Direct bank transfers now available in Singapore with Luno

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Luno now offers the safest and easiest way to buy cryptocurrency in Singapore

In the past year, we’ve seen a wave of developments in the cryptocurrency industry in Singapore. This includes the creation of a digital exchange by DBS, Asia’s largest bank. This growth is only possible because of the Monetary Authority of Singapore’s (MAS) progressive approach to regulation. The MAS's Payment Services Act has made Singapore one of the few jurisdictions to have clear rules around cryptocurrencies, which has been fundamental in helping to ensure that Singaporeans can engage safely with cryptocurrencies.

A recent Financial Times article argued that “opening Singapore’s doors to the mushrooming crypto industry could yet prove a key weapon in the city state’s quest to be the dominant financial hub in Asia, and ultimately, one to be reckoned with globally.” We believe the same, and we are strongly committed to contributing to this progress in Singapore.

Direct bank deposits, a first in Singapore, now available for our customers

Singapore has always been a market very close to our heart. We have been operating here since 2016. During this time there have been many challenges. But we have worked around the clock to achieve our clear objective - to make cryptocurrencies accessible for everyone, so that no one is left behind in this rapidly-changing financial system.

We are beyond overjoyed to announce that Luno is now the first cryptocurrency platform in Singapore to offer you an official direct SGD bank transfer, giving you the safest and simplest-to-use cryptocurrency investment experience. This is the culmination of years of work with partners across the space, and it’s a proud moment for the entire team at Luno.

Direct SGD bank transfers mean that when you deposit or withdraw funds into your Luno account, there’s no payment intermediary involved. This also means money should reflect almost instantly and with zero fees. All you need is a local SGD bank account and a fully verified Luno account to get started. It’s as simple as that!

This is not all we’re doing, though. We’re also making it even more affordable to invest, reducing fees from 1% to just 0.75% when you buy or sell through our Instant Buy/Sell feature. These are among the lowest in Singapore and it’s our way of further demonstrating our commitment to making cryptocurrency available to everyone.

We’re really excited to be able to bring these features to our customers in Singapore. Thank you to all our customers for your support. This wouldn’t be possible without you. We can’t wait for you to try these new features and see for yourself how much easier it is.

We’re over the moon - and we hope you are too!

For more information on depositing and withdrawing SGD using a bank transfer, check out this Help Centre article.

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Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

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