Quoine works with SwapForex, a third-party payment processor based in London, UK, to handle our transaction requests. Swapforex has a local DBS account in Singapore and this has helped with zero-fee deposits for account holders using FAST participating banks.
SGD deposit fees
Liquid does not charge fees for incoming fiat deposits. We credit our customers with what we receive from our banking partners and payment processors. If your deposit is not the full amount when credited to your Liquid account, the difference is always the bank-related charges.
Swapforex has a DBS account in Singapore and funds are transferred to this account. Swapforex does not charge processing fees for SGD deposits. Transactions processed by Swapforex are subject to fees and charges imposed by their banks, in this case DBS Singapore.
For SGD deposit below SGD200,000 per transaction via FAST, no deposit fee will be incurred.
SGD withdrawal fees
Liquid collects SGD5 per transaction.
Swapforex charges USD35.25 equivalent per transaction.
Based on the current exchange rate (1 USD = 1.38 SGD) as at October 23, 2018, you would expect to pay SGD53.70 per withdrawal.