Binance P2P: Travel And Save Money on Currency Conversions

2023-03-29

Main Takeaways

  • Consider a peer-to-peer marketplace for local currency conversions before you travel.

  • Binance P2P supports more than 100 local currencies and 700 payment methods.

  • Make the most of your travel budget and convert with low fees on Binance P2P.

Thinking about traveling to a different country? Convert your crypto to your destination’s local currency with low fees using Binance P2P.

Converting currencies can be a difficult process. If you’ve traveled overseas, you can probably relate. Find a reasonable rate; your final bill ends with additional premiums and transfer fees. While some people are okay with paying fees here and there, these costs can quickly add up.

So if you’re planning a vacation, study, or work abroad program, consider a peer-to-peer (P2P) marketplace. Instead of banks and currency shops, you’ll be able to trade directly with locals. If that sounds enticing, you can consider using Binance P2P,  the official P2P marketplace of Binance.

What Is Binance P2P?

Binance P2P is an online platform where users can exchange their crypto with more than 100 local currencies and 700 payment methods. You’ll also incur low fees and access to experienced, trustworthy merchants.

In the following sections, we’ll cover the common pitfalls of traditional exchange methods — high fees, tourist traps, and hidden costs—and how you can save your travel budget by using Binance P2P instead.

What to Consider With Traditional Methods

Travelers typically need to exchange currency before or after their trip. Most people opt for the bank or the emergency last resort: foreign exchange shops and airport kiosks. It’s best to avoid the last resort option; otherwise, be prepared for an unfair price. And that leaves us with banks, the most familiar conversion option for many.

However, going with a bank doesn’t fully exempt you from extra fees. Some will even charge a much steeper price. Unlike traditional methods, Binance P2P lets you exchange currencies with low fees on your own terms.

Save Costs With Binance P2P

Find an offer on our marketplace that suits your needs. Not the other way around. You won’t be hit with any hidden charges. With no exchange fees, you’ll be able to maximize your travel budget to its fullest potential. 

Plus, our platform safeguards every transaction with an industry-leading escrow service. And if you want to exchange for physical cash, you can find cash offers on our marketplace in the Cash Zone. 

Do you want to ensure you’re trading with an experienced merchant? Go to the P2P Zone and filter our marketplace to only verified merchants. You can spot verified merchants by the yellow tick next to their username. Once your trip is done, you can also quickly swap back to crypto on our marketplace. 

Of note, those who opt for digital transfers over physical cash may be required to own a multi-currency bank account. If that’s inconvenient, the Binance P2P marketplace always has many cash offers available. For more information, you can read our complete guide to making crypto trades in person using Binance P2P’s Cash Zone.

How to Sell Crypto Using the P2P Cash Zone 

1. Log in to the Binance app and go to [P2P Trading] - [P2P]

2. Select [Cash]

3. Choose the fiat currency you want to receive, and enter your location in the search bar to locate ads near you. Pick your preferred ad and tap [Sell].

4. Input the crypto amount you want to sell and tap [Sell].

5. You will then be redirected to a page with the merchant’s address. Reach out to the merchant via chat box to confirm the meet-up details. Once you’re at the merchant’s store, let them scan the QR code on your order page. 

6. Confirm the correct cash amount and tap [Payment Received] to release the crypto.

Please note that the Cash Zone is only available in the following markets: TRY, HKD, TWD, KES, GHS, CLP, PEN, and UYU.

Convert to Your Destination Currency With Low Fees

Get started today by downloading the Binance app and completing identity verification. Once your identity is verified, you can begin browsing the Binance P2P marketplace for a suitable offer in your destination’s local currency. Unlike traditional methods, Binance P2P offers a flexible experience and, most importantly, low fees for every transaction.

Further Reading

Disclaimer: Your use of the Binance P2P services and all information and other content (including that of third parties) included in or accessible from the Binance P2P services is at your sole risk. Our only responsibility is to handle crypto transactions. All payments are final upon completion unless otherwise required by law. Binance P2P platform has neither the rights nor the obligations to resolve any disputes arising from a completed payment. Neither Binance P2P platform nor merchants shall be responsible for your loss in a completed payment.