Binance launched a brand new fiat funding option Silvergate for international users, allowing them to deposit and withdraw funds（USD） via using the local bank accounts.
The new service is only available to users after they complete their KYC.
Deposits will need to be made in USD via a SWIFT transfer to Binance Silvergate bank account in the U.S, and you will be credited with BUSD at a 1:1 ratio. The deposit and withdrawal transaction fees per wire for SWIFT transactions are 10 USD and 30 USD, respectively. For example, if you send $1,000.00, your Binance account will be credited with 990 BUSD.
You can easily perform international bank transfers using most banking apps and online banking options. However, if you have never sent money abroad, you can contact the forex department at your local bank for assistance.
Deposits made early in the day and during regular banking hours are usually reflected on the same day.
Please note that all forex conversion rates are determined by the financial institution you use and not by Binance. If you need any assistance with the transaction, the local forex division of your bank will be able to easily assist - but in most cases, this can easily be done yourself via your online banking portal.
Follow the simple instructions below to deposit your USD:
Step 1: Ensure you have completed the KYC on your Binance account.
Step 2: Navigate to the “Buy Crypto” dropdown menu, and select USD as the currency. You will now see Bank Deposit - Swift Bank Transfer. Select this option( shown below).
Step 3: Select Silvergate Bank (SWIFT) and input the amount (in USD) that you wish to deposit, and select continue
Step 4: Complete the deposit using the banking details provided to you. Ensure that you include the unique reference number. Once your deposit arrives, it will be credited to your fiat and spot wallet as BUSD and can be viewed under fiat deposit history( as shown).