Latest update: 08/01/2020
Note: As of 16th of Dec 2019, direct SGD top up via XFERS to the Crypto.com app has been enabled. Instarem is not the most friendly and cheapest way to top up. Click here to go to CDC’s blog for more info. Do note of the new limits as shown in the diagram below.
The most challenging thing for new-to-cryptocurrency users is the fund transfer process. Existing ways often involve having lengthy ID verification processes. After that, fees alone can be a killer. Fees can easily range from 1% to 3.5% (if you use a credit card). There is also the trading spread, and currency exchange rates to deal with.
Today, I’ll introduce you to: INSTAREM The transfer fee ranges from 0.25% to 1%. My experience? I was charged $3.05 for a $1,000 transfer. That’s 0.3%. I’m not going to explain what Instarem is, the official website will explain itself in detail. If you’re new to Instarem, feel free to use my referral code HG997d for 400 free Instapoints.
This post is a walkthrough for users who want to transfer their funds from their banks to the Crypto.com App.
There are two parts. The Crypto.com App portion and the Instarem portion. Quite a bit of work was involved into putting this App walkthrough together. I hope it’ll be beneficial for you!
I started on 12th of June and my funds arrived on the 17th of June. According to the staff and MCO community, the funds take about 3 business days to arrive. After that, it’s much quicker. This is to assure you that the funds will arrive if you’ve followed the steps closely!
CRYPTO.COM APP Walkthrough:
STEP 1: In the Crypto.com App, click on wallet -> deposits -> Set Up Account
STEP 2: Select EUR (EEA banks) and then click next
STEP 3: Agree to the T&Cs and press “Get Started”
STEP 4: The details can be found at the following page. You’ll need the IBAN and BIC/SWIFT CODE
INSTAREM APP Walkthrough
Download the INSTAREM App
There are two other simpler steps before this that needs no explanation.
STEP 1: If you’re Singaporean, click on “MyInfo” and log in using your Singpass. You don’t need to do further identity verifications after this
STEP 2: Input send amount and Select “EUR”
STEP 3: Fill in the details. All you need to do is to fill in the IBAN code. The rest of the bank info will auto generate. This can be found under the Crypto.com App under “deposits”
STEP 4: Input your own name if sending to self. If Transferring to Crypto.com app, put “Transfer to own account” as the purpose. Click PayNow (For Singaporeans) or Bank Transfer if you don’t have PayNow set up
STEP 5: PayNow has a UEN number. Input that or use the QR code
The funds take a few working days to arrive according to MCO community members (Special thanks to Luis for walking me through this). After that, it should be far quicker.
When your funds arrive into the Crypto.com app, you’ll see that your EUR Deposit is confirmed. You can then start to purchase various cryptocurrencies. As always, purchase in small lots to avoid paying extra due to the trading spread.
Like or comment if this has been helpful for you! =)
SG GOOD LIFE