Coinbase Pulls Plug on Xfers

The journey into Cryptocurrency has not been easy. Recently, Ethereum has been on a downtrend with prices falling below USD$500. Today, I received a notification from Coinbase, the digital wallet that I am currently using to cash out the Ethereum from my mining (Profit Update After A Month of Mining Ethereum).

Coinbase notified that they are going to sunset Xfers on 15th May 2018. Currently, if you sell Ethereum using Coinbase, you can deposit the sale profits to Xfers and then use Xfers to transfer the cash to your Singapore local bank account.

On May 15th, 2018, Coinbase will pause the ability to buy or sell digital assets using the Xfers integration.

The growth of cryptocurrency interest within Singapore is heartening. However, we soon realized that the Coinbase/Xfers integration is not suitable in its current form to handle the growth. This change will allow both companies to prioritize efforts to provide a better payment experience for customers and focus resources on new projects. – Coinbase FAQ

What Is the Impact to Singapore Customers?

You can still pay for your purchase of Ethereum or Bitcoin using your credit card but you cannot sell Ethereum or Bitcoin on Coinbase! OMG, this means there is no way for you to cash out your digital assets!

I guess I have to source for a new method to cash out my profits from Ethereum. Can someone share an alternative?

Earn Krisflyer with MilesLife (No Purchase Required)

I have been using the app MilesLife on my iPhone for a few months to earn the popular KrisFlyer miles. This app allows you to earn miles for airlines by using the app to pay for spending related to dining, travel and certain purchases. The current full list of supported Frequent Flyer Programs are

  • All Nippon Airways (ANA Mileage Club)
  • British Airways (Executive Club)
  • China Eastern (Eastern Miles)
  • China Southern (Sky Pearl Club)
  • Emirates Skywards
  • Eva Air (Infinity MileageLands)
  • Hainan Airlines (Fortune Wings Club)
  • Iberia (Iberia Plus)
  • Lufthansa Miles & More
  • PhoenixMiles
  • Qatar Airways (Privilege Club)
  • Sichuan Airlines (Golden Panda)
  • Singapore Airlines (Krisflyer)
  • United Airlines (MileagePlus)
  • XIAMEN AIR (Egret Club)

Recently, MilesLife has a promotion to earn you free KrisFlyer miles which I will like to share. No purchase is required.

You only have to do a Check-in via the app for consecutive 7 days to earn a lucky spin which earns you bonus KrisFlyer miles. Here is how it works:

Step 1. Click on Check-in button via the app.

Remember you have to do this for consecutive 7 days. If you miss a day to check-in, the counter resets back to zero.

Step 2. 7th Day KrisFlyer Miles Award

On the 7th day of check-in, the app reward you with the KrisFlyer miles. The number of miles is random.

May 2018 Singapore Savings Bonds is 2.39%

I was caught by surprise when April 2018 Singapore Savings Bonds was over subscribed. One thing I concluded that it is not the Singapore Savings Bonds scheme that is not attractive, it was the low interest rates that were not attractive!

The effective interest rate for May 2018 Singapore Savings Bonds gives you an effective interest of 2.39% if you hold it for 10 years. That will be a total of S$2,416 of interests collected if you purchase S$10,000 of Singapore Savings Bonds now. This is higher than the effective interest rate of April 2018 Singapore Savings Bonds. If you see from the chart I plotted above, this is in fact the highest effective interest rate over the past 12 months.

If you decided to apply for May 2018 Singapore Savings Bonds, there is some good news. The Monetary Authority of Singapore (MAS) announced that the monthly issuance size of the Singapore Savings Bond (SSB) programme will be increased from S$150 million to S$200 million from this month. According to MAS, this is in response to the increasing demand for Singapore Savings Bonds.