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How to buy cryptocurrency with your bank account

Read our step-by-step guide to buying bitcoin and other digital currencies with a bank transfer.

If you want to buy cryptocurrency with Singapore dollars, using a crypto exchange that accepts bank transfers can be one of the cheapest and most convenient solutions. But if you’re new to cryptocurrency, it can be tough knowing where to get started.

Read on for a list of which exchanges accept bank transfers and how you can buy crypto with your bank account.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy cryptocurrency with a bank transfer

1 - 20 of 31
Name Product Deposit methods Fiat Currencies Cryptocurrencies
FTX Cryptocurrency Exchange
Credit card, Wire transfer, Silvergate Exchange Network (SEN), Signature SIGNET
USD,EUR,GBP,AUD,HKD,SGD,TRY,ZAR,CAD,CHF,BRL

260
cryptocurrencies

Sign up through Finder for a 5% discount on all trading fees. T&Cs apply.
FTX is an exchange built by traders for traders, with a range of derivatives markets such as options and futures with deep leverage, in addition to standard spot markets. Note: Not available for US customers.
Independent Reserve Exchange
Xfers, SWIFT
SGD, USD, AUD, NZD

10
cryptocurrencies

Instantly deposit SGD via Xfers and buy Bitcoin today. Established in 2013 Independent Reserve is one of APAC’s most trusted exchanges.
OSL Cryptocurrency Exchange
Bank Wire, Signet transfer
SGD, USD, AUD, HKD, EUR

19
cryptocurrencies

Access prime brokerage, custody, exchange and SaaS services with this institutional digital asset trading platform.
Tokenize Xchange
Bank transfer, Xfers
SGD

66
cryptocurrencies

FINDER EXCLUSIVE: Get 2 TKX when you sign up and deposit a minimum of 500 SGD. T&Cs apply.
Trade 70+ cryptocurrencies with SGD and earn interest by staking coins on this robust platform.
Changelly Crypto-to-Crypto Exchange
Credit card, Cryptocurrency
USD, GBP, EUR, CAD, MXN, HKD, RUB, NZD, SGD, JPY & 40+ more

156
cryptocurrencies

Access competitive crypto-to-crypto exchange rates for 150+ cryptocurrencies on this global exchange.
OKX Cryptocurrency Exchange
Bank transfer, Cryptocurrency, iDEAL, PayPal, POLi, SEPA, Faster Payments (FPS)
USD, CNY, EUR, ARS, AUD, BGN, BRL, CAD, CHF, COP & 20+ more

307
cryptocurrencies

Earn US$10 in BTC when you refer a friend and they purchase $100 of cryptocurrency. T&Cs apply.
Listing over 290 cryptocurrencies, OKX offers its users a variety of payment methods and coins to choose from.
Okcoin Cryptocurrency Exchange
Okcoin Cryptocurrency Exchange
Bank transfer (ACH), Epay, Credit or Debit Card, SEPA, Prime X
USD, EUR, SGD

69
cryptocurrencies

Get $50 worth of BTC when you buy $3000 or more in crypto.
Buy, sell and earn cryptocurrency with this user-friendly exchange and smartphone app.
Kriptomat Cryptocurrency Exchange
Kriptomat Cryptocurrency Exchange
Credit card, Neteller, SOFORT, Skrill, SEPA
EUR, USD, GBP, BGN, HRK, CZK, HUF, PLN, SEK, TRY

333
cryptocurrencies

Finder Exclusive: Sign up with code FINDER15 and get EUR 15 in BTC the first time you spend over EUR 100. T&Cs apply.
Buy a large selection of cryptocurrencies instantly via credit card or bank account after registering. Store your crypto conveniently in Kriptomat's multi-currency wallet.
AAX Cryptocurrency Exchange
AAX Cryptocurrency Exchange
Alipay, Bank transfer, Cash, Neteller, PayPal, Qiwi, WeChat, Western Union, UPI, IMPS, Paytm, Faster Payments (FPS), PayNow, Swish, Payme, SWIFT
AUD, CAD, CNH, CHF, EUR, GBP, HKD, NZD, SGD, USD

111
cryptocurrencies

Get 50 USDT when you sign up through Finder, make USD 10k+ trades and deposit USD 500 worth of crypto. T&Cs apply.
Make fast transactions including spot, futures and P2P trading with this cryptocurrency exchange.
KuCoin Cryptocurrency Exchange
Cryptocurrency, PayPal, Wire transfer, Credit or Debit Card, SEPA
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

