Introduction
The cryptocurrency market is rapidly developing, and as one of the largest exchanges in the world, Binance announced in August 2025 the reopening of USD wire transfer services. This feature addresses the pain points of investors holding USD deposits in terms of deposits and withdrawals, allowing users to more conveniently use the SWIFT international wire transfer system, further bridging the financial gap between Web2 and Web3.
Binance Official Announcement
According to the official announcement from Binance, in August this year, Binance, through its subsidiary BPay Global B.S.C, has restarted the USD wire transfer service. The announcement emphasizes that the wire transfer service is enabled based on the payment service provider license granted by the Central Bank of Bahrain (CBB) in April this year, marking Binance's first global payment license, allowing users to conduct wire transfer operations through legitimate and secure channels.
The purpose of Binance reopening wire transfer services is to enhance user experience, especially for large fund transfer needs, while also strengthening anti-money laundering and KYC mechanisms. Moreover, this reopening is not limited to users in the United States but supports SWIFT wire transfers globally.
Currently available currencies and supported fiat currencies
Currently, Binance's wire transfer service mainly supports US dollars (USD). The USD imported by users will be exchanged 1:1 for BUSD stablecoin for trading purposes. In the following image, you can see over 20 currencies, including AUD (Australian Dollar) and CHF (Swiss Franc), on the Binance fiat deposit page. In the future, Binance will include more national currencies.
For Taiwanese users, the New Taiwan Dollar (TWD) currently does not support wire deposits and withdrawals. Users can first exchange it for USD at the bank and then proceed with SWIFT wire transfers.
Why did Binance temporarily suspend wire transfer services?
Binance had previously opened wire transfer services, tracing back to February 2023 when global regulatory pressure was too high. At that time, partners like Signature Bank stopped supporting SWIFT transactions below 100,000 USD due to regulatory pressure, and the SEC lawsuit in the US led to strained bank partnerships. Binance temporarily suspended some fiat channels, including USD wire transfer services.
Binance wire deposit tutorial | Complete SWIFT process
Binance wire deposit graphic process
1. Select USD recharge
On the Binance homepage, click to add funds, choose USD recharge, and select SWIFT bank transfer, which is the method for USD wire deposits.
2. Bpay verification and remittance information
First-time users of the SWIFT service must fill out a questionnaire to activate Bpay services, and the information should be filled out truthfully. After activation, you will see your personal remittance information for Binance wire transfers, including recipient account numbers, reference codes, etc. The reference code in the remittance information is unique and must be included in the remittance note.
The author suggests switching to the English interface to ensure accurate information. Once these materials are prepared, you can use the bank to carry out wire transfers.
3. Bank wire transfer
Wire transfers are divided into two types: in-person remittances and online wire transfers. Usually, the first transfer must be done in person; thereafter, you can bind the online banking designated account to conduct online wire transfers. Prepare the above Binance wire transfer information, personal ID seal, and foreign currency account passbook, and ensure that the remittance is done using your own account.
First, you need to purchase USD in your foreign currency account. In the image below, purchasing 10,000 New Taiwan Dollars will result in about 9,951 New Taiwan Dollars worth of 326.74 USD after conversion. Then go to a physical counter for in-person transfer.
In addition to fixed remittance accounts, receiving banks, and reference code notes, the information filled out on the remittance form varies slightly among different banks. You can directly ask the counter staff for assistance. Below is an example of the First Bank's foreign exchange remittance application form.
The author personally tested remitting from a personal foreign currency account. After clicking 'I have sent funds' on the wire transfer page, they will receive USD within 3 to 5 working days. It is recommended to first try a small amount before making a large wire deposit to ensure everything is correct and avoid unnecessary losses due to operational errors.
4. Online remittance (taking Future Bank as an example)
Using a bank's designated account or pure online banking for wire transfers is very convenient and quick, eliminating the need to go to the bank to fill out forms. The following online transfer will take the Future Bank as an example. Future Bank is one of the three major pure online banks in Taiwan and is currently offering a promotional activity with a 3 USD fee for single USD wire transfers, which is very suitable for Binance's USD wire deposits.
Future banking's transfers are simpler; you only need to fill in the SWIFT code, bank information, and the amount you wish to transfer on the page. Leave the branch name blank. Remember to fill in the reference code in the remittance note and choose 'Domestic fund outflow - Purchase of foreign virtual assets' as the declaration nature. Finally, deduct the 3 USD fee to transfer out.
5. Complete the transfer & exchange for cryptocurrency
After waiting for the USD to be credited, you can perform exchanges between fiat and cryptocurrency on the Binance trading page, as shown below, by directly purchasing USDT with USD. USDT will then be available for trading in Binance's spot account, completing the entire deposit process.
Minimum deposit amount and upper limit
Binance's wire transfer page specifies a minimum deposit amount of 5U and a maximum of 6648.93U. To increase the limit, address verification must be completed by preparing documents such as utility bills, bank statements, or tax certificates from the past six months that can verify the address. After uploading, the review will be completed in about 24 to 48 hours, significantly increasing the daily limit to 50.14 million USD.
