Before you can buy cryptocurrency, you’ll need to verify your identity then deposit funds into your SGD wallet. The guidelines in this article will help you to make a deposit or withdrawal using a bank transfer.
Keep in mind
Only local funds transfers in SGD are accepted
Make sure that your deposit is made from a personal, Singapore-based bank account in your full legal name. The name on your bank account needs to exactly match the name on your submitted identity document
To prevent delays, don’t make deposits of the exact same amount within 24 hours. If you’d like to make more than one deposit in a 24-hour period, make sure each deposit made is a different amount. For example, if your last deposit was SGD 100, your following deposits could be SGD 110 or SGD 90. Contact us here if you’ve made deposits of the same amount and they haven’t reflected in your Luno wallet. We’ll need a proof of payment from you to manually allocate deposits to your SGD wallet
We recommend using FAST (Fast and Secure Transfer) to fund your Luno account
To make deposits from joint bank accounts, you’ll need to send us proof of ownership for your bank account. Get in touch with us here if you’ve made a deposit from a joint account and it hasn’t reflected in your Luno wallet yet
How to deposit
Select Wallets from the menu
Select your SGD wallet, and then DEPOSIT
Select Bank transfer from the options on the next screen
Enter the amount you wish to deposit then select NEXT
You’ll see a screen showing your unique bank account number and Luno’s banking details
Sign in to your bank account, add Luno as a payee with the details provided, and proceed to make a deposit to your Luno account
Note
We won’t be able to accept the following types of deposits:
Third-party deposits (made from a bank account that’s not in your own name). This includes deposits from company/business bank accounts
Cash and cheque deposits
Deposits from e-wallets
Deposits from debit or credit cards
Foreign currency deposits or deposits from foreign bank accounts via Telegraphic Transfer (TT). We only accept SGD deposits from local SGD bank accounts
If you’ve made any one of these deposits, please get in touch with us immediately so we can refund it. A processing fee of SGD 2.00 will be charged for SGD refunds. For foreign currency deposits, a processing fee of SGD 70.00 will be charged to refund the deposit.
How to withdraw
Luno charges a processing fee of SGD 2.00 for each withdrawal made via bank transfer. Withdrawals have to be made to a personal DBS or POSB bank account in your full legal name to be processed successfully.
Select Wallets from the menu
Select your SGD wallet, then WITHDRAW
Select Add new bank account
Enter your full name and account number, and select your bank
Select SUBMIT
Enter the amount you want to withdraw, then select NEXT
Select CONFIRM
Note
While we accept deposits from all local bank accounts, withdrawals can only be made to DBS or POSB accounts. If you don't have an account with either of those banks, you can withdraw using StraitX.
Frequently asked questions
This usually happens because you’ve missed out on one of the important steps outlined above. Not to worry, contact us here and we’ll be happy to help. We’ll need a proof of payment from you to manually allocate your deposit to your SGD wallet.
Deposits are free unless you’ve made a deposit that we can’t accept - in which case a processing fee of either SGD 2.00 or SGD 70.00 (for foreign currency deposits) will be charged to refund the deposit
Withdrawals via bank transfer have a fee of SGD 2.00
Limits apply, based on your verification level. There may also be limits imposed by your bank, in which case you’d need to change your bank account’s fund transfer limits.
We accept FAST and GIRO bank transfers. If you've made a deposit via FAST, the funds will reflect in your Luno account by the next business day. For deposits made via GIRO, the allocation time will vary, depending on the bank’s processing times. We also support deposits from a StraitsX personal account.