How to Deposit and Withdraw Fiat on Coinhako

How to Deposit and Withdraw Fiat on Coinhako

This article provides guides and answers to common questions about fiat withdrawals, deposits, and transfers on Coinhako. 

Withdrawals guide

To withdraw funds to your bank account, you first need to add the bank account you'd like to use. Once it's added, you can easily proceed with the withdrawal.

How do I add a bank account on Coinhako?

  1. Go to "Wallet" > Select "Withdraw".

  2. Choose the currency you wish to withdraw (SGD or USD).

  3. Tap "Add" or "Add Bank Account" to add your bank account. If you haven't set up 2FA, you'll be asked to do so before continuing.

  4. Fill in your bank details (bank country, bank name, account number and beneficiary name), then select "Confirm".

  5. Your bank account will be added.

To mange your bank accounts, whether adding a new one or removing an existing one, follow these steps:
  1. Go to "Hub", choose "Profile & Settings".

  2. Select "Bank Accounts".

How do I withdraw funds on Coinhako?

  1. Go to "Wallet" > Select "Withdraw".

  2. Choose the currency you wish to withdraw (SGD or USD).

  3. Select the bank account you would like to withdraw to (If you have not added one yet, refer to the section above).
  4. Enter the amount you wish to withdraw, check your bank details for accuracy, then select "Preview Withdrawal" to review your withdrawal details.
  5. Select “Proceed” when you’re ready.

  6. Enter the code from your 2FA authenticator app and the verification code sent to your email. Then tap "Confirm".

  7. Your withdrawal will be processed.
Note:
Withdrawals typically take from a few minutes up to 5 business days, depending on your bank. During high-traffic periods, processing may take longer.
If you don’t receive your funds within the expected timeframe, please contact our support team here, and include a screenshot of the transaction and its details for further assistance.

Deposits guide

Important tips for smooth and timely deposits
  1. Do not include terms like "Bitcoin", "Cryptocurrency", or "Coinhako" in your transfer details.
  2. Only use a bank account that matches the name on your verified identity document.
  3. Avoid using GIRO/ATM, or over-the-counter transfers.

Depositing via FAST (Fast And Secure Transfers)

Steps to deposit using a bank account
  1. Open the Coinhako app, go to the "Wallet" page, then select "Deposit".

  2. Select "SGD", you will be asked to choose a preferred bank transfer method.

  3. Choose "FAST (Fast And Secure Transfers)" as your preferred bank transfer method, you will find the following deposit details:
    1. Beneficiary name
    2. Bank name
    3. Account number
    4. Unique deposit code

  4. Log in to your banking app and enter the details provided. While steps may vary slightly by different bank, the general input format is:
    1. Payee’s name > Use the "Beneficiary Name" from your Coinhako app
    2. Bank/Organisation > Use the "Bank Name" provided
    3. Account number > Use the provided "Account Number"
    4. Reference/ Bill Code > Enter your "Unique Deposit Code"
If your deposit is not credited within the expected time, please contact our support team. Attach a screenshot of the transaction and its details for quicker assistance.

Depositing via PayNow

Steps to deposit using PayNow
  1. Open the Coinhako app, go to the "Wallet" page, then select "Deposit".

  2. Select "SGD", you will be asked to choose a preferred bank transfer method.
  3. Select "PayNow", you will see two options:
    1. Option 1: Save the PayNow QR code, which includes both the Unique Entity Number (UEN) and your Unique Deposit Code, and upload it to your banking app.

    2. Option 2: Select "Deposit manually" to view the following details: 
      1. Entity Name
      2. UEN
      3. Reference No (Your Unique Deposit Code)

Bank Specific PayNow Instructions

DBS/POSB
  1. Open your DBS/POSB app.
  2. Select "PayNow" and log in.
  3. Select "PayNow to UEN", and enter the UEN shown in your Coinhako app.
  4. Enter the amount and your Deposit Code under "UEN/Bill reference No.".
  5. Tap "Next", then select "Transfer Now".
 
OCBC 
  1. Log in to your OCBC app
  2. Tap the menu in the top-left of the screen to select "Transfer and Payment".
  3. Select "UEN", enter the "UEN" shown in your Coinhako app, then choose "Hako Technology Pte Ltd".
  4. Enter the amount and your Deposit Code under "Add a message".
  5. Tap "Next", review the details, then slide to complete the transaction. 

