Moving your funds from a cryptocurrency wallet to a bank account is among the most common activities users can do using their Binance account.
Being able to control your money ensures better management of your crypto funds.
Suppose you are looking to withdraw fiat money from your Binance account.
In that case, you must focus on some critical details before beginning the process.
We will share some essential details about this withdrawal process using Binance exchange in this guide.
Three Things You Should Know Before Your Binance Withdrawal
Binance is the biggest exchange platform of all when it comes to daily trading volume.
Hence, unlike other platforms, withdrawing your money from this platform is a piece of cake. But you still have to be well-prepared before you proceed.
The most vital aspect of this withdrawal process is to complete your verification process.
This way, you will not have to deal with any issues associated with your withdrawal amount limit.
So, let us shed more light on this aspect.
Fiat Currency and Payment Method Depends upon Your Location
Based on the country where you live, there are various payment methods and their network fees associated with banks and their SWIFT codes.
Of course, you can deposit in EUR, USD, and some more common fiat currencies across the globe.
But if you want to withdraw USD 4000, then the transaction fee will be different based on the currency you are using to withdraw your funds.
You Can Withdraw in Crypto Too
You can conveniently send bitcoins using Coinbase and withdraw BTC or any other cryptocurrency using your Binance account.
It works pretty similarly to most exchanges, so you will not have to worry while making a withdrawal using this platform.
The only thing that you will have to do is to choose the currency and withdraw BTC, ETH, or BNB (Binance Coin), or any other crypto you need to a particular wallet address.
But the network fees will be different if you are going for BNB or BSC (Binance Smart Chain). Hence, you need to keep an eye on this aspect before you initiate a transaction.
You will need to know your Binance Wallet Address to receive your funds from someone into your account.
If you use the wrong network or wallet address, you will end up losing your finds. So, confirm this before proceeding with the payment.
How Long Does the Withdrawal Take?
It will depend upon the fiat currency or Crypto that you have set for withdrawal on your Binance exchange.
Moreover, it will depend upon the payment method that you have selected.
It is because the network may be too congested due to numerous withdrawals taking place simultaneously.
The transaction might be suspended temporarily if a system upgrade is in progress on the platform or the network.
In other words, your withdrawal transaction can take up to four working days.
So, you will have to keep this in mind if you want to withdraw your money.
As a result, you have to check the status of your withdrawal through your Binance account.
How to Withdraw Funds from Binance to Bank Account
Before you begin, ensure that you already know what amount you are looking to withdraw.
You will also need to know what fiat currency that you are using for transactions.
Besides that, you need to check that you have an equivalent amount of funds in your crypto wallet before proceeding to the withdrawal page.
Which crypto exchange you prefer to use does not matter.
But knowing the transaction history and controlling it is necessary. Here is how you can withdraw funds from your Binance to bank account,
Step 1 – Logging into your Binance account
You have to begin by logging into your account with your email ID and password.
Then, visit the official website of Binance.
After logging in and noticing everything is working fine, you can proceed further.
Step 2 – Clicking on Fiat and Spot wallet
Go to the navigation bar on top of the page and find Wallet in the menu. A drop-down menu will appear.
Click on the Spot Wallet, and it will direct you to the Fiat and Spot option.
A page will open, and from there, you can perform your withdrawal transaction right away.
Step 3 – Selecting Withdraw from The Menu
When you click on the Fiat and Spot menu, a page will appear showing all your funds. Next, click on the Withdraw button located on the top menu.
Step 4 – Confirming the Transaction Information on This Page
On this page, a menu with different options will appear.
- Under Currency, you must select the correct fiat currency that you want to receive in your bank.
- Under Payment Method, you must type the withdrawal address info where you want to receive the fund.
- And under Amount, you must select your desired withdrawal amount to the withdrawal address you entered previously.
If you are using any other payment method besides the bank account, you will have to type in more information based on Binance requirements.
Step 5 – Completing Your Security Verification
Check and confirm your information once again and click on Continue.
As a result, a pop-up screen will appear. It will display all the information associated with your withdrawal transaction.
You will have to confirm it by clicking on the Confirm button to initiate the security verification process.
Next, you will receive a text message or an email from Binance with a code.
Enter the code where it is needed and click the Submit button to proceed.
Step 6 – Waiting for The Withdrawal Request to Finish
You are almost done here, and there is nothing else that you can do from here except wait.
Keep in mind that there are some minimum amounts to withdraw and transaction fees depend on different factors.
Apart from the minimum amounts, you cannot withdraw over USD 5000 or EUR in a day. So, keep this in mind before you begin.
By clicking on View History, you can know the Payment ID that will help you track the transaction when you want to.
Can I Withdraw from Binance to Any Other Crypto Wallet Address?
Yes, you can withdraw from Binance to any other crypto wallet address.
You will have to select Coin located on the top menu.
Enter the wallet address and send your cryptos to an external exchange.
What Is the Minimum Withdrawal Limit on Binance?
The minimal withdrawal limit on Binance is USD 10, but it depends upon your location or country.
So, it will vary based on your location but will always be close to the mentioned amount.
What Banks Does Binance Support?
Binance currently supports the following banks:
RBC (Robinsons Bank Corporation).
UBP (Union Bank of Philippines).
RCBC (Rizal Commercial Banking Corporation).
BPI (Bank of Philippine Islands).
Moving the funds from your crypto wallet to a bank account is a pretty straightforward process on Binance.
But you need to verify all the information to keep this process smooth.
Before you begin the process, make sure that you have completed your verification process and know our withdrawal limits.