
17 Sep How to withdraw SGD from Gemini
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.
andrew
Posted at 11:01h, 09 JanuaryHave 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 JanuaryJust 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 DecemberJust 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 DecemberCool! Maybe they updated the charges
Lexxie
Posted at 10:15h, 14 DecemberHi, can i use gemini to withdrawal funds to UOB? Thanks!
John
Posted at 11:20h, 03 Decemberso 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 NovemberHi,
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 November1. Depends on price
2. Should be able to
3. Withdrawal will be a TT to your account
Kevin
Posted at 03:36h, 08 NovemberCan 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 SeptemberSo 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 October7 usd is fixed? not 7%??
Wayne
Posted at 14:48h, 18 SeptemberGemini 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?