBS to FTX.com. Request is approved immediately by DBS

  • “We refer to your DBS Remit to UNITED STATES dated 17 May. We are pleased to confirm that the transaction was sent successfully.”

• Tue 17 May 2022 7:24 PM: FTX.com receives fund and credits into account

  • “Your fiat deposit of XXX.XX USD has been credited.”

15 May 2022 (Sunday) was a public holiday (Vesak Day), and 16 May 2022 (Monday) was a holiday-in-lieu.

[May 2022] Example 4: super fast on a Thursday. No idea why

• Thu 26 May 2022 3:43 PM: submit request to withdraw USD from uSMART
• Thu 26 May 2022 4:24 PM: uSMART approves withdrawal request and sends USD to DBS. No idea what time funds arrived at DBS
• Thu 26 May 2022 11:14 PM: submit request to remit USD from DBS to FTX.com. Request is approved immediately by DBS

  • “We refer to your DBS Remit to UNITED STATES dated 26 May. We are pleased to confirm that the transaction was sent successfully.”

• Thu 26 May 2022 11:26 PM: FTX.com receives fund and credits into account

  • “Your fiat deposit of XXX.XX USD has been credited.”

Comparing exchange rates between DBS and some online brokerages

Date: 10 May 2022, 1:00 AM

Date: 10 May 2022, 10:00 AM

Observations:

• It appears there isn’t any meaningful difference between the exchange rates offered on the stock online brokerages.
• Some have commented that DBS offers better rates during Singapore working hours and it looks correct to me.