Binance has launched a new fiat funding option for international users, allowing users to deposit and withdraw funds to and from their Binance accounts using the local bank accounts.
The new service is only available to users after they complete KYC.
Deposits will need to be made in USD via a SWIFT transfer to our 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. As an example - if you send us $1,000, your 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 normal 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 us. 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.
Steps 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 would like 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).
Steps to Make a Withdrawal:
Step 1: Ensure the amount you wish to withdraw available in the form of BUSD in your Spot Wallet.
Step 2: Navigate to the Wallet tab at the top of your screen, and select Fiat and Spot from the drop menu (shown below).
Step 3: Select Withdraw, Fiat and select USD as the currency (shown below). Now simply input the amount of USD you wish to withdraw to your bank account, from your available BUSD balance.
Step 4: You will now be prompted to input the account details of the bank account you wish to withdraw the funds to. Once you have indicated these details, confirm the withdrawal.
**The funds will now reflect in your account within 1-4 business days. All foreign exchange conversion rates are determined by the bank you utilize, and there may be additional fees incurred by these institutions for processing Swift transactions.
**For more information contact the local forex department of your bank.