Since we have covered the topic of withdrawing Euros from Binance in the last article, I have gotten a lot of questions from my readers to create another guide on how to withdraw money from Binance in other currencies like USD.
If you are new to using Binance, or exchanges in general, it can get a bit confusing at times. With this article, I want to clear things up and leave nothing out. This is a complete guide on how to Withdraw Money from Binance in every possible way, as always written in a Beginner-Friendly Step-by-Step fashion including a video to follow along to.
Before we get started, if you do not have a Binance account yet, use this link to sign up and get discounts on all of your trades for life over at Binance!
Table of Contents
- Step 1 – Convert Crypto to Fiat on Binance
- Step 2 – How to Withdraw Money from Binance (USD)
- Withdraw Other Currencies from Binance
- How to Withdraw Money from Binance Conclusion
- The Best Way to stay Up-to-Date with my Content
Step 1 – Convert Crypto to Fiat on Binance
Before we can actually get started with withdrawing money, we need to know how to convert our Crypto to Fiat. Gladly, Binance makes it really easy for us to convert Crypto to Fiat. There are a couple of ways on going about that, I show you the easiest first and gradually move towards the harder ways.
Convert Crypto to Fiat using Binance Convert
Binance Convert only supports a few selected currencies, but it is by far the easiest way to convert Crypto to Fiat on Binance.
Navigate to Trade -> Convert on the top navigation bar. Then you have to choose a currency you want to convert from, in this example BTC, and a currency you want to convert to, in this example EUR.
Once you click on Preview Conversion, you have a 6-second grace period to accept the conversion at the rate that is shown to you.
The rate is the current market price, once you click on convert, you have successfully converted Crypto to Fiat, it’s that easy. You just have to check which kind of Crypto / Fiat pairings are available. Sometimes you need to go through two conversions to get to your desired currency, but that is usually very easy.
You can also see which currencies are available for the convert feature directly in your Binance wallet. Navigate to Wallet -> Fiat and Spot and check it out there.
Convert Crypto to Fiat using Spot Trading
Another way to convert Crypto to Fiat on Binance is by using Spot Trading. This is what you need to do with currencies where the Binance Convert feature is not available. To keep things simple, we use our Wallet as an example again.
Let’s say we want to convert SLP to USDT, but the Binance Convert feature is not available to us.
Click on Trade next to your token from your wallet and select the SLP/USDT trading pair. This sends you over to the Spot Trading window. Don’t be alarmed, it’s easier than you think!
Once you are there, change the order type to Market. This allows us to sell our SLP for USDT at the current market price without the need of placing an order. Then simply choose how much SLP you want to convert to USDT and click on Sell SLP.
Then you can choose to continue with USDT or use the conversion feature mentioned above to convert your USDT to another currency like BUSD.
Step 2 – How to Withdraw Money from Binance (USD)
Most of you are probably interested in how to withdraw USD from Binance to your Bank Account, so for this first example, we are going to use the US Dollar.
To be able to withdraw USD to your Bank Account on Binance, you need to first convert the currency you want to withdraw to BUSD. BUSD is Binance’s wrapped USD.
You can do this for any currency by following the methods shown above, but I give you an example using USDT anyway.
Convert USDT to BUSD
Let’s say you have some USDT and want to withdraw them to your bank account. Navigate to Trade -> Convert from the top navigation bar.
As the From Coin select USDT and as the To Coin select BUSD. Enter an amount you want to convert and click on Preview. Click on Convert before the quote expires. Once you click Convert, you successfully exchanged USDT to BUSD and can now withdraw them.
I think this pretty much should bring the point across. Now we can go ahead and withdraw those BUSD to our bank account. You can use this method with any other supported currency as well.
How to Withdraw USD from Binance to Bank Account
Now we can go ahead and withdraw those BUSD to your bank account.
Navigate to Wallet -> Fiat and Spot and click on Withdraw on top.
