Product Updates

USD/USDC Transfers are now supported on StraitsX Business and Personal Accounts!

November 23, 2022

Starting today, verified StraitsX Personal and Business accounts will be able to transfer in and out USDC to and from their StraitsX account, via either a bank transfer or a blockchain transfer.

Transferring in USDC via a blockchain transfer

To begin transferring in USDC to your account via a block transfer: 

  1. Select ‘Transfer In’ on your StraitsX dashboard.
  2. Select ‘USDC’ as the asset to transfer in
  3. Select ‘Blockchain Transfer’ as the transfer method
  4. Select Ethereum as the Blockchain network to be used for this transfer

Which Blockchain networks are currently supported for USDC transfer?

At the time of writing, only the Ethereum (ERC-20) network is supported for your USDC transfer, with more network integrations coming soon. 

Copy and paste the given blockchain wallet address in your wallet of choice to complete your transfer. 

Note that a flat network fee of 0.5 USDC will be charged for any transfer in above 10 USDC.

Transferring out your USDC to a custodial/non-custodial address

You may withdraw USDC funds to a custodial or non-custodial ERC-20 blockchain address of your choice via the following steps. 

  1. Click on the ‘Transfer Out’ tab 
  2. Choose USDC as the asset to transfer out
  3. Select from a list of verified wallet addresses
  4. Confirm your Transfer Out details, note that a network fee will be charged
  5. Authenticate your outbound transfer via 2FA

Note that a network fee is applicable for transferring out USDC to a blockchain address:

Transferring in USD via SWIFT bank transfer

Alternatively, you will also be able to transfer USD from a bank account to receive USDC on your StraitsX account. To get started, you will need to link a bank account that supports USD transfers.

Linking and verifying your bank account for USD bank transfers (SWIFT)

  1. Select ‘Link Bank Account’
  2. Select your bank and input your bank account number
  3. Input SWIFT/BIC code, City, and Country details
  4. Input your bank account billing address
  5. Review your bank account details and submit for verification

Once your bank account information has been successfully submitted, it will take up to 3 business days for verification to be completed. You will be notified via email once your bank account has been verified.

Supported banks accounts for USD transfers:

Here is a list of supported banks with accounts that support USD transfers:

  • Bank of China
  • CIMB
  • DBS
  • HL Bank
  • Maybank
  • OCBC Bank
  • UOB

Transferring in USD to mint USDC

Once your bank account has been successfully verified and linked, you may proceed to transfer in USD for USDC conversion.  Select ‘Transfer In’ on your StraitsX dashboard.

  1. Select ‘USDC’ as the asset to transfer in
  2. Select Bank Transfer’ as the transfer method
  3. Select the Bank account to transfer USD from
  4. Take note of the Transfer In instructions listed and make a SWIFT transfer from your bank’s mobile app or website

A transaction fee of USD 8 is applicable for each inbound transaction. After the bank transfer is made, USDC Funds will be reflected in your StraitsX account instantly.

Transferring out your USDC as USD to your bank account

 Alternatively, you may choose to withdraw your USDC funds as fiat into your bank account:

  1. Click on the ‘Transfer Out’ tab
  2. Choose ‘Bank Transfer’ as the transfer method
  3. Check and confirm your Transfer Out details
  4. Authenticate your outbound transfer via 2FA

Your outbound transfer request will take up to 90 minutes to be reflected in your bank account. Note that a flat fee of USD 25 will be charged for all outbound transfers to your bank account. 

What are the fees involved for inbound and outbound transfers?

Overview of all transaction fees:

About USDC

USDC is a stablecoin fully backed by cash and short-dated US treasuries, so that it is always redeemable 1:1 for US Dollars. USDC is issued by Circle, a licensed money transmitter under U.S. state law. Circle’s financial statements are audited annually and subject to review by the SEC.

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