Withdrawing money from Binance to your local bank account can be easy, even if your country restricts cryptocurrency transactions. This article will guide you through methods that are verified, easy to understand, and applicable to everyone, regardless of local crypto regulations.
Preview
We'll cover two main methods:
1. For countries that allow cryptocurrency transactions: Direct withdrawal from Binance to your bank account.
2. For countries that restrict cryptocurrency transactions: Use peer-to-peer (P2P) transfers as a workaround.
Let’s discuss each method step by step.
Method 1: Direct Withdrawal (for countries that support cryptocurrency)
If your country allows cryptocurrency transactions directly with banks, withdrawing funds is simple. Here's how:
Step 1: Log in to your Binance account
1. Open your Binance app or go to Binance.com and log in.
2. Make sure your account is fully verified (Identity Verification Completed).
Step 2: Convert Cryptocurrency to Fiat
1. If your funds are in cryptocurrency (e.g. Bitcoin, Ethereum), you will need to convert them to fiat (e.g. USD, EUR) before withdrawing.
2. Go to Trade > Convert.
3. Select the cryptocurrency you want to convert and choose the fiat currency available for your region (like USD or EUR).
4. Click Convert to complete the process.
Step 3: Withdraw Fiat to your bank account
1. Go to Wallet > Fiat & Spot.
2. Click Remove and select Fiat.
3. Choose your preferred fiat currency (e.g. USD, EUR).
4. Select your bank transfer option (availability varies by region).
5. Enter the amount you wish to withdraw.
6. Follow all on-screen instructions to enter your banking details and confirm the withdrawal.
> Note: Binance may charge a withdrawal fee, which will be displayed before confirming the transaction.
Time to receive funds: Bank transfers typically take 1-5 business days, depending on your bank's processing time.
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Method 2: Peer-to-Peer (P2P) Withdrawal (For countries that restrict cryptocurrency)
If your country restricts crypto transactions through banks, Binance's P2P platform is an alternative. P2P allows you to exchange crypto for local currency directly with other users.
Step 1: Log in to your Binance account
1. Open the Binance app or visit Binance.com.
2. Make sure your account is fully verified.
Step 2: Convert your cryptocurrency to a popular coin (optional)
1. If you have a less commonly traded cryptocurrency, convert it to a popular one like USDT (Tether) as it is widely accepted on the P2P platform.
2. Go to Trade > Convert and convert to USDT if needed.
Step 3: Go to Binance P2P platform
1. From the home page, select P2P Trading.
2. Select Sell if you are looking to withdraw money to your local bank.
3. Choose the cryptocurrency you want to sell (e.g. USDT).
Step 4: Select a buyer
1. Filter by currency (your local currency) and payment method (e.g. bank transfer, popular e-wallets in your country).
2. Browse through buyers and select one with a good rating and trading history.
3. Make sure they accept your preferred payment method.
Step 5: Enter transaction details and confirm
1. Enter the amount of cryptocurrency you want to sell.
2. Verify all transaction details, including buyer's payment method and exchange rate.
3. Confirm the sale.
Step 6: Complete the transfer
1. The buyer will deposit the funds into your bank account or selected payment method.
2. Wait to receive the payment, then confirm on Binance that you have received it.
3. Binance will release the cryptocurrency to the buyer once confirmed.
> Important: Always make sure to use verified P2P users on Binance to ensure a secure transaction.
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