Luno Allows Direct Bank Transfers So You Can Buy Crypto Instantly
Those who remember the time when bank transfers would take days to complete probably think digital banking is a godsend, allowing the exchange of money in minutes.
Besides enabling us to shop and pay bills online quickly, you can now use the service to invest in cryptocurrencies too.
Image courtesy of Luno
Luno, a digital currency exchange platform, allows users to buy, save, and manage cryptocurrencies all in one place.
Leading the pack in the Singapore crypto market, Luno recently announced that they’ve allowed direct bank transfers so that you can buy crypto on their platform easily.
They’re not charging any deposit fees either, and their transaction limit is on par with FAST limits, so the only math you’ll have to do is your investment amounts.
Luno introduces direct bank transfers for seamless crypto purchases
Making your foray into the crypto world can be nerve-wracking, especially with the amount of money involved and financial terms you need to Google to understand.
Thankfully, Luno has made things easier for newbies with their intuitive interface and educational resources that’ll give you the right footing.
Image courtesy of Luno
Hoping to make the experience even breezier, Luno introduces a new feature that’ll enhance user convenience.
Instead of moving assets across different platforms, users will be able to add funds in Singapore dollars (SGD) directly to their wallets via bank transfer.
This step won’t come with additional fees, which means extra dollars for your crypto purchases.
Image courtesy of Luno
While the feature was a common way of investing in crypto several years ago, many platforms had to halt the service due to regulatory uncertainty, causing banks to be unwilling to work with crypto businesses. Luno, however, managed to reinstate their bank transfer option recently.
In the crypto world, most exchange platforms deal strictly with the US dollar (USD) only, meaning any crypto purchases have to be done with USD.
This proves to be a pain point for many Singaporeans who have to go through the added hassle and fees to get their money converted to the US dollar before purchasing crypto.
With Luno’s new bank transfer feature, you can skip the middlemen and extra fees and enjoy quick turnaround times.
Image courtesy of Luno
Just note that withdrawals can only be made to either DBS or POSB bank accounts with a nominal fee of $2. However, you can make deposits through any conventional bank.
Lower transaction fees so you get more bang for your buck
While folks in the crypto scene are known risk-takers in pursuit of high returns, there’s no doubt that they’re still wary of where their money goes.
For them, every dollar counts — which is why Luno lowering instant transaction fees from 1% to 0.75% is great news for users.
The percentage may seem small right now but accumulate that over time, and taking their comprehensive platform into account, you’re getting every cent’s worth.
You can check out all the features that Luno has to provide on their website.
Convenience makes crypto approachable
Making things more convenient can only lead to a better experience for the users.
With investing being such a daunting idea for most newbies, having things streamlined and simplified helps flatten the learning curve.
Without going through extra steps that may leave us in the red, setting foot into the crypto world seems a safer prospect than it normally would be.
Disclaimer: This article is not intended to be and does not constitute financial advice or investment advice. All investments bear an element of risk, and anyone who chooses to make investments are fully responsible for making their own decisions. Always be wise, and do your research.
This post was brought to you in collaboration with Luno.
Featured image adapted from Eugenia Clara on Unsplash & courtesy of Luno.
