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Here’s a fact: crypto traders will most certainly encounter stablecoins like USDT and USDC when dealing with cryptocurrencies.
Stablecoins like USDT are known to match the value of the US dollar one-to-one, making them a useful transitional bridge between fiat currency like SGD and popular cryptocurrencies like Bitcoin and Ethereum.
Moreover, holding USDT also helps stabilize a crypto portfolio as its daily swings are much less volatile than those of non-fiat-based cryptocurrencies.
It’s popular for crypto traders to trade their cryptocurrency for stablecoins like USDT when they want to liquidate, for instance.
That said, there are several ways users can acquire USDT and add it to their crypto portfolio—and for Singaporeans, the process is no different.
Two of the most commonly used payment methods in the country are bank transfers and credit cards, both offering convenient ways to purchase USDT.
But this begs the question: how can Singaporeans get hold of USDT in the first place?
If you want to know the answer to that, as well as the differences between these two payment methods and their pros and cons, then you’re in the right place.
We’ll explore the benefits of each payment type and the trade-offs that you may be foregoing by choosing one primary payment mode over another.
Let’s jump right into it.
What’s the Purpose of USDT, Exactly?
USDT, or Tether, is the anchor point between cryptocurrency and fiat currencies.
As previously mentioned, it’s designed to mirror the value of the dollar exactly 1:1.
The nature of stablecoins gives traders a sense of stability within the wild west that is the cryptocurrency market.
Whether before or after a trade, stablecoins provide a safe place to park funds, making it ideal for traders who want to deposit, wait, or cash out without worrying about price swings.
USDT is the most recognized fiat-equivalent in the crypto world, regardless of the geographical location or legal tender of the traders dealing with it.
With a daily volume constantly over $100 billion, and a market cap of $150 billion, the 3rd highest in the world as of May 2025, this cryptocurrency is a globally recognized stablecoin with a lot of staying power.
Just like any other trader in the crypto space, Singaporeans can freely use USDT regardless of their chosen payment method.
Once in a user’s hands, USDT enables seamless participation in the crypto market, allowing them to buy, sell, and convert their assets into fiat currency whenever they choose.
In any case, USDT provides the best of both worlds between crypto and fiat, offering an avenue to trade crypto as well as a haven from volatile price swings common in crypto.
How to Buy USDT via Bank Transfer in Singapore?
Buying USDT in Singapore is a fairly straightforward process. Here’s a step-by-step guide on how to buy USDT via bank transfer in Singapore.
#1. Pick a MAS-Licensed Exchange
The safest place to buy USDT is through a crypto exchange licensed and approved by the Monetary Authority of Singapore (MAS).
There are several MAS-approved and regulated cryptocurrencies that deal with the buying and selling of stablecoins like USDT.
Consider prioritizing these exchanges to ensure your safety and security when navigating the crypto space.
Unsure which crypto platform to pick?
Consider using Independent Reserve to buy USDT online.
You may also consider other globally recognized exchanges like Coinbase and Crypto.com as feasible alternatives.
#2. Create and Verify Your Account
The next step is to sign up for an account in your chosen crypto exchange platform.
You’ll be asked to fill out personal details like your name, email address, and ID.
You will also have to complete a KYC process to verify your identity.
Once your account has been approved, you can then proceed to utilising the features in the exchange. This most notably includes buying USDT via the exchange.
#3. Link Your Bank Account
Following the creation of your account, the next step is to linking your chosen bank to the cryptocurrency exchange platform.
Most exchanges in Singapore support local banks via FAST or PayNow, making the process quick and convenient.
Follow the platform’s instructions to add your bank details and verify the connection.
#4. Deposit SGD Funds
Using your bank account, initiate a bank transfer from your savings or checkings account to your exchange account’s wallet.
Pick the amount of SGD you intend to transfer over to your local exchange of choice, then send it.
This may take a few minutes to a couple of hours to transfer over, but once it’s done, you can then use the funds to buy USDT.
In rare cases, a small percentage of your deposit will be deducted by the exchange as a transaction fee.
But many platforms don’t charge on deposits, only withdrawals or trading.
#5. Buy USDT
Once your SGD is credited to your account, go to the trading section of your exchange platform and find USDT.
Enter an amount in SGD you’re willing to buy USDT for, click Buy, and confirm the purchase.
If the amount you’ve entered is equivalent to the current market rate (which you should, as stablecoins are, by their nature, very stable), you’ll receive the amount in USDT almost immediately.
#6. Store USDT
You will have USDT reflected in your account. You can do what you want with it, which is to hold onto it on that crypto platform or transfer to a private hot or cold wallet for your own safety and convenience.
How to Buy USDT via Credit Card in Singapore?
The process of buying USDT with a credit card in Singapore follows a similar path to bank transfers.
You would need to pick a trustworthy crypto exchange platform, create an account there, and navigate the site’s trading section to buy USDT.
However, the difference lies in the payment linking method.
Most crypto exchanges allow credit cards to be used to credit SGD, there’s no problem with that.
On top of that, credit card purchases in crypto exchanges are processed almost immediately.
This makes them quick and convenient for traders who want to start trading urgently.
That said, the disadvantage lies in the credit card fees.
Typically, a bank deposit offers a low deposit fee of less than 1% across all crypto exchange platforms.
However, if you’re buying USDT through a credit card, you could spend a big chunk of your money on trading and deposit fees, at about 3 to 5%.
While some crypto exchanges help users stomach the cost by offering lower fees, users would need to deposit a large amount of SGD to meet that threshold.
If you’re comfortable paying higher fees in exchange for faster transactions, then using a credit card could be a suitable option for purchasing cryptocurrencies like USDT.
Which is a Better Payment Method: USDT or Bank Transfer?
Ultimately, the better payment method for buying USDT in Singapore depends on what you personally prioritize.
If you value speed and convenience, credit cards may be the way to go.
It offers instant processing, which is ideal for quick trades or reacting to market shifts.
However, this comes with higher fees.
Conversely, if you don’t mind a slower processing time in favor of lower costs, bank transfers are practical and accepted across all licensed crypto exchanges in Singapore.
In our eyes, bank transfer offers the best value as a payment method to get USDT in Singapore.
But don’t take our opinion as a sweeping statement—it will ultimately depend on your financial goals, circumstances, and trading habits.
We wish you the best in buying your first batch of USDT in Singapore!
I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
Visit my About Me page to learn more about me and why I am your trusted personal finance expert.
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