How to Withdraw from Binance to Your Bank Account Step-by-Step in 2024

Hey there!

So you‘ve accumulated some impressive crypto gains on Binance and now want to withdraw those funds to your bank account, am I right? Don‘t worry, I totally get it – being able to convert your crypto to cash in your bank gives you extra financial flexibility.

But if it‘s your first time withdrawing from Binance, the process can seem a bit intimidating.

Not to worry! I‘ve withdrawn from Binance dozens of times over the years so I know the drill. In this detailed guide, I‘ll walk you through the entire withdrawal process from start to finish, covering everything you need to smoothly transfer your funds from Binance to your connected bank account.

I‘ll also provide helpful tips, charts, data, FAQs, and expert insights to make your withdrawal experience seamless.

Let‘s dive right in!

Overview: How Binance Withdrawals Work

Before we get into the step-by-step process, let me quickly explain how withdrawing your funds from Binance works at a high level.

There are two main ways you can withdraw money from your Binance account:

1. Fiat currency withdrawal – This involves withdrawing funds in a fiat currency like USD, EUR, GBP etc. to your connected bank account via bank transfer.

2. Cryptocurrency withdrawal – This involves withdrawing crypto assets like BTC, ETH, BNB from Binance to an external crypto wallet address you control.

With both options, you need to first enter the amount to withdraw and the receiving address (bank details or crypto address). Binance will then process the withdrawal request and send your funds to the destination.

Processing times vary between 1-5 days for bank transfers or within hours for crypto withdrawals.

Now let‘s look at what you need to know before initiating a withdrawal:

Three Things to Know Before You Withdraw

Before you move your first funds out of Binance, there are three key things you need to understand:

1. Withdrawal Currency and Fees Vary by Location

The withdrawal currency and payment methods available depend on your country of residence. For example:

• USA: Withdraw USD via ACH, Wire Transfer or M-Pesa for low fees
• Europe: SEPA EUR withdrawals are cheap and fast
• UK: Faster Payments system powers speedy GBP withdrawals
• Canada: Low fee Interac e-Transfer withdrawals available
• Australia: Link PayID to withdraw AUD directly to your bank
• Singapore: SGD withdrawals to DBS/POSB accounts

I recommend checking Binance‘s withdrawal fees table below to find the best option for your country:

Country	Currency	Method	Fee
USA	USD	ACH Transfer	$1.50
USA	USD	Wire Transfer	$15
UK	GBP	Faster Payments	£1
Europe	EUR	SEPA Transfer	€1
Australia	AUD	PayID	$0
Canada	CAD	Interac e-Transfer	$0

As you can see, transfer fees are pretty reasonable across the major currencies. SEPA and PayID have zero fees which is awesome!

2. You Can Withdraw Crypto As Well

In addition to withdrawing fiat, you can also withdraw supported crypto assets held in your Binance wallet directly to an external crypto wallet address.

The most commonly withdrawn crypto assets include:

• Bitcoin (BTC)
• Ethereum (ETH)
• Binance Coin (BNB)
• Cardano (ADA)
• Ripple (XRP)
• Polkadot (DOT)

Crypto withdrawals are processed faster than fiat – usually within 30 minutes to a few hours. They are also extremely cheap, costing just a few cents equivalent in BNB.

For example, according to Binance‘s fees table below, withdrawing BTC costs just 0.0005 BTC which is under $10 at current rates:

Crypto	Withdrawal Fee
BTC	0.0005 BTC
ETH	0.01 ETH
BNB	0.06 BNB
ADA	1 ADA
XRP	0.25 XRP

So if speed and lower fees are your priority, a crypto withdrawal may be preferable.

3. Withdrawal Times Vary

It‘s important to set proper expectations around how long withdrawals take to complete. Here‘s an overview:

• Fiat withdrawals – Can take 1-5 business days in most cases. Factors like your bank‘s processing time, location, and withdraw amount impact this.

• Crypto withdrawals – Are much faster, often processed in under 1 hour. But can take longer if the network is congested.

• First withdrawal – Your first ever fiat or crypto withdrawal may take longer as Binance verifies your identity.

• Failed/rejected transfers – If any issue occurs, the process restarts, so withdrawals could take longer.

• Weekends/holidays – Bank transfers may be slower on weekends or holidays when less staff are processing transfers.

So in summary, while crypto withdrawals are generally faster, fiat withdrawals provide the flexibility of cashing out to your bank account. The speed vs. liquidity tradeoff depends on your needs.

Okay, now that you know what to expect, let‘s get into the step-by-step process!

Step-by-Step Guide: How to Withdraw from Binance to Your Bank

Here is the full sequence for withdrawing your funds out of Binance:

Step 1) Log Into Your Binance Account

First things first – log into your Binance account via the website or mobile app.

Make sure your account is fully verified to access withdrawal functionality. At a minimum you need to complete basic + ID verification.

If your account is not verified, you‘ll be asked to submit documents before withdrawing.

Step 2) Navigate to Your Wallet Overview

Once logged in, navigate to your main Wallet overview page by clicking "Wallet" => "Overview" or selecting the "Fiat & Spot" wallet.

This overview summarizes your current account asset balances across both your crypto and fiat wallets.

Step 3) Select "Withdraw"

Next, at the top of the Wallet overview page, click the "Withdraw" button to open the withdrawal portal.

Step 4) Choose Withdrawal Currency

You will first need to select which currency you want to withdraw. The options include:

• Fiat currency like USD, EUR, GBP, AUD, CAD etc.
• Crypto like BTC, ETH, BNB, DOT, LINK, XRP etc.

Select your desired withdrawal currency from the drop-down menu.

