How to deposit USD to BlockFi in Singapore?

Why use DBS Remit?

The main reason for using DBS Remit is it’s $0 fee transfer and the same day transfer. The transfer is done quite instantly. But it will take around a day to show on BlockFi’s account. This is more to do on BlockFi’s side rather than DBS remit.

Why deposit USD to BlockFi?

A cheaper way to buy crypto currencies from BlockFi compared to using Coinbase. Coinbase charges a 3.99% fee for credit and debit card buys. When you deposit directly to BlockFi, it is a 1:1 USD to GUSD conversion rate. You can than use this GUSD to trade with other crypto currency that you want to buy.

[Update from BlockFi 14 Jul 2021]
BlockFi will no longer allow trading between assets on BlockFi Interest Account in Singapore. We saw similar thing happened to Hodlnault where the swapping function is disabled for Singapore users. I’m guessing this must be something to do with MAS regulation.

Or you can just leave the GUSD in the BlockFi Interest Account and earn 8.6% interest. The interest rate is so much better in the crypto currency world than the Fiat currency.

Step by Step guide to deposit USD to BlockFi in Singapore

This guide assumes that you already have a BlockFi account.

If not you can sign up via this referral link. You will get USD$10 in BTC when you deposit USD$100 or more into your BlockFi Interest account.

On BlockFi Website

  • Start by initiating a Deposit from the Menu.
  • Select Currency as USD
  • Click on Via Wire
  • You should have a unique 8-digit Pin.
  • And the BlockFi’s Wire Deposit Details

Step by Step guide on setting DBS Remit to deposit USD to BlockFi in Singapore

  • Login to DBS internet banking
  • Click on Transfer -> DBS Remit and Overseas Transfer
  • Click on the + New Recipient button
  • Key in the Recipient Details as provided by BlockFi to Add Recipient
  • Once Added, click on the Transfer button
  • Enter the amount that you want to transfer
  • Remember the unique 8 digit code, when initiating a transfer, add that code to the Payment Details for Recipient and click on Next
  • Verify your details and submit

And that’s it. It will take around 1 day for the deposit to show on BlockFi’s account.

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29 thoughts on “How to deposit USD to BlockFi in Singapore?”

  1. Hi Suz, Thanks for your article!

    Since Blockfi had disabled trading so we can no longer convert GUSD to USDC, would you recommend to use Binance/Gemini to convert and send over or just deposit GUSD to earn interest? & Seems like Blockfi decreased its interest rates to 7.5%, not so attractive anymore

    Reply
    • If you want to earn higher interest, I do recommend Hodlnaut where you can earn up to 12.73% APY.
      However Hodlnaut doesn’t allow you to on-board fiat into their platform, they don’t support GUSD. If binance has the function to convert to USDC/USDT, then I will suggest to do this: Fiat -> Binance: USDC/USDT -> Hodlnaut. You can’t use Gemini because they don’t support swapping to other stablecoins.
      As always, if you need a referral to hodlnaut, you can check out my referral page 🙂

      Reply
  2. Hi,
    I dont have the trade option in my blockfi dashboard. Is trade function available to Singapore?

    Reply
    • Hi,
      yes, unfortunately it was removed for Singapore users just last week. I’ve updated the article to reflect this.

      Reply
  3. Hello, I have used DBS remit to transfer SGD 10k into Blockfi which gives me USD 7345. However, if I were to do an instant transfer back of USD 7345 into SGD, it will give me SGD 9878. In other words, the instant action of remitting over will result in a loss of SGD 122. I have calculated and it takes approximately at least 3 months of leaving the account alone to make the same yield. Is that correct? Not too sure if I have some assumptions or missed out on this understanding. Thank you!

    Reply
    • Hi,
      yea, that is the bid and ask spread for FX rates. You will see this on all platforms, so I’m not entirely sure how we can avoid this.
      And also, this couple of weeks, the USD has been strengthening against SGD. So yea, there is always this FX risk when investing in USD.

      Reply
  4. Hi,

    Any idea what will happened if lets say Blockfi is “closed down” what happens to our funds? Are we insured?

    Regards

    Reply
    • Nope, our funds are not insured.
      I think it really depends on why Blockfi “closed down”. With CeFi, there is “Not your keys, not your coins” saying.
      There is always a risk when investing in crypto. Or even in stocks. It’s just a matter of risk vs rewards.

      Reply
      • Hi Suz,

        Thank you for clarifying.

        One last question, when trying to withdraw from the mobile app it states “Invalid IBAN (Account Number)” why is that so?

        Regards
        Chen

        Reply
        • Yea it does seem to be an issue on the app. Try the web version. It should work.

          Reply
  5. Suz,
    among the stablecoins, USDC, USDT, GUSD, DAI, which is the “safest” of them all?
    since they are always pegged to the USD, but some of them their APY is slightly different.

    Reply
    • I know GUSD is pegged to 1:1 usd. So it should be the ‘safest’.
      from the site:
      The Gemini Dollar is fully backed at a one-to-one ratio with the U.S. dollar. The number of Gemini dollar tokens in circulation is equal to the number of U.S. dollars held at a bank in the United States, and the system is insured with pass-through FDIC deposit insurance as a protective measure against money laundering, theft, and other illicit activities
      USDC and Dai, I think they are pegged to USD, but they are backed by a portfolio of assets, not necessarily fiat.
      USDT, erm is the ‘un-safest’ if you are thinking in terms of it being pegged to usd. But it is the most widely used in crypto, and most liquid.

