If you are new to the crypto world, you are probably not aware that there are different avenues for you to purchase your crypto coins through exchanges in Singapore or overseas.
One famous way of getting your favorite coin is to buy via Coinbase and fund it through Xfers (was down for whole month of December). To get both accounts verified and linked up takes weeks for some. Another way is to bypass Xfers and just buy using your debit or credit card but you are limited to buy up to $200 SGD worth of coins per week. This is quite irritating as opportunities are lost when you can’t buy more than what you can afford.
Advance users will signed up overseas exchanges. It is similar to what you would do to signup a foreign stock broker. You also need to submit your scanned photo ID (passport photo, bill). Once that is done, it takes weeks to get verified.
Once you are verified, you can telegraphic transfer USD to your overseas account and start trading. Unfortunately, some users are now having problems transferring funds to their bitstamp account. According to the facebook user post, it was working until now.
His remittance through DBS was rejected and the reply was “Due to regulation policy..”. It seems that the bank is now blocking remittance out to bitstamp.
Another user also complained Standard Chartered Bank credit card he used to make payment was rejected too. It is not only on bitstamp but also on Coinbase.
So, are you experiencing a similar situation? comment below