Once you are there, as of now, you have two options: Silvergate Bank (SWIFT) and Silvergate Bank(SEN). Now, I am not a US citizen so I do not know why there are only those two options available for the US, but further research on my end has shown me that in fact there are only those two available right now.
So, the SWIFT transfer comes with a hefty 30$ fee, whereas the SEN transfer is free. Please do your own research to check which one is best for you / is available to you.
Enter an amount of BUSD you want to transfer to your account (You can see your BUSD balance next to the Amount text field) and click on Continue to enter your Bank Details.
The bank transfer usually takes 2-4 business days. Always triple-check if you have entered your details correctly.
Withdraw Other Currencies from Binance
Because I want this guide to be as complete as possible and I want it to be a one-stop destination for you guys to be able to look up all the guides you ever need in one place – we are going to take this guide a step further.
Below I show you all the best ways I am aware of on how to Withdraw Money from Binance using different currencies.
Withdraw EURO from Binance
Instead of showing you all the different ways of how to withdraw EURO from Binance again, I rather point you to my other How to Withdraw EURO from Binance article that goes into all the nitty-gritty details on how to do that.
Withdraw GBP from Binance
GBP is probably among the most used FIAT currencies on Binance, so below I am going to show you all the different ways on how to withdraw GBP from Binance.
Same as with other currencies, if you first need to convert your Crypto into Fiat, use the method shown in Step 1 to convert your Crypto to GBP.
As of writing this article, there are only two ways on how to withdraw GBP from Binance currently available to us – Faster Payments and Bank Card (VISA) transfer.
To withdraw, first navigate to Wallet -> Fiat and Spot and click on Withdraw next to your GBP balance.
Withdraw GBP from Binance to Bank Account with Faster Payments
Make sure to select Faster Payments, enter an Amount of GBP you want to transfer to your bank account, and click on Continue.
Gladly, the fee here is way lower than in the US and pretty acceptable at 1.5 Pounds per transaction in my opinion. After clicking Continue you need to enter your banking details. Make sure to triple-check before submitting any requests.
Withdraw GBP from Binance to Bank Account with Instant Card Withdrawals (VISA)
Instant Card Withdrawals are currently only supported for GBP or EURO and only if you are a resident of the European Economic Area (EEA). You can read more about that here.
Also, double-check if your Card Provider supports Instant Card Withdrawals. Your card needs to have the Visa Fast Funds (Visa Direct) feature enabled! If in doubt, I always recommend sending a smaller amount first to see if it arrives safe and sound.
Instead of selecting Faster Payments, select Bank Card (VISA) for this process.
Next, enter an Amount you want to transfer and click on + Add New Card to add your Credit Card Details. Finally, click on Continue to process the payment.
Withdraw AUD from Binance to Bank Account
Because I know that my Ozzy friends will be upset if I don’t cover this, we might as well do it right now. If you are from Australia, you are in luck, not only because you enjoy better weather than most of us, but also because you pay 0, yes, zero fees on your Bank Transfers from Binance to your account.
As there is only one option, Bank Transfer, we dive straight in (no, not into your shark-infested waters, but into the process of transferring AUD from Binance to your Bank Account).
Withdraw AUD from Binance using Bank Transfer
Navigate to Wallet -> Fiat and Spot and select Withdraw next to your AUD balance.
You can only use this feature if you are in fact located in Australia, or if you are a holder of an Australian passport. In the second case, you need to contact Binance so they will enable that for you. Since I am, unfortunately, not located in Australia, this feature is not available to me.
The process will be similar as in the other guides above, so make sure to enter and amount of AUD you want to withdraw and enter your bank details. It should be pretty straightforward. You’ll get it, mate.
How to Withdraw Money from Binance Conclusion
I think this should pretty much cover most of the popular currencies and how to withdraw them from Binance using a variety of different methods. If you felt like I missed something important, gladly point that out in the comments for me and I will add it.
I will add more currencies as we go and will keep updating this article so that you have a one-stop guide for how to withdraw money from Binance.
Let me know if the process was easy for you in the comments below.