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GBP Bank Transfer via Faster Payments Service (FPS) - Common Issues & Resolutions

2021-04-12 11:04

1. What is the Faster Payments Service (FPS)?

A Faster Payment is a type of electronic transfer, designed to speed up the process of sending money within the UK. The Faster Payments Service was introduced in May 2008.

2. What are the deposit and withdrawal fees for GBP?

Availability
Deposit Fee
Withdrawal Fee
Processing Time
Faster Payments Service
2 GBP
2 GBP
A few minutes or up to 1 business day, depending on your bank
Important Notes:
  • This information may change from time to time. Please login to your Binance account and navigate to the bank deposit page to get the most recent information.
  • Fees listed in the above chart do not include additional fees charged by your bank (if any).

Frequently Asked Questions

The remaining funds will be credited in the following days. For example, if your daily limit is 5,000 GBP and you deposited 15,000 GBP, the amount will be credited in 3 separate days (5,000 GBP per day).
You have to wait for the final results of your Identity Verification. Once approved, the corresponding deposits will be automatically credited to your account. If your Identity Verification is rejected, the funds will be returned to your bank account within 7 business days.
The deposit and withdrawal limits of the GBP bank transfer are subject to your Identity Verification status. To check your daily, weekly, and monthly limits, please refer to [Personal Verification].
Please go to the Identity Verification page and upgrade your verification level by providing enhanced due diligence (EDD) including a source of wealth.
The transaction will be cancelled, and the funds will be returned to your original bank account within 7 business days.
  • The name on the bank account you use must match the name registered to your Binance account.
  • Please do not transfer funds from a joint account. If your payment is made from a joint account, the transfer will most likely be declined by the bank as there is more than one name and they do not match the name of your Binance account.
  • Bank transfers through SWIFT are not accepted.
  • Faster Payment services payments don’t work on weekends; try to avoid weekends or bank holidays. It usually takes 1-3 business days to reach us.
You can go to [Personal Verification] to verify your account and upgrade your account limits.
You can click [Wallet] - [Overview] - [Transaction History] to view your order record.
There are two possible reasons for the delay:
  • Due to compliance requirements, a small number of transfers will be manually reviewed. It takes up to a few hours during working hours and one working day during non-working hours.
  • If you use SWIFT as a transfer method, your funds will be returned.
Please note that bank transfers through SWIFT are not supported. Additional fees may incur, and it may take longer to return the funds to your account in this case. As such, please confirm that you are NOT using SWIFT when you make the transfer.
If you would like to use SWIFT, please read our guide on how to make SWIFT Bank Transfer.
Currently, the FPS channel only supports personal accounts. We are working on activating it for corporate accounts and will provide updates as soon as we can.
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