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How to Send Cash Using Binance Pay

2022-09-27 03:01
Note: This feature is gradually rolling out in stages. Please refer to the product page for more updates.
Using your crypto assets, you can now send cash directly to your friends and family. The new Send Cash function on Binance Pay lets you send from your crypto balance and the recipient will receive fiat currency in their bank account.

How to send cash using Binance Pay?

1. Log in to your Binance App and go to [Binance Pay]. Tap [Send Cash].
2. Then, choose the destination country and select the payment method.
3. Enter the recipient’s details, including their full name, bank, and account number. Additionally, indicate your source of funds, your relationship with the recipient, and the purpose of the transfer. Please check all details carefully before you tap [Continue]. If you enter the wrong recipient details, your transfer will fail.
Please note that after entering the recipient’s details, it will be automatically saved to your recipient list for easier access in the future.
4. Enter the amount to transfer. Please note that this is the exact amount the recipient will receive, excluding the transaction fee.
5. You will see a quotation with the exchange rate, transaction fee, and an approximate time for the transfer to be complete. You can choose to pay with funds from your Spot or Funding Wallet or use a combination of the available balance.
6. Verify the transfer with your 2FA devices. Then, you will receive email and SMS notifications once the payment is complete.
To view the transfer status, tap [View Details].
1. What are the transaction fees?
Our partnering financial institutions charge transaction fees on a per transaction basis. Please refer to the respective country and payment method’s actual fees on the page.
2. How long does the transfer take?
After choosing the destination country, you will see a transaction time estimation. The actual time may vary depending on the payment method you choose. You will receive email and SMS notifications when the transfer is complete.

3. How to check the status of my transfer?

Go to [Pay] - [Send Cash] where you will see the status of your latest transfer. To view your transfer history, tap the [History] icon on the top right.

4. Why did my transfer fail?

a. The recipient details are wrong
Most banks won’t accept the payment if you enter the wrong recipient details.
Please be sure to carefully check your recipient details before proceeding.
b. The recipient account has reached its remittance limit
Some countries may limit the amount of money a resident can receive per day due to regulatory requirements. If the recipient’s remittance limit has been reached, the transfer will fail.
Please check with your recipients that their remittance limit is sufficient before making the transfer.
c. Other possible reasons
The transaction did not pass the Anti Money Laundering (AML) or Combating the Financing of Terrorism (CFT) screening.
The recipient does not collect the transferred funds within 28 days of a successful transfer (cash pick-up only).
The recipient is below the permitted age of 16 years old (cash pick-up only).
5. What happens when the transfer fails?
You will be notified when the transfer has failed. Transferred funds will be returned to the wallet your crypto is debited. Please note that refunds will be in USDT instead of the currency you converted for payment. This is because we settle payments in USDT with the partner financial institutions and the exchange rate varies from time to time.
If the receiving institution (mobile wallet and bank transfer payout channels) does not accept the transaction, no transaction fees will be charged for refunds.
However, for cash pick-up, if the transfer failed because the recipient did not collect the funds within 28 days of a successful transfer, or if the beneficiary is not of permitted age, transaction fees will still be charged.
6. How long do I have to lodge a dispute?
In most cases, you have 30 days from the transaction date to lodge a dispute. Please contact Binance Support via Chat for assistance.