How to Transfer Cryptocurrencies and Funds from Binance to Your Bank Account

How to Withdraw Money from Binance

Withdrawing funds from Binance, one of the world’s leading cryptocurrency exchanges, is a straightforward process that can be accomplished through a few simple steps. Whether you’re looking to withdraw cryptocurrency or fiat currency like USD, this guide will walk you through the process in detail.

Step-by-Step Guide to Withdraw Money from Binance

1. Log In to Your Binance Account:
   To start, log into your Binance account using your email and password. If you have Two-Factor Authentication (2FA) enabled, be prepared to enter the verification code sent to your registered device.

2. Navigate to the Wallet Section:
   Once logged in, locate the "Wallet" option on the top right corner of the Binance homepage. Click on it and select "Overview" from the dropdown menu. This section gives you a comprehensive view of your holdings.

3. Decide Between Crypto and Fiat Withdrawals:
   If you’re withdrawing fiat money (like USD), you will first need to sell your cryptocurrency for fiat. To do so, navigate to the “Buy Crypto” section and select “Buy & Sell.” After choosing your cryptocurrency, specify the fiat currency for the transaction.

4. Withdraw to Bank Account (Fiat):
   To withdraw fiat, select the option for bank transfer during the withdrawal process. Enter your bank account details (account and routing numbers), specify the amount to withdraw, and confirm your identity with the 2FA code if required. Then click "Submit."

5. Withdraw Cryptocurrency:
   If you’re withdrawing cryptocurrency, go back to the Wallet section and click the "Withdraw" button upon selecting the cryptocurrency you wish to send. Input the wallet address where your crypto will go (e.g., if you’re transferring to Coinbase, use the specific deposit address from there). Select the appropriate network, confirm all details, and hit the “Submit” button.

Advisable Processing Times

• Crypto Withdrawals: Typically take anywhere from 10 minutes to an hour, depending on the specific cryptocurrency and current network congestion.
• Fiat Withdrawals: Expect to wait between 1-5 business days for the funds to appear in your bank account, depending on the bank’s processing times.

Withdrawal Fees on Binance

Understanding the fees associated with withdrawing your assets is essential for effective financial planning. Binance withdrawal fees vary significantly based on the withdrawal type (crypto or fiat).

• Crypto Withdrawal Fees: Fees depend on network traffic and the specific cryptocurrency. For example:

  • Bitcoin (BTC): Approximately 0.00003 BTC
  • Ethereum (ETH): The fee is network dependent, which can vary based on ETH congestion.
• Fiat Withdrawal Fees: If you’re based in the U.S. and utilizing the Binance.US platform, ACH withdrawals (bank transfers) are generally free, while wire transfers typically incur a $25 fee.

Withdrawal Limits on Binance

Binance has generous withdrawal limits, contingent on your account verification level. For standard users, you may withdraw up to 8,000,000 BUSD daily. US-based users who have completed their KYC (Know Your Customer) verification can withdraw up to $1 million daily on Binance.US.

How to Withdraw USDT from Binance to Your Bank Account

For those looking specifically to withdraw USDT (Tether), here’s how you can turn your crypto into cash:

1. Log In to Your Binance Account:
   Access your account using your credentials as previously described.

2. Access the Buy & Sell Section:
   After logging in, find the “Buy Crypto” tab and click it. Select the “Buy & Sell” option to initiate the process.

3. Select USDT and Bank Account as Payment Method:
   Choose USDT as the cryptocurrency you wish to sell and select your bank account as the withdrawal method. Enter the amount you wish to convert to fiat and proceed with the transaction.

4. Verify and Confirm:
   Ensure all details are accurate, especially your bank information. Follow through with 2FA if prompted, and your funds should arrive in your bank account within a few business days.

Alternative Withdrawals: P2P Trading

If you find that direct fiat withdrawals are not available in your area, consider Binance’s P2P (peer-to-peer) trading feature. This method allows you to exchange USDT for fiat by selling to another individual directly.

1. Visit the P2P Trading Page: Select USDT as the cryptocurrency to sell and choose the fiat currency you wish to receive.
2. Choose Payment Method: Opt for bank transfer as your preferred mode of payment, and review potential buyers based on their ratings.
3. Finalize the Sale: Once you agree on the terms with a buyer, provide them with your bank details after receiving their payment. Finally, release the USDT once the payment has been confirmed.

Common Withdrawal Issues

If you encounter barriers while attempting to withdraw funds, consider the following common reasons:

• Unverified Account: Your account may need further verification.
• Pending Network Confirmations: If you’ve recently deposited crypto, the necessary confirmations might still be in process.
• Withdrawal Freezes for Maintenance: Be alert to any notifications from Binance regarding maintenance.
• Insufficient Funds for Fees: Ensure that the balance in your account covers the full amount you wish to withdraw, including fees.
• Unsupported Banking Connections: If your bank account isn’t properly linked, this can grind the process to a halt.

Confirming Successful Withdrawals

To check whether your withdrawal has been effectively processed:

• Log into Binance Account: Head to the Wallet section and click on “Transaction History” to view recent withdrawals.
• Track Your Transaction: Look for the transaction status (like “Completed”) and note the Transaction ID (TxID). You can use blockchain explorers relevant to your cryptocurrency to confirm if your transaction is recorded successfully on the blockchain.

Understanding Binance Withdrawal Fees and Limits

1. What are the withdrawal fees?
   Withdrawal fees vary across cryptocurrencies and withdrawal types. Check the fee during the withdrawal process to know exactly how much to expect.

2. Withdrawal limits according to account type:
   Regular users can withdraw up to 8,000,000 BUSD daily, while US users with KYC verification may access up to $1 million daily on Binance.US.

3. Withdrawal fee for BTC:
   The withdrawal fee is reliant on the blockchain network used. For BTC, withdrawing through the Bitcoin network incurs a fee of 0.00003 BTC, whereas the BNB Chain (BEP20) costs approximately 0.0000066 BTC.

Understanding these aspects will help you navigate Binance withdrawals smoothly, ensuring you manage your digital assets efficiently while minimizing costs.