576
cryptocurrencies

Finder exclusive: Sign up and use code 1xf56 for one month of VIP 1 benefits. Deposit/transfer more than 0.1 BTC to KuCoin within 7 days of registration for 1 month of VIP 2 benefits. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Wirex Cryptocurrency Exchange
Wirex Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card
USD, SGD, AUD, NZD, JPY, HKD, EUR, GBP & 3+ more

9
cryptocurrencies

Get a Welcome Bonus of USD 15 in WXT when you sign up with Wirex through Finder. T&Cs apply.
Spend a range of cryptocurrencies anywhere Visa is accepted with the Wirex Crypto Card and earn rewards.
Bittrex Global
Bank transfer, Credit card, Cryptocurrency, Debit card
USD

288
cryptocurrencies

Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
Paxful P2P Cryptocurrency Marketplace
Bank transfer, Cash, Cryptocurrency, PayPal, Credit or Debit Card, Payoneer
DZD, XCD, ARS, AMD, AWG, AUD, AZN, BSD, BHD, BDT & 140+ more

3
cryptocurrencies

Connect with bitcoin buyers and sellers through this peer-to-peer marketplace that accepts cash, credit and more than 300 other payment methods.
Paybis Cryptocurrency Exchange
Bank transfer, Cryptocurrency, Neteller, Skrill, Credit or Debit Card
EUR, GBP, USD, AUD, CAD, PHP, SGD, CHF, HKD, JPY & 30+ more

405
cryptocurrencies

Buy Bitcoin and other popular cryptocurrencies with credit card or debit card on this digital cryptocurrency exchange.

US residents: Restricted in the following states - NY, CT, NM, WA, HI, AL, VT, FL, AK, NV.
Luno Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, PayID, SEPA
AUD, EUR, GBP, IDR, MYR, NGN, ZAR, SGD, UGX, ZMW

6
cryptocurrencies

A cryptocurrency exchange where you can buy BTC, ETH, BCH & XRP through bank transfer, credit card and more.
CEX.IO Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, SEPA, Faster Payments (FPS), SWIFT
USD, EUR, GBP, RUB

22
cryptocurrencies

Disclaimer: Highly volatile investment product. Your capital is at risk.
Use your USD, EUR or RUB to buy and sell cryptocurrency at competitive exchange rates and with high maximums for verified accounts.
Coinbase Digital Currency Exchange
Bank transfer (ACH), Credit card, Debit card, PayPal, Bank transfer (SEPA)
USD, EUR, GBP, CAD, MXN, HRK, CZK, DKK, CLP, BGN & 10+ more

168
cryptocurrencies

Get £5 free with your first trade. T&Cs apply.
Buy and sell major cryptocurrencies on one of the world's most renowned cryptocurrency exchanges.
Bitfinex Professional Trading Exchange
Credit card, Cryptocurrency, Bank Wire
USD, EUR, GBP, JPY

190
cryptocurrencies

Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
Coinmama Cryptocurrency Marketplace
Fedwire, SEPA, Google Pay, SWIFT, Bank card
USD, EUR, AUD, CAD, GBP, JPY

10
cryptocurrencies

Founded in 2013, CoinMama lets you buy and sell popular cryptos with a range of payment options and quick delivery.
Liquid Cryptocurrency Exchange & Margin Trading
Bank transfer, SEPA
USD, JPY, EUR, SGD, AUD, HKD

133
cryptocurrencies

Promo: Get 10% off your trading fees. T&Cs apply.
Disclaimer: Highly volatile investment product. Your capital is at risk.
Liquid is a unified, globally-sourced trading platform that bridges the worlds of fiat and crypto.
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Compare up to 4 providers

Bank account payment methods

There are three ways you can buy crypto with your bank account:

  • Bank transfer. Bank transfers are usually free and offer a simple way to deposit funds – just enter the exchange’s bank account details from your financial institution’s Internet banking portal like you would for any other payment. However, these transfers can take one to two business days to arrive.
  • eNETS. An online payments service provider in Singapore, eNETS is an integrated payment gateway that accepts multiple payment options and supported by most of the local banks.
  • GIRO. Most Singaporeans will be quite familiar with this automatic payment system, which makes it easy to send payments to registered billers. GIRO transfers can take up to three business days to clear.

Depending on the exchange you choose, the exchange may support one, two or even all three of these payment methods.