UOB
  1. Open your UOB app
  2. Tap the "Home" icon, go to "PayNow", then select "UEN".
  3. Enter the UEN, Deposit Code and the amount.
  4. Tap "Next", review the details, then slide to complete the transaction. 

For PayNow guides for other banks, refer to the below:

Frequently Asked Questions

What are Transfer Limits?

Transfer limits refer to the maximum value of assets you can withdraw within a given time frame.
  • Daily transfer limits apply to the total value of assets withdrawn in the past 24 hours.
  • Monthly transfer limits apply to the total value of assets withdrawn in the last 30-day period, not reset at the start of each calendar month. Instead, the monthly limit resets after 1 month and 1 day from each withdrawal.
For example, if you made a withdrawal at 7 AM on 13 November 2022, the monthly limit would reset after 7 AM on 14 December 2022.

How to view my transfer limits on Coinhako?

Once your account is verified, you can check your transfer limits by flowing these steps:
  1. Go to "Hub", select "Profile & Settings". 
  2. Choose "Account information", where you will find your account limit. 
Additionally, when you attempt to withdraw funds, your remaining limit will be displayed on the screen.

Can I increase my Transfer Limits?

Yes, you can! To request an increase in your transfer limits, please contact us here.
You might need to provide one of the following Proof of Income documents:
  1. Latest IRAS Notice of Assessment
  2. Latest 12 months of CPF contribution history
  3. Income tax statement
  4. Latest 3 months of salary statements
  5. Income declaration to a government agency
  6. Income agreement
  7. Latest 3 months of bank account statements
Please ensure your Proof of Income submission meets the following criteria:
  • Submit a full scanned image or photo, in PDF format.
  • Your name, address, and issue date must be visible on the document.
  • The document must be dated within the last 3 months.
  • The document must be displayed in full-page view; partial images will not be accepted.
  • Screenshots will not be accepted.

 How much can I deposit (fiat)?

Transfer limits generally apply to withdrawals of fiat or crypto. However, for fiat deposits, please note the following:
  • Interbank Transfer: Up to 20,000 SGD per transaction
  • PayNow: Limits vary depending on your bank
There are no additional limits on the total amount you can deposit.

Are there any fees for PayNow deposits on Coinhako?

No, Coinhako does not charge any fees for PayNow deposits. Additionally, banks in Singapore typically do not charge for incoming or outgoing PayNow transfers.

How long do PayNow deposits take?

PayNow deposits are usually processed within 5 minutes. However, delays may occur if your bank is undergoing maintenance or if the transaction is flagged for review. In such cases, processing may take anywhere from a few minutes to a few hours, or the funds may be refunded.

Which banks support PayNow?

Bank name
Limits
DBS/POSB
  • 1,000 SGD a day without token.
  • Daily limits may vary based on your bank's settings.
OCBC
  • 1,000 SGD a day for unsaved recipients.
  • Customisable daily limit for saved recipients.
  • Maximum limit: SGD 200,000/day (Personal Banking), SGD 300,000/day (Premier Banking).
UOB
  • 5,000 SGD without adding recipient.
  • Up to SGD 200,000/day after adding recipient and with digital token approval.

Standard Chartered
  • 1,000 SGD/day for one-time transfers.
  • 10,000 SGD/day for manual one-time transfers with token.
  • Up to 50,000 SGD/day for QR code transfers with token.
  • Up to user's daily FAST limit for saved PayNow recipients.
Citibank
  • Up to 10,000 SGD a day; token required for amounts over 1,000 SGD.
GrabPay
  • Maximum of 5,000 SGD/day 
  • Maximum of 30,000 SGD/year
What happens if I do not include the deposit code?
If you don't provide the deposit code, your deposit will be automatically refunded - typically within 30 minutes, but it make take up to 24 hours.

What happens if I enter the wrong deposit code?

If you use a deposit code meant for a different transfer method, the deposit will fail and be automatically refunded. However, If the deposit code provided belongs to another user, the fund will be credited to their account instead of yours.

Does Coinhako support PayNow withdrawals?

Not at the moment, but we’re actively working to make this feature available soon.


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