Buying crypto with PayNow and FAST in Singapore

Singapore has one of the best fiat on-ramps for crypto anywhere, and most people don’t notice it. PayNow and FAST, the bank rails you already use to split a dinner bill, move Singapore dollars between accounts in seconds, free of charge, at any hour. Most MAS-licensed crypto platforms plug straight into them. The result is that the cheapest way to fund an account is also the fastest.

Which platforms accept PayNow and FAST

We checked the SGD funding options of the platforms Singapore residents use most. The table shows what each publishes for bank deposits. Where we could not confirm a fee from the platform’s own pages, we say so rather than guess.

All five hold a Major Payment Institution licence for digital payment token services, which you can check in the MAS directory. Crypto.com also accepts SGD bank transfers by FAST; we could not confirm PayNow details there. Fees and limits change, so treat the deposit screen in your app as the final word. For a broader view of each platform beyond funding, see the exchange comparison on our home page or the individual reviews of OKX Singapore, Independent Reserve, Coinhako, Coinbase and Gemini.

PayNow or FAST: what is the difference?

They are the same plumbing with a different front door. FAST (Fast and Secure Transfers) is the real-time interbank system. PayNow is an addressing layer on top of it: instead of typing a bank name and account number, you pay to a mobile number, an NRIC, a company UEN, a virtual payment address or a QR code. According to the Association of Banks in Singapore, PayNow transfers are free for retail customers and available around the clock.

For crypto deposits, the practical difference comes down to how the platform identifies you. With PayNow, you usually scan a QR code or pay to a UEN or virtual address and include a reference. With FAST, some platforms give you a dedicated account number. Coinbase does this: every user gets a unique account number, so the account number itself tells Coinbase whose money it is. Both routes land at the same speed; pick whichever the platform recommends and whichever is free.

One edge case matters. Independent Reserve charges S$2.50 on FAST deposits under S$1,000, but nothing on PayNow at any size up to its S$200,000 cap. On a S$200 deposit that fee would be 1.25% of your money, more than the trading fee. Use PayNow for small top-ups there.

How a PayNow deposit works, step by step

The flow is similar across platforms. This is what it looks like from both sides, the crypto app and your banking app.

1. Start in the crypto app

   Go to Deposit, choose SGD and pick PayNow. The app shows a QR code or a UEN, the name of the receiving entity, and a reference code that identifies you.

2. Check the recipient name

   Your banking app will display the registered name behind the QR or UEN before you confirm. It should match the licensed company, for example the Singapore entity of the platform. If it shows an individual’s name, stop.

3. Enter the amount and reference

   Type the amount and paste the reference code exactly into the comments or reference field. Some QR codes pre-fill it; check it is there.

4. Confirm in your bank app

   Approve the transfer with your bank’s usual authorisation. Most banks have a daily PayNow limit that you can adjust in settings if you plan a larger deposit.

5. Watch the balance

   The SGD balance in your crypto account usually updates within minutes. Then you can buy, ideally with a limit order on the trading screen.

If you are doing this for the first time, our full guide on how to buy Bitcoin in Singapore covers sign-up, the MAS risk awareness assessment and your first order in detail.

Reference codes and name matching

Two details cause almost every problem with crypto deposits, and both are easy to get right.

The reference code is how the platform links an incoming transfer to your account when many customers pay into the same company account. If you leave it out, the money still arrives at the platform, but it sits unassigned until someone matches it by hand. Platforms that issue a unique account number, like Coinbase, avoid this step, because the number does the job.

Name matching is a compliance rule. Licensed platforms must know where money comes from, and the simplest check is that the name on the sending bank account matches the verified name on your crypto account. Deposits from a joint account, a spouse, a parent, a business account or a friend are commonly rejected and returned. That can take days, so always send from your own personal account.

What to do if a deposit doesn’t arrive

A PayNow transfer that has left your bank has almost certainly arrived somewhere. The question is whether it has been matched to you. Work through these in order before you panic:

• Confirm in your banking app that the transfer shows as successful, not pending or rejected.
• Check the recipient name and UEN against what the crypto app showed you.
• Check whether you included the reference code, and whether it was copied in full.
• Make sure the sending account is in your own name, the same as your crypto account.
• Give it the time the platform states. A first deposit or an unusually large one can be held for a compliance review.
• Contact support through the official app or website only, with the bank’s transaction reference, the date, time and amount, and a screenshot.

Do not respond to anyone who reaches out first claiming they can “unlock” your deposit, especially on Telegram, WhatsApp or social media. Fake support accounts are a common scam. If you think you have been targeted, report it through ScamShield and read our crypto scams guide.

Do DBS, OCBC and UOB allow crypto transfers?

This is one of the most searched questions, and the honest answer is less dramatic than the forum threads suggest. DBS is directly involved: since November 2024 it has provided the rails behind OKX SG’s instant, zero-fee PayNow deposits and FAST withdrawals, and those deposits can come from any participating PayNow bank. DBS also runs its own digital exchange, but that is for accredited investors only.

For OCBC and UOB, we found no published policy that blocks transfers to MAS-licensed crypto platforms. We could not verify either bank’s internal approach, so we won’t claim one. What all banks do is monitor accounts for unusual patterns. A sudden large transfer, many transfers to new payees, or money arriving from strangers and leaving straight to a crypto platform can all trigger checks. Singapore banks have frozen accounts in money-mule investigations, which is why a clean pattern matters: your salary in, your own transfer to a licensed platform out.

If your bank asks about a transfer, answer plainly. Telling them you are buying Bitcoin on a MAS-licensed platform from your own account is an ordinary explanation.

Credit cards, GrabPay and other ways to pay

MAS rules stop licensed digital payment token providers from accepting Singapore-issued credit or charge cards, part of the consumer measures announced in November 2023. That is why you won’t find a credit card option on a local licensed app. Debit cards work on some platforms, usually with fees well above the cost of a bank transfer.

Coinhako also accepts GrabPay, which is convenient if you hold a GrabPay balance; secondary sources report a 2.8% fee. On S$1,000 that would be around S$28, against nothing for a free PayNow deposit. If cost matters, our guide to the cheapest way to buy Bitcoin puts these numbers side by side with a calculator.

International exchanges and SGD

PayNow and FAST are Singapore domestic rails, and in practice they are used by platforms with a local entity and a local bank partner. International exchanges that serve Singapore from abroad usually take other routes. CEX.IO, which has operated since 2013 and runs regulated entities in the US and the UK, accepts Visa and Mastercard, Apple Pay and Google Pay, international bank wire and crypto deposits. We found no PayNow or FAST route there, and it is not licensed by MAS, so Singapore’s statutory-trust and complaint protections don’t apply to your account.

The card route is quick, but it costs more. Third-party data puts CEX.IO’s card fees at 2.99% to 4.99%, and new customers start with daily and monthly card limits. For most people funding from a Singapore bank account, a licensed platform with free PayNow is the cheaper on-ramp. An international exchange makes more sense when you specifically want card payment or coins that local platforms don’t list.

When the time comes to go the other way, FAST is also how SGD returns to your bank. Withdrawal fees vary: S$1.50 at Independent Reserve, a flat S$3 at Gemini, around S$2 at Coinhako according to secondary sources, and free on OKX SG. Our guide to selling crypto and cashing out covers withdrawal limits and how to avoid account freezes. If you would rather hold stablecoins than Bitcoin, the USDT and stablecoin guide explains XSGD and which networks to use.