Quick guide to buying bitcoin with your bank account

  1. Register for an account with an exchange like Coinhako.
  2. Click “Deposit SGD” from your account dashboard.
  3. Enter the amount of SGD you wish to deposit and transfer funds via Xfers.
  4. Confirm payment.
  5. Scroll to “Buy/Sell”.
  6. Search for bitcoin and click on “Buy BTC”.
  7. Enter the amount of BTC you want to buy or the amount of SGD you want to spend.
  8. Review transaction details.
  9. Click “Buy BTC”.

This is our quick guide to just one way to buy with a bank transfer.
Compare some other options in the table below.

How to buy cryptocurrency with your bank account

Buying crypto with your bank account is actually quite easy. To show you how to do it, let’s look at an example of how to buy bitcoin (BTC) with Singapore dollars.

Choosing the right exchange

There are a number of platforms to choose from when purchasing crypto with your bank account, so compare your options to see how each exchange performs across a range of key areas:

  • Bank account payment methods. How can you send SGD to the exchange from your bank account: bank transfer, eNets Payments and/or GIRO transaction?
  • Fees. How much will it cost you to complete your transaction? Remember to also consider the trading fees the exchange charges.
  • Transaction limits. Are there any minimum or maximum limits on the amount of crypto you can purchase? When you want to transfer the crypto you purchase away from the exchange, what is the minimum withdrawal limit?
  • Processing times. How long will it take for you to complete your crypto purchase from start to finish? For example, while Xfers transfers usually clear instantly, bank transfers can take one to two business days.
  • Supported cryptocurrencies. Which cryptocurrencies can you purchase directly with SGD? Some platforms will only provide access to one or two popular digital currencies while others will offer a much wider range.
  • Ease of use. Does the platform have a simple and intuitive user interface that you can navigate without any problems?
  • Sign up and verification. What information and documentation will you need to provide to register for an account? How long does the verification process take?
  • Security features. What protective measures are in place to ensure the security of your funds? For example, does the platform support 2-factor authentication? Where are your funds stored? Has the exchange ever been hacked?
  • Customer support. How can you contact the customer support team? What contact methods are supported and during what hours is the team available? Is there an online help centre where you can easily find solutions to a range of common problems?
  • Reputation. Check out online forums and reviews to gauge what level of community trust the platform has. Would other users recommend it?

Answering these questions should help you narrow down your choices and find a platform that will work for you.

Compare exchanges now

How to store your crypto

If you want to store your newly acquired crypto coins on the exchange where you bought them, you can. However, this is not recommended for a couple of reasons:

  • You don’t control your private keys, the exchange does
  • Exchanges are frequently targeted by hackers and there have been numerous incidences of security breaches

With this in mind, the safest course of action is to move your digital coins into a secure wallet that allows you to retain control of your private keys. From desktop and mobile wallets to online and hardware wallets, there are plenty of options to choose from. Make sure you do your research before picking one that’s right for you.

Find out more about choosing a cryptocurrency wallet.

Is it safe to buy crypto using a bank account?

Buying crypto with a bank account offers a safe and secure way to exchange SGD for digital currency, but only if you’re certain you’re dealing with a reputable exchange provider. With this in mind, it’s essential that you thoroughly research the credentials of any platform before transferring any funds.

You’ll need to find out the following:

  • Who are the people behind the platform?
  • Where is it based?
  • How is it regulated and is it properly licensed?
  • How long has it been in business?

Of course, if you plan on buying cryptocurrency from someone through a peer-to-peer platform, you’ll need to be certain you’re dealing with a reputable seller before transferring any funds. This is why it’s a good idea to set up the trade through a marketplace that uses some sort of reputation system and has security measures in place to protect against fraud.

From a broader point of view, you should also be fully aware of the risks associated with buying cryptocurrency before you make a purchase. Cryptocurrencies are complicated and volatile assets, so there’s a risk of losing some or all of the money you spend.

Pros and cons

Pros

  • Buy crypto directly with SGD
  • Relatively simple process
  • Cheaper than buying with a credit card
  • Suitable for beginners looking to get their hands on some digital currency

Cons

  • Bank transfers can take several business days to process
  • Only a limited selection of altcoins can be purchased with SGD – many digital currencies can only be exchanged for other cryptocurrencies
  • Fiat-to-crypto trades usually attract higher fees than crypto-to-crypto trades

Next steps

If you want to buy crypto with your bank account, the first thing you need to do is start comparing a range of cryptocurrency exchanges. Compare their features, accepted payment methods, transaction limits, fees and level of community trust to find a platform that’s right for your needs.

Compare exchanges now


FAQs

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Images: Shutterstock

Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.

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