Support Center > Getting started > How to deposit fiat currency using bank transfer into Zipmex account wallet?

How to deposit fiat currency using bank transfer into Zipmex account wallet?

Only accounts that have cleared KYC requirements are eligible for this funding method.

To deposit fiat currency via bank transfers to your Zipmex account, you have to first check that your account fulfils the requirements for access to this funding method.

A quick way to check if your account is eligible is by checking your account ‘Verification level’ under ‘Settings’ in the main dashboard.

USD Deposits

To make a deposit, follow these 5 steps: 

  1. To deposit, navigate to ‘Wallets’ > ‘Deposit’ > select USD.
  2. Enter your the amount you would like to deposit > Place deposit ticket. 
  3. You should receive a deposit ticket either on your phone or email. 
  4. Follow the instructions closely to deposit to Zipmex’s account from your banking portal.
  5. Important step: input the reference code from the deposit ticket and the exact amount of money that you entered.

SGD Deposits

  1. Go to ‘Wallets’ > ‘Deposit’ > select SGD
  2. Enter your SG mobile number.
  1. Receive SMS, input OTP in form.
  2. Fill in your bank account number and the bank you will be depositing from.**
  1. A screen will appear showing the bank account you will need to deposit into.* You will also receive an email describing your deposit details and request.
  1. Make the deposit through your bank to the account > following instructions in the email/on your screen.
  2. After your deposit has been confirmed, you will receive an email confirmation.
  3. Deposits will usually take less than 5 minutes. The first deposit will take 48 hours to verify.

If you are depositing into Zipmex for the first time, please take note:

  • Please make a first deposit into Zipmex if you are using this new deposit flow, even if you have deposited before; do not deposit more than once.
  • The bank account holder’s name must match the Zipmex account holder’s.
    The min. required deposit is $1 SGD.
  • First deposit will take up to 48 hours to approve.
  • If you try to deposit multiple times, your account will be locked.
  • You will receive the deposit confirmation email once it’s been approved.
  • Thereafter, deposits will take <5 mins to be approved.
  • Once your bank account has been approved, you will be able to withdraw using the same bank account.

*Only deposit to the bank account that shows up on the page after inputting all deposit details.



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RISK WARNING ON DIGITAL PAYMENT TOKEN SERVICES

The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of Zipmex.

Before you pay Zipmex any money or DPT, you must be aware of the following.

  1. Zipmex is not currently licensed by MAS to provide DPT services. This means that you will not be able to recover all the money or DPTs you paid to Zipmex if Zipmex’s business fails.
  2. You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by Zipmex.
  3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
  4. You should be aware that Zipmex may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.
  5. DPT held in your Hosted Wallet is not subject to the Singapore Deposit Insurance Scheme (“SDIC”) or any similar insurance or guaranty scheme of any other jurisdiction. In addition, funds stored in your Fiat Wallet do not benefit from the SDIC or any similar insurance or guaranty scheme of any other jurisdiction.

ZipUp+ products have not been approved by the Monetary Authority of Singapore (“MAS”) under the Payment Services Act 2019 and MAS has not reviewed or approved any features of these product offerings. Please review this link for the full terms and conditions and risk disclosure.