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How to Use the P2P Option in Binance Pay’s Send Cash Feature

How to Use the P2P Option in Binance Pay’s Send Cash Feature

2023-02-09 04:00
The Send Cash feature now supports the Binance P2P channel. You can seamlessly access Binance P2P via the Send Cash function to trade cryptocurrencies with other users and receive fiat currencies in your bank account or e-wallet.
Please note that the Send Cash via Binance P2P function only allows you to send funds to your own bank account or e-wallet. If you'd like to send cash to family or friends, please consider the Send Cash function instead. To learn more about the Send Cash feature, check out How to Send Cash Using Binance Pay.
1. Log in to your Binance App and go to [Binance Pay]. Then, tap [Send Cash].
2. Select the destination country and select your preferred payment method.
Note: If the Binance P2P service supports your selected option, it will be indicated at the bottom of the page.
3. If you've already added P2P payment methods before, you can choose the account you'd like to transfer funds to and tap [Continue].
If this is your first time, tap [add a new bank account], follow the instructions and enter your information. Your preferred account will be added. Tap [Continue].
4. Enter the fiat or crypto amount you want to cash out and tap [Get Quotation].
Please ensure you have sufficient balance. You can transfer funds from your Funding Wallet or Spot Wallet by selecting which wallet you want to pay from via the [Balance Option] list.
5. You will see a quotation with the conversion rate, exchange rate, and transaction fee (currently 0 fee). You'll also see your name marked in the field under [Cash out to]. Tap [Confirm] once you’ve double-checked the details.
6. A P2P order will be sent to Binance P2P from Binance Pay's Send Cash feature. Please wait for the P2P merchant/buyer to complete payment via your selected payment method. You can also tap [Chat] to directly contact the P2P merchant/buyer.
7. You'll be notified once the P2P merchant/buyer has sent the funds to your account.
Double-check that you've received the merchant/buyer's payment in your bank account or wallet before tapping [Payment received] and [Confirm] to release the crypto to your counterparty.
DO NOT release the crypto to the P2P merchant/buyer if you haven't received their payment.
8. You’ll then be prompted to verify the release of crypto with your 2FA devices.
9. You’ve now successfully received cash in your bank account using your crypto balance.

Important notes:

  • Your access and use of the Binance Pay Send Cash feature are subject to the Binance Pay Send Cash terms of use.
  • If you use Binance P2P’s service accessed via the Binance Pay Send Cash feature, you will also be subject to the terms and conditions applicable to Binance P2P service. These terms shall be deemed fully incorporated into and be read together with the Binance Pay Send Cash terms of use.