Explanation of fees and time of arrival
Although Binance does not charge a fee for wire deposits, bank-side costs include remittance fees, email fees, intermediary and payment bank fees, etc. The costs vary according to each bank's regulations, and a complete fee comparison table can be referenced in the following explanation. The author recommends choosing the 'full amount credit' mode during remittance to ensure the complete amount reaches the Binance account.
Wire deposit at Taiwanese banks must be processed before 3 PM that afternoon. International transfer procedures take 1 to 3 working days, Binance's account credit takes 1 to 2 working days, and if it falls on a holiday, the processing time will be extended.
Bank notes that Taiwanese users need to pay attention to
A common issue for Taiwanese users is that bank reviews are strict. The remarks section must clearly state the purpose to avoid ambiguous terms that may lead to remittance risks. Ensure that the remittance account and Binance KYC are under the same individual, and fill in the information on the Binance remittance page accurately. After remittance, keep the remittance slip MT103 for reference to meet audit needs in case the remittance does not arrive.
Binance wire transfer withdrawal tutorial | Complete SWIFT process
Binance wire withdrawal graphic process
1. Sell USDT & SWIFT withdrawal
Conversely, on the Binance trading page, sell USDT for USD, and choose to withdraw USD in the fiat account, which will bring up the following page where you can fill in account and SWIFT data to apply for withdrawal.
2. Foreign currency bank information (taking Future Bank as an example)
Fill in the Binance fields above according to the information from the foreign currency bank shown below, including the bank account number, SWIFT code, and address, etc. Be sure to ensure that the name of the bank account holder matches the name on Binance, and deduct the minimum fee of 35U to transfer out.
After applying, you will receive a bank call confirmation within 1 to 2 working days. It is essential to accurately report code 268 for the sale of foreign virtual assets. For details, you can refer to the following sections on tax regulations and exemptions.
Minimum withdrawal amount and upper limit
There is no minimum limit for Binance's USD SWIFT withdrawals, but the minimum fee is set at 35U. If address verification is not completed, there is a maximum withdrawal limit of 6,000 USD; after verification is completed, there is no withdrawal limit.
Withdrawal time
Wire withdrawals will be processed within 1 working day after submission at the exchange, international transfer procedures take 2 to 3 working days, and bank account credits take 1 to 2 working days. If it falls on a holiday, the processing time will be extended.
Exchange process (taking Future Bank as an example)
After remitting funds out of Binance, you will receive notifications via SMS, phone, or online banking app after processing by Binance and SWIFT. Traditional banks need to prepare personal identification, passbook, and remittance receipt as proof for fund release, and fill in the remittance nature code 268 – Sale of foreign virtual assets declaration, truthfully state it as cryptocurrency withdrawal.
The remittance process with pure online banks is very simple. After receiving the notification of the remittance amount in the bank within the specified period, complete the receiving process. The report information should indicate 'Private legal person, individual', and choose the nature of the report as the sale of foreign virtual assets. Future Bank's release fee is 12 USD, and finally confirm that the amount and source of funds in the incoming receipt are correct to complete the withdrawal.
Tax regulations and exemptions for foreign wire deposits in Taiwan
Taiwan's tax bureau has clear regulations for foreign wire deposits, especially concerning cryptocurrency-related funds. According to the Ministry of Finance and the Central Bank's regulations, small annual amounts below 1 million New Taiwan Dollars do not require special declaration, while amounts exceeding this must fill out form 'Code 268: Sale of foreign virtual assets'.
Reporting threshold
NT$ 500,000 or less: The bank will report it on your behalf, and individuals do not need to take additional action.
For amounts over NT$ 500,000: You must fill out the 'Foreign Exchange Income or Transaction Declaration Form' at the bank counter.
If the annual income exceeds the tax-exempt amount of 7.5 million New Taiwan Dollars, it is taxed at a progressive tax rate. It is recommended that users using Binance's wire transfers keep remittance receipts and transaction records properly for tax audits to avoid penalties for underreporting.
Overseas income declaration requirement for taxation method < NT$ 1,000,000 exempt from declaring overseas income not subject to tax ≥ NT$ 1,000,000 and basic income > NT$ 7,500,000 must fill out form 268 and be included in the calculation of basic income ≥ NT$ 7,500,000 the portion exceeding NT$ 7,500,000 is subject to a progressive tax rate of 5%~40%
Cryptocurrency trading income determination:
Regarded as 'property transaction income'
Must be included in personal comprehensive income tax declaration
Applicable progressive tax rate of 5%~40%
Explanation of the tax-exempt amount for the year 2025:
Overseas income exemption amount: NT$ 1,000,000
Basic living expenses: NT$ 210,000/person
Standard deduction
Single: NT$ 131,000
Married: NT$ 262,000
Personal exemption amount: NT$ 97,000
Practical case:
Assuming a wire transfer back to Taiwan from Binance
Situation 1: Annual basic income ≤ NT$ 7,500,000
No need to pay basic income tax, but must be included in comprehensive income tax, applicable progressive tax rate of 5%~40%.
