In order to buy cryptocurrency with Luno, you’ll need to be a resident of Singapore and have an Xfers wallet with a balance in it.

What is Xfers?

Xfers is a secure and reliable way to make payments. We’ve teamed up with Xfers to give you a safe and easy way to fund your Luno account.

If you don’t already use Xfers, sign up for an account here. You can contact them here if you have any questions.

In order to successfully link your Luno and Xfers wallets, please ensure that you use the same mobile number on both platforms.

How to link your Luno and Xfers wallets

You’ll be using the balance in your Xfers wallet to buy cryptocurrency such as Bitcoin (BTC) with us. To link your Xfers wallet to your Luno account, follow these steps:

  • Open the Luno app and sign in

  • Tap Wallets on the Menu

  • Select your Singapore dollar (SGD) wallet

  • Tap Deposit

  • Follow the onscreen steps to link your Xfers wallet and proceed with your first deposit

You’ll only need to run through the linking process once.

You should receive a notification within a few minutes letting you know that your deposit has been allocated to your Luno wallet. Once your SGD wallet has been funded, you’ll then be able to buy cryptocurrency with that balance. 

How do I withdraw SGD?

You can sell your cryptocurrency at any time for SGD, which will be reflected in your SGD wallet. To withdraw the SGD to your Xfers wallet, follow these steps:

  • Tap Wallets on the Menu

  • Select your Luno SGD wallet

  • Tap withdraw

  • Follow the onscreen steps to complete your withdrawal

Frequently asked questions


Is Luno regulated in Singapore?

Luno is currently not regulated in Singapore. However, cryptocurrency exchanges will be regulated by the Monetary Authority of Singapore (MAS) soon. We’ll provide an update once we have more meaningful information about this.

I had an account with Luno a few years ago, can I use my account again?

Yes, your Luno account is still in place. Before you can start using it again, you would need to update your profile with us. After you have logged into your account, submit your most up-to-date identity documentation under “Profile” > “Change Settings” > “Verification”.

Why can’t I deposit / withdraw money using a bank account directly on Luno?

We’re working with our banking partners to enable direct bank transfers for Luno in Singapore. We’ll provide an update once we have more information about this. For now, we’ve partnered with Xfers to ensure that you can fund your SGD wallet and make SGD withdrawals from your Luno account.

Withdrawals and deposits

Does Luno charge me extra for using my Xfers wallet to buy cryptocurrency?

There are currently no fees charged for a deposit made from or withdrawal made to your Xfers wallet. However, withdrawals from your Xfers wallet to your bank account will be processed by Xfers and you may incur a fee. You can find out more about this on Xfer’s website here.

I see an error message when trying to make a deposit into Luno using my Xfers wallet. Why?
You might have not successfully linked your Xfers wallet with your Luno account, or you might not have sufficient balance in your Xfers wallet.

How long does it take for my deposit from my Xfers wallet to reflect in my Luno wallet?

If there’s sufficient balance in your Xfers wallet and if the steps were correctly followed, your deposit should be reflected in your SGD wallet within a few minutes. You will be notified once your deposit has been allocated. If your deposit hasn’t reflected after one business day, you’re welcome to contact our support team here.

How long does it take to get money out of my Luno wallet to Xfers?

Your withdrawal to your Xfers wallet will be processed according to our withdrawal schedule here and may take up to 1 business day to credit your Xfers wallet.

How much can I deposit into and withdraw from my Luno wallet each time?

How much deposits and withdrawals you can make on Luno will depend on your verification levels. Deposit and withdrawal limits for each verification level can be found here. When making a deposit, do also consider Xfers’ annual spending limits of SGD 30,000 (change implemented by Xfers with effect from 22 January 2020). A spending limit refers to the value of purchases bought using funds from your Xfers wallet. This will include top-ups into your Luno wallet.

Can I use someone else’s Xfers wallet to transact on my Luno wallet?

No. You’ll need to ensure that your Xfers account and Luno account are held in the same name. To link your Xfers wallet to your Luno account, you’ll also need to ensure that you use the same mobile number and identity details. 

More questions? Reach out to our Customer Success team.