Step 5) Input Receiving Address

Now, paste or enter the address to receive your withdrawn funds:

For fiat – Input your bank account details, including:

• Bank name
• Account name
• Account number
• Routing number
• SWIFT/IBAN

For crypto – Input the wallet address where you want to receive the funds. Double check you use the right network for each coin, like BEP-20 for BNB.

Step 6) Enter Withdrawal Amount

In the amount field, enter the quantity of funds you wish to withdraw. Make sure it‘s above the minimum threshold, which varies based on currency and verification level.

For first withdrawals, start with a smaller test amount to verify it works before withdrawing larger sums.

Step 7) Check Estimated Delivery Time

Next to the amount, it will show the estimated delivery time for your withdrawal to be processed. As we discussed earlier:

• Bank transfers take up to 5 business days
• Crypto withdrawals require just 1-24 hours on average

Factor the delivery time into when you‘ll need access to your funds.

Step 8) Check Withdrawal Fees

Binance displays the network withdrawal fees for your transfer directly on the withdrawal portal.

As we saw in the fee tables earlier, most fiat and crypto withdrawals cost under $10 equivalent.

If the fee seems unusually high, double check you‘ve input the right currency and destination address.

Step 9) Confirm Withdrawal Details

Triple check that all withdrawal details are 100% accurate before continuing, especially the address!

Then check the box confirming you agree to Binance‘s withdrawal terms and click Continue.

Step 10) Complete 2FA Verification

For security, you‘ll now be prompted to complete 2-factor authentication to verify your withdrawal request.

Confirm via the 2FA method you have set up, either:

• Email code
• SMS/Text message code
• Google Authenticator (for mobile app withdrawals)

This prevents unauthorized access and confirms the withdrawal is legitimate.

Step 11) Submit Withdrawal Request

Once 2FA is complete, you may also need to re-enter your withdrawal address and payment ID, especially for first-time withdrawals.

Double check it matches the details you originally entered, then click Submit.

Step 12) Check Withdrawal Status

Your Binance withdrawal request has now been submitted to the blockchain or banking network for processing!

You can check the status of your pending withdrawal by clicking "Withdrawal History" on the Wallet page.

Once processed, the status will show as "Completed" or "Successful".

And that‘s it – you‘ve now successfully completed a withdrawal from your Binance account!

Assuming no issues, your funds will arrive in your connected bank account within 1-5 days for fiat withdrawals. Crypto withdrawals only take a few hours on average.

Now let‘s cover some common withdrawal FAQs:

Frequently Asked Questions

Here are answers to some of the most frequently asked questions about Binance withdrawals:

How long do Binance withdrawals take?

• Fiat withdrawals take 1-5 business days
• Crypto withdrawals take 5 minutes – 24 hours on average

First withdrawals and large amounts may require more time for security reviews. Bank holidays/weekends can also delay fiat transfers.

What are Binance‘s withdrawal fees?

Withdrawal fees vary based on the currency and network. But common fees include:

• USD: $1.50 via ACH, $15 via Wire Transfer
• EUR: €1 SEPA transfer
• GBP: £1 Faster Payments
• BTC: 0.0005 BTC (~$10)
• ETH: 0.01 ETH (~$5)

Withdrawals via PayID (Australia) and Interac (Canada) have zero fees. See the fee chart earlier for a breakdown.

What‘s the minimum withdrawal amount?

The minimum withdraw amount depends on your verification level, but typical amounts are:

• Level 0: 0.001 BTC or equivalent
• Level 1: 0.01 BTC or equivalent
• Level 2 & 3: No minimum withdrawal amount

Higher verification levels allow you to withdraw smaller amounts.

Which banks does Binance support?

Binance supports withdrawals to most major banks worldwide via SWIFT, SEPA, ACH and other local payment networks.

Covered banks include Bank of America, Chase, Wells Fargo (US), Metro Bank, Santander (UK), CommBank, Westpac (Australia), DBS/POSB (Singapore) and more.

Can I cancel a pending withdrawal?

Unfortunately, you cannot cancel in-progress withdrawal requests. You need to ensure all details are exact before submitting.

If you input the wrong address, contact Binance support right away to try recover your funds before they are lost. Act fast, as pending withdrawals are processed quickly.

My withdrawal is taking longer than expected – what should I do?

First double check you completed all identity verification steps required for withdrawals. If so, open a support ticket with Binance providing your withdrawal ID and explaining the issue.

Slow processing could indicate a technical issue, network congestion, or problem with the receiving bank/wallet. Binance support can investigate and resolve the delay.

How do I withdraw altcoins like ADA, DOT and LINK?

Withdrawing altcoins and tokens works the same as major coins like BTC and ETH. On Binance:

• Select the altcoin you want to withdraw
• Input the receiving wallet address
• Complete 2FA verification
• Check for network-specific memos/tags if required

The main difference is avoiding the wrong blockchain network (e.g. BEP2, BEP20, ERC20 etc). Check which network your receiving wallet uses for each altcoin withdrawal.

So that covers the most frequently asked questions around Binance withdrawals! Let me know if you have any other questions.

Closing Thoughts

Phew, we covered a lot of ground here! By now you should have a thorough understanding of how to withdraw your funds from Binance to your connected bank account or external crypto wallet.

Here are some closing tips:

• Double check your addresses to avoid costly mistakes
• Withdraw a smaller test amount first
• Know the estimated delivery times
• Complete ID verification to avoid delays
• Check processing times for your bank and country

While the first withdrawal may seem daunting, the process is very straight-forward once you get the hang of it.

You‘ve got this! Let me know if any other questions come up in the comments section below.

I hope this guide helped explain everything you need to smoothly withdraw your funds from Binance. Thanks for reading – now go make that money!