      Reply
  6. since i am using DBS USD debit. can i tx to Gemini instead of blockfi?
    since Gemini has a cheaper withdrawal rate than Blockfi. (when decide to withdraw in future. one less hoop to jump)

    Reply
    • Hi,
      i wasn’t sure if you are asking if you can transfer from Blockfi to Gemini for withdrawal? if yes, yep you can do that.
      Check out this post for more details.
      HOW TO WITHDRAW STABLECOINS TO YOUR BANK ACCOUNT IN SINGAPORE
      If you are asking about transferring usd from dbs to Gemini, yes, you can do that too. You just have to add the Gemini wire details to do the Remit transfer from DBS

      Reply
      • hi Suz, i was refering to just not using BlockFi at all.
        but deposit directly with Gemini, via DBS remit

        since Gemini has a cheaper withdrawal rate than Blockfi. (when decide to withdraw in future. one less hoop to jump)

        Reply
      • whats the incentive to use blockfi over Gemini? since both can transfer the crypto to hodlnaut.
        and also latter has lower withdrawal cost

        Reply
        • hmm. i am going to trsnfer USD to Gemini, but i dont see USDC?

          or what stablecoin should i be changing it to, inorder to move to Holdnout

          Reply
          • Dai is supported on Hodlnaut as well. If you want to use Gemini, you can consider that, but the rate to swap GUSD to Dai is not 1:1.
            With blockfi, when you deposit USD in, you get GUSD. You can then swap GUSD to USDC at 1:1 rate. And you can then withdraw the USDC over to hodlnaut. Blockfi has 1 free stablecoin withdrawal per month.
            This is how I would do it. And with blockfi, you can easily swap assets. Hodlnaut has that swap asset function too, but it is going to be disabled for Singaporeans because of some MAS regulation.

  7. Hi Suz, thanks for this guide, really helped a lot.
    Can I just check with you is it better to transfer using the wire method you mentioned in this blog or should we maybe use an exchange like binanceSG to buy LTC and transfer over to blockfi. Trying to see which has a better conversion rate from sgd to usd.

    Also is it good to buy bitcoin directly from blockfi? or it is better to buy from other exchanges with a better exchange rate and then transfer bitcoin directly to blockfi? My concern is the high transfer fee.

    or maybe can share your preferred way too thanks!!

    Reply
    • Hi,
      when you buy from blockfi directly, the spot price is generally 1% +/- higher than exchanges like binance.
      for e.g. binance charge 0.00055btc for withdrawal, which at current BTC price is around usd $20-ish. You can check out binance’s fee schedule here.
      So it really depends, are you buying a large amount?
      e.g. if you buy 10k worth of BTC from blockfi, the spot price is going to be 1% higher than exchange price. so you will probably get $100 less worth of BTC.
      If you are like getting less than $2000 of BTC, then just go with blockfi.

      Personally, when i’m dollar cost averaging into BTC, i will just use blockfi’s recurring function. Cause it’s less than 2k per transaction. and just much simpler. I can set it up and forget about it.
      But if im buying a larger amount, i will use binance. (binance.com) I haven’t used binance.sg so I can’t comment much on it.
      hope this helps.

      Reply
  8. Hi I deposited USD from DBS to my Blockfi account and noticed a USD 10 charge. Has this happened to you before?

    Reply
    • Hey,
      I have never been charged when I remit from DBS to Blockfi. I just checked today, and it is still $0 fee.

      Reply
  9. I am unable to register as individual on BlockFi.
    When I enter Singapore address, the continue button is not available.
    Is blockfi available in Singapore?

    Reply
    • Hi,
      I have had friends who registered a couple weeks ago, and they were able to. Unless the terms have changed, i’m pretty sure Blockfi is available in Singappore.

      Reply
      • I was able to do it.
        Not sure what was the issue earlier.
        Thanks !!

        Reply
  10. what if I entered an invalid 8 digit pin during wire transfer?

    Reply
    • Hi,
      the 8 digit pinis to help Blockfi identify where the funds should go to once you have remitted the USD to the Silvergate Bank account. If you have entered an invalid pin, I would suggest that you contact the Blockfi support and let them know.

      Reply
  11. Hi Suz,

    What is your most cost-efficient way to withdraw bitcoin from blockfi to Singapore bank?

    Appreciate your help.

    Thanks,
    J

    Reply
    • Hey Jac,
      Thanks for the question. The current way that I’m doing is transferring from Blockfi to my Gemini account. Then selling on the Gemini exchange. There’s a trading fee of 1.49%. You can sell in SGD directly. Then transfer it back to your sg bank account.

      I think this is cheaper than doing a TT from Blockfi to your SG bank account where the withdrawal fee is usd30 and you need a min $5000 withdrawal amount.

      I’m not sure if withdrawing from Gemini the most cost efficient way, but it’s a more convenient way for me.

      Hope this helps.
      Cheers,
      Suz

      Reply

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