With the recent fiasco at Coinhako (closure of SGD bank account), fans of cryptocurrencies are looking for an alternative to withdraw their money in Singapore. Following up with my article on how to deposit SGD to Gemini, this article outlines the process and time period for a withdrawal from Gemini.
Initiating a withdrawal from Gemini
Transfer funds -> Withdraw from exchange -> USD(Bank Transfer)
Type the amount of USD that you wish to withdraw, and confirm the transaction. Once done, you should see this on the Gemini homepage side.
Withdrawal of USD$100, Gemini sent USD$93 and charges USD$7. With an exchange rate of 1.3376, I received SGD$124.40. From DBS side, there is a handling commission of SGD$10. Thus, with a withdrawal of USD$100, I received SGD$114.40 after all the fees are included.
I initiated the withdrawal on 13th September, and received the proceeds after 1 working day on 14th September.
It was a hassle-free process. After confirming the transaction things were pretty much automated. While users can still withdraw using Xfers on Coinhako, Gemini is a good option to consider also.