Before you can buy cryptocurrency, you’ll need to verify your identity then deposit funds into your SGD wallet. There are two options you can choose between when making a deposit or withdrawal. You can either make a bank transfer, or you can use your StraitsX personal account.
If you’d like to make a bank transfer, check out this Help Centre article.
Continue reading below if you’d like to use StraitsX to make deposits and withdrawals.
What is StraitsX?
StraitsX is a secure and reliable way to make payments. We’ve teamed up with StraitsX to give you a safe and easy way to fund your Luno account.
If you don’t already use StraitsX, sign up for an account here. You can contact them here if you have any questions.
Note
In order to successfully link your Luno and StraitsX personal account, please ensure that you use the same mobile number on both platforms.
How do I link my StraitsX personal account and deposit?
You’ll be using the balance in your StraitsX personal account to buy cryptocurrency. To link your StraitsX personal account to your Luno account, follow these steps:
Select Wallets from the menu
Open your SGD wallet, and then DEPOSIT
Select Deposit with StraitsX from the options on the next screen
Follow the onscreen steps to link your StraitsX personal account and make your first deposit
Note
You’ll only need to run through the linking process once.
You should receive a notification within a few minutes letting you know that your deposit has been allocated to your Luno wallet. Once your SGD wallet has been funded, you’ll then be able to buy cryptocurrency with that balance.
How do I withdraw SGD?
You can sell your cryptocurrency at any time for SGD, which will be reflected in your SGD wallet. To withdraw the SGD to your StraitsX personal account, follow these steps:
Select Wallets from the menu
Select your SGD wallet
Select WITHDRAW
Follow the onscreen steps to complete your withdrawal
Note
Balances in your StraitsX personal account will reflect as XSGD. This is a stablecoin that has the same value as SGD. When you withdraw SGD from your Luno account, it gets automatically converted to the equivalent XSGD in your StraitsX personal account.
Frequently asked questions
General
Luno has applied to the MAS for a payment services licence. While its application is underway, the MAS has granted Luno an exemption from holding a licence which allows Luno to continue operating in Singapore.
Yes, your Luno account is still in place. Before you can start using it again, you’d need to update your profile with us. After you’ve logged into your account, submit your most up-to-date identity documentation under Profile > Settings > Verification.
We’re working with our banking partners to enable direct bank transfers for Luno in Singapore. We’ll provide an update once we have more information about this. For now, we’ve partnered with StraitsX to ensure that you can fund your SGD wallet and make SGD withdrawals from your Luno account.
Deposits and withdrawals
There are no fees charged for a deposit made from, or withdrawal made to, your StraitsX personal account. However, withdrawals from your StraitsX personal account to your bank account will be processed by StraitsX and you may incur a fee. You can find out more about this on StraitsX's website here.
You might have not successfully linked your StraitsX personal account with your Luno account, or you might not have sufficient balance in your StraitsX personal account.
If there’s sufficient balance in your StraitsX personal account and if the steps were correctly followed, your deposit should reach your SGD wallet within a few minutes. You'll be notified once your deposit has been allocated. If your deposit hasn’t reflected after one business day, please contact our support team here.
Your withdrawal should reach your StraitsX personal account in a few minutes. If it hasn't reflected in one business day, please contact us here.
This will depend on your verification level. Deposit and withdrawal limits for each verification level can be found here. When making a deposit, remember that your StraitsX personal account has an annual spending limit of SGD 30,000. A spending limit refers to the value of purchases bought using funds from your StraitsX personal account. This will include top-ups into your Luno wallet.
No. You’ll need to ensure that your StraitsX personal account and Luno account are held in the same name. To link your StraitsX account to your Luno account, you’ll also need to ensure that you use the same mobile number and identity details.