Redeem & Convert to Fiat is a new feature added to Binance Gift Card as an alternative to redeeming to crypto. Upon receiving a Binance Gift Card, you can now redeem and convert it to fiat currencies in a few simple steps.
Here are some benefits of redeeming and converting your Gift Cards to fiat:
- Zero fees redeeming your Gift Card into local currencies;
- Hassle-free and simple steps to convert crypto to fiat;
- Flexible choices on how to redeem Gift Cards;
- Swift redemption process on the Binance App.
How to redeem and convert Binance Gift Card to fiat currency? A step-by-step tutorial
1. Log in to your Binance App and tap [Profile] - [Gift Card].
2. Tap [Redeem] - [Redeem & Convert to Fiat].
3. Select the fiat currency you would like to convert the crypto into, and enter the Gift Card redemption code. Tap [Next] to proceed to the Crypto to Fiat conversion on Binance P2P.
Note: As of September 2022, Binance Gift Card only supports the conversion of 8 fiat currencies (INR, IDR, NGN, PHP, RUB, UAH, USD, and VND). Fiat currencies not listed here are not available at the moment. You may select [Redeem to Crypto] to redeem them to your Funding Wallet.
4. If the system supports the conversion of your crypto, you will be redirected to Binance P2P. Read the notes and tutorial carefully and tap [Confirm] to proceed to the [Sell] page.
4a. Enter the amount of crypto to convert and tap [Sell with 0 Fee]. The system will automatically create an order that matches your requirement. Your order will be matched based on the best crypto price available on the P2P market and redeemed into your chosen local currency.
4b. If the Redeem & Convert to Fiat function does not support the crypto in your Gift Card, the crypto amount will be credited to your Funding Wallet. You may check your balance by selecting [View my funding wallet].