Situation 2: Annual basic income > NT$ 7,500,000
Basic income tax must be calculated, and the portion of overseas income exceeding NT$ 1,000,000 must be declared.
Binance wire transfer fees and time
The fees for each stage of Binance wire deposits and withdrawals are organized in the table below:
Deposit fee details
Fee category Binance charges Bank charges Stage cost estimate Platform fee 0% – USD 0 Bank wire transfer fee – NT$ 500-800 depending on the bank Mail and telephone fees – NT$ 300-500 Fixed costs Intermediary fees – USD 10-40 deducted proportionally from the remittance amount Total cost of deposit – about USD 30~60
Withdrawal fee details
Fee category Binance charges Bank charges Platform withdrawal fee 0.3% (35~350 USD) – Bank release fee – NT$ 200-500
The process timeline for Binance wire deposits and withdrawals is organized in the table below:
Deposit schedule
Stage time Taiwanese banks process before 3 PM that afternoon for international transfers takes 1 to 3 working days Binance account credit takes 1 to 2 working days for a total of 3 to 5 working days
Withdrawal timeline
Stage time Binance processes before 3 PM that afternoon for SWIFT transfers takes 1 to 3 working days for bank release takes 1 to 2 working days for a total of 3 to 5 working days
Risks and precautions for wire transfers
Bank review
Taiwanese banks adopt stricter review processes for cryptocurrency-related remittances. According to the amendment to the Anti-Money Laundering Act effective November 2024, banks have the right to require users to provide proof of the source of funds, transaction purposes, and additional identity verification information, such as proof of occupation and proof of income and assets. It is recommended that users prepare complete transaction records when wiring funds, honestly explain investments in cryptocurrencies, and avoid large single remittances to reduce sensitivity.
AML Anti-Money Laundering regulations
In 2025, Taiwan will continue to strengthen the regulation of Virtual Asset Service Providers (VASP). Regulations require exchanges to complete VASP registration, enhance customer KYC reviews, and have an obligation to report suspicious transactions.
Investors should be aware that frequent large transfers may attract attention and trigger investigations, especially transactions involving unregistered VASP traders, which may carry the risk of fund freezes. P2P traders are also required to have AML (Anti-Money Laundering) proof. It is recommended that investors use compliant exchanges registered with VASP and retain complete proof of transactions.
Risk of freezing large remittances
For wire transfers within 1 million New Taiwan Dollars, normal reporting is sufficient; however, for large wire transfers exceeding 1 million, there is a high probability of triggering detailed review processes, and in some cases, interviews may be required to provide complete proof.
In 2025, Taiwan uncovered 245 cases of cryptocurrency fraud. These associated money laundering accounts will be frozen for 1 to 6 months to cooperate with the investigation agencies. The author recommends establishing a record of periodic small remittances to avoid a few large single transfers and to use multiple banks to diversify investment risk.
Binance wire transfer suitable for: large deposits and withdrawals vs. small users
Binance wire transfer fees are relatively high, suitable for large secure deposits and withdrawals, or for investors who already have foreign currency accounts and hold USD. Wire transfer durations are longer, and it is essential to keep complete records and even prepare for potential fund freezes. If you need immediate trading or frequent small transactions, Binance wire transfer is not recommended.
Small capital users are recommended to use Taiwanese exchanges such as Maicoin and Bitopro to directly buy USDT with New Taiwan Dollars, and then transfer to Binance for trading. The fees and speed are better than wire transfers.
Frequently asked questions about Binance wire transfers
Q. Will wire transfers be returned? What are common reasons?
A. It is possible. Common reasons include incorrect reference code, remittance account not matching the individual, incorrect receiving bank information, and remittance amount below the bank's processing limit.
Q. What documents are required for wire transfers?
A. KYC basic personal information, provide MT 103 receipt for remittance.
Q. Does Binance wire withdrawal need to be reported for taxes?
A. Investors using wire deposits and withdrawals on Binance are advised to report honestly for tax purposes to avoid underreporting penalties, especially those exceeding the tax-exempt amount which must declare code 268.
Conclusion
After Binance's USD wire transfer reopened in 2025, it became an important channel for large cryptocurrency investors to deposit and withdraw funds. Through the complete tutorial above, readers can grasp the complete process of remitting from Taiwanese banks to Binance via SWIFT and related tax declaration and risk knowledge.
USD wire transfers are suitable for large users holding USD. The advantages are high security, no exchange rate loss, and compliance; the disadvantages are longer time and fixed fees, which are less user-friendly for small investors. It is recommended that investors holding USD make good use of this channel for investment, and carefully confirm each step during operation to avoid errors leading to asset loss.
This article is a promotional content for collaboration, only introducing platform features and characteristics, and does not constitute any investment or financial advice. The cryptocurrency market is highly volatile and risky, please carefully assess your own risk tolerance and seek qualified professional advice before operating. Any actions and consequences resulting from the links or information provided in this article are the sole responsibility of the user.