How to Withdraw from Binance to Bank Account

Summary

This video tutorial provides a comprehensive guide on how to withdraw money from your Binance account to your bank account. It covers essential steps, including completing KYC verification, trading cryptocurrency for fiat currency, and choosing suitable withdrawal methods based on your location. The presenter explains the process of converting crypto to fiat and withdrawing it directly to a bank card or through alternative methods like Pax Dollar. Viewers learn about the associated fees and the importance of matching bank and KYC details. The tutorial aims to simplify the withdrawal process and offer alternative solutions for users facing challenges.

Takeaways

• 😀 Ensure KYC details are completed on Binance before attempting to withdraw fiat currencies.
• 💼 Use a government-issued ID for KYC verification, which can be done via the Binance app or website.
• 💵 Cryptocurrency cannot be withdrawn directly to a bank account; it must first be converted to fiat currency.
• 🔄 Trade your cryptocurrency for a supported fiat currency on Binance using the Spot Market.
• 🇪🇺 Different countries have different supported fiat currencies on Binance; choose accordingly.
• 💳 You can withdraw fiat currency directly to a linked bank card, but ensure KYC and bank details match.
• 🔗 Alternative withdrawal options may include transferring funds to other applications like Revolut for currency conversion.
• 🏦 If your fiat withdrawal options are limited, consider using a stablecoin like BUSD, USDC, or USDT for transfers.
• 🪙 For lower fees, consider sending cryptocurrency to another exchange (e.g., Coinbase) that offers better fiat withdrawal options.
• 🔄 Consider using Paxos for managing dollar transactions between crypto and fiat, though it may involve higher fees on the Ethereum network.

Q & A

What is the first step to withdraw money from Binance to a bank account?

The first step is to complete your KYC (Know Your Customer) verification on Binance, which includes submitting personal information, a government-issued ID, and proof of address.

Can you withdraw cryptocurrency directly to your bank account from Binance?

No, you cannot withdraw cryptocurrency directly to a bank account. You need to first convert your cryptocurrency into a fiat currency supported by your bank.

What are the options for converting cryptocurrency to fiat on Binance?

You can convert your cryptocurrency to fiat by using the Spot Market on Binance and either executing a market order for immediate sale or a limit order to sell at a specific price.

What fees are associated with withdrawing fiat currency via card on Binance?

Withdrawing fiat currency via card incurs a transaction fee of 1.8%.

What should you do if your bank details do not match your Binance KYC information?

If your bank details do not match your KYC information, you will not be able to withdraw funds to that bank account.

What alternatives exist if direct fiat withdrawal options are not working?

You can convert your cryptocurrency to a stablecoin like USDC or USDT and withdraw it to another exchange like Coinbase, which may have better fiat withdrawal options.

What is the role of Pax Dollar (USDP) in the withdrawal process?

Pax Dollar (USDP) can be used as a stablecoin option for handling USD transactions. You can convert your cryptocurrency to USDP and withdraw it to a Paxos account, which converts it to USD.

How long does it take for KYC verification to be completed on Binance?

KYC verification on Binance may take a few hours to a day for completion.

What happens if you try to withdraw without having made a fiat deposit first?

If you haven't made a fiat deposit on Binance, you will need to do so first to verify your bank account before you can withdraw funds.

What should you ensure when withdrawing to a bank account from Binance?

You should ensure that the bank account is linked to the same KYC details and address as provided to Binance to avoid transaction failures.