GBP Bank Transfer via Faster Payments Service (FPS) - Common Issues & Resolutions
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?
Faster Payments Service
A few minutes or up to 1 business day, depending on your bank
- 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
1. I've deposited more than my current limit. When will I receive the remaining funds?
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).
I want to deposit through bank transfer, but the transfer status is showing “processing” instead of “successful” or “failed”. What should I do?
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.
What are the deposit/withdrawal limits?
How can increase my deposit/withdrawal limits?
Please go to the Identity Verification page and upgrade your verification level by providing enhanced due diligence (EDD) including a source of wealth.
I've made a withdrawal through Faster Payments but under a different name.
The transaction will be cancelled, and the funds will be returned to your original bank account within 7 business days.
What should I pay attention to before making the transfer?
- 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.
When I place an order, I was told that I exceeded my daily limit. How can I increase the limit?
Where can I check the order history?
I have made the transfer, but why haven't I received it yet?
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.
Is it possible to make a SWIFT transfer instead?
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.
Why am I unable to make FPS deposits using my Corporate Binance account?
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.