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How to withdraw SGD from Gemini

17 Sep How to withdraw SGD from Gemini

Posted at 16:51h in Guide by
3 Likes

UPDATE (Jan 26, 2021)

Please note that Gemini now supports integrated with Xfers to allow direct FAST deposit transfers and withdrawals of SGD via local banks. Do follow their step-by-step guide HERE: 

https://support.gemini.com/hc/en-us/articles/115004710226-How-do-I-withdraw-digital-assets-from-my-Gemini-account-

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.

Fees

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.

Processing Time

I initiated the withdrawal on 13th September, and received the proceeds after 1 working day on 14th September.

Conclusion

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.

12 Comments
  • andrew
    Posted at 11:01h, 09 January Reply

    Have anyone try to withdraw out $$ to SG DBS. I have a bad experience with Xf.. since 1 Dec until now no news….. please do Share and let me know if anyone try out to withdraw to DBS Bank thx

  • Lim
    Posted at 09:08h, 03 January Reply

    Just transferred U$3739 from Gemini with rate of 1.3382. Based on rate, i should get S$5003.2928.
    Instead, i only got S$ 4925.49 reflected in my DBS. I am wondering, minus another S$10 by DBS.

    where did the extra S$78 went?

    Based on Gemini website, “all customers receive 30 free withdrawals per calendar per month”. Im confused

  • xvod
    Posted at 01:51h, 16 December Reply

    Just made a withdrawal from Gemini to my account. No $7 dollar charge. Only on DBS side S$10 handling fee is charged. Withdrawal made recently at 15 th December 2017.

    • wuffle
      Posted at 09:07h, 16 December Reply

      Cool! Maybe they updated the charges

  • Lexxie
    Posted at 10:15h, 14 December Reply

    Hi, can i use gemini to withdrawal funds to UOB? Thanks!

  • John
    Posted at 11:20h, 03 December Reply

    so can anyone confirm the charge by Gemini for bank withdrawal is fixed at USD 7 irregardless of the withdrawal amount or is it based on a percentage of the withdrawl amount?

    thanks.

  • BitG16
    Posted at 08:50h, 30 November Reply

    Hi,

    Im current thinking if Im going to use Gemini. Please advise on the following:

    1. Does it mean, when you withdraw USD from Gemini to you DBS account, you’ll be charged higher than coinbase?
    2. Do I need an DBS eMCA account or just the normal DBS account?
    3. If Im going to use Gemini to buy, how to withdraw using xfers?

    Thank you in advance!

    • wuffle
      Posted at 09:32h, 30 November Reply

      1. Depends on price
      2. Should be able to
      3. Withdrawal will be a TT to your account

  • Kevin
    Posted at 03:36h, 08 November Reply

    Can affirm that Gemini does charge a fee when withdrawing money from exchange, received a bank statement by mail that also stated that money was taken from sender.

    Not too sure whether US banks charge for withdrawal requests since stated in their website that it is free (although I think it is mostly for domestic US transactions). Furthermore, cannot determine whether is it a fixed amount or percentage (likely percentage I guess, I don’t like to take risks).

    All in all,
    If you are trading small amounts (USD <$200), buy your coins with Gemini but sell them in Coinbase via link with Xfers. Gemini's withdrawal rates as a whole (USD7 + SGD10) are more expensive than Coinbase (3.49%, SGD 3.99) which can really make a difference in your profits.

    Otherwise, go ahead with Gemini lol.

  • Ken
    Posted at 08:08h, 21 September Reply

    So if I withdraw

    1k the fee will be 7 usd + fx rate (normally 0.6% less than market) + 10 ~ 26 sgd, about 2.6%
    10k the fee will be 7 usd + fx rate (normally 0.6% less than market) + 10 ~ 80 sgd, about 0.8%

    Good to know thanks

    • ed
      Posted at 13:14h, 18 October Reply

      7 usd is fixed? not 7%??

  • Wayne
    Posted at 14:48h, 18 September Reply

    Gemini says withdrawals to bank account are free.

    https://gemini.com/transfer-fees/

    Is the USD 7 charged by their US bank?

    The processing time is very fast for a TT.

    I tried to withdraw a small amount from xfers and they need a few business days.
    Xfers is based in SG right?

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