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Frequently Asked Questions on Binance Pay Send Cash Function

Frequently Asked Questions on Binance Pay Send Cash Function

2023-01-19 08:45
1. What is the transaction limit for senders?
Please refer to the transaction limit below (Effective from January 12, 2023):
Receiving Country
Daily Limit
Monthly Limit
Annual Limit
Argentina1,395,000 ARS 55,800,000 ARS55,800,000 ARS
Colombia8,310,600 COP41,553,000 COP498,636,000 COP
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. Transactions usually complete within the same day, but in some cases may take more than 10 working days due to local regulations and payout institution requirements. 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], and 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 payment if you enter the incorrect recipient details.
Please check your recipient details carefully 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. The transfer will fail if the recipient’s remittance limit has been reached.
Please check with your recipients that their remittance limit is sufficient before confirming 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 (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.
7. My recipient is based in Argentina/Colombia, why are they receiving a lower amount than what I sent?
Local taxes, as dictated by jurisdiction and its regulations, will be deducted directly from the received amount. Users acknowledge and agree that the amount sent from Binance may differ from the received value due to their tax status. Binance does not charge any tax fees.