The basic process: Binance to bank takes three to five business days
To withdraw from Binance to your bank account, you convert your cryptocurrency to fiat currency (usually USD or your local currency), then initiate a bank transfer. Binance does not send money directly to your bank—instead, you move crypto to cash within Binance, then request a withdrawal to the bank account you have registered with them. The money arrives in your account three to five business days later, depending on your bank and country.
The speed and fees depend on which withdrawal method you choose. Binance offers several routes: wire transfer, ACH (in the US), SEPA (in Europe), and local payment methods in some countries. Each has different costs and timelines. Wire transfers are fastest but cost more. ACH is cheaper but slower. Your bank may also charge a receiving fee.
Before you start, you need a verified Binance account with your bank details saved, and you need to hold the currency you want to withdraw in your Binance wallet. If you only have cryptocurrency, you must sell it for fiat first.
Key Takeaways
- Convert your cryptocurrency to fiat currency (USD, EUR, GBP, etc.) inside Binance before you can withdraw to a bank account.
- Register and verify your bank account details in your Binance account settings under "Withdrawal" before attempting any transfer.
- Wire transfers arrive fastest (one to two business days) but cost $15 to $50; ACH transfers cost $1 to $5 but take three to five business days in the US.
- Your bank may charge an additional receiving fee, and the exchange rate Binance offers may differ slightly from the market rate at the moment you sell.
- Binance holds your withdrawal for review if the amount is large or your account is new, which can add one to three days to the timeline.
Step-by-step: Converting crypto to cash and withdrawing
Start by logging into your Binance account and navigating to your wallet. Find the fiat currency you want to withdraw to (USD, EUR, GBP, etc.). If you only have cryptocurrency, you must sell it first. Go to the "Trade" or "Convert" section, select the crypto you hold, and choose the fiat currency you want. Binance will show you the rate and fee. Confirm the trade. The fiat currency now appears in your fiat wallet.
Next, go to "Wallet" and select "Withdraw" (sometimes labeled "Fiat Withdrawal"). Choose your fiat currency. Binance will show you the withdrawal methods available in your country. Select the method you want to use—wire transfer, ACH, SEPA, or local payment method. Enter the amount and review the fee. Binance displays the fee before you confirm, so you know exactly what you will pay.
Enter or confirm your bank account details. Binance requires the account holder name, account number, and routing number (in the US) or IBAN (in Europe). The name on the bank account must match the name on your Binance account. If it does not, the withdrawal will be rejected and returned to your Binance wallet. Click "Confirm" and wait for the transfer to process.
Withdrawal methods and what each costs and takes
| Method | Binance Fee | Timeline | Best for |
|---|---|---|---|
| Wire Transfer (US) | $15 to $50 | 1 to 2 business days | Large amounts, urgent transfers |
| ACH (US) | $1 to $5 | 3 to 5 business days | Standard transfers, lower cost |
| SEPA (Europe) | €1 to €5 | 1 to 3 business days | EU bank accounts |
| Local Payment Method | Varies by country | 1 to 5 business days | Depends on your country |
Wire transfer is the fastest option in the US but also the most expensive. Binance charges $15 to $50 depending on the amount, and your bank may charge an additional $10 to $25 to receive it. Use wire transfer if you need the money urgently or are moving a large sum where the fee is a small percentage of the total.
ACH (Automated Clearing House) is the standard method for most US users. Binance charges $1 to $5, and your bank usually does not charge to receive an ACH transfer. The trade-off is that ACH takes three to five business days. Weekends and bank holidays extend the timeline. If you initiate a withdrawal on Friday evening, the money may not arrive until Wednesday or Thursday.
SEPA (Single Euro Payments Area) is the European equivalent of ACH. It costs €1 to €5 and takes one to three business days. It works for any bank account in the EU, UK, or a few other countries that participate in SEPA.
Why your withdrawal might be delayed or rejected
Binance holds withdrawals for manual review if the amount is unusually large for your account, if your account is new (less than 30 days old), or if Binance detects unusual activity. This review can add one to three days. You will see a notification in your Binance account telling you the withdrawal is under review. You cannot cancel it during this time.
Your withdrawal will be rejected and returned to your Binance wallet if the bank account name does not match your Binance account name exactly, if you enter an incorrect account number or routing number, or if your bank account is closed or flagged for fraud. Binance will send you an email explaining the rejection. You can correct the information and try again, but the second attempt may also be reviewed.
Your bank may also reject the incoming transfer if it comes from an exchange and your bank has restrictions on cryptocurrency-related deposits. Some banks flag or block transfers from known crypto exchanges. If this happens, your bank will return the money to Binance, and it will reappear in your fiat wallet within five to ten business days. Contact your bank to ask whether they accept transfers from Binance, or consider using a different bank account if you have one.
Fees you will actually pay: Binance, your bank, and the exchange rate
The total cost of withdrawing is not just the Binance fee. You also pay your bank's receiving fee (if they charge one), and you lose money on the exchange rate if you are converting between currencies. A wire transfer that costs $25 at Binance might cost another $15 at your bank, bringing the total to $40. An ACH transfer that costs $2 at Binance is usually free at your bank, so your total is $2.
The exchange rate matters if you are withdrawing in a currency different from the one you sold your crypto for. If you sold Bitcoin for USD but your bank account is in EUR, Binance converts USD to EUR at their rate, which includes a small markup. This is usually 0.1 to 0.5 percent, but it adds up on large amounts. You cannot avoid this markup, but you can minimize it by selling your crypto in the same currency your bank account uses.
Binance also charges a small fee when you convert crypto to fiat, separate from the withdrawal fee. This is usually 0.1 percent of the amount you are converting. So if you sell $10,000 of Bitcoin for USD, you pay about $10 in conversion fee, plus the withdrawal fee, plus any bank fees.
What to do if your withdrawal does not arrive after five business days
Check your Binance account first. Go to "Wallet" and look at your withdrawal history. Find the transaction and note the status. If it shows "Completed," the money has left Binance and is in transit to your bank. If it shows "Pending," it is still under review or processing. If it shows "Failed" or "Rejected," it has been returned to your Binance wallet and you need to try again with corrected information.
If the status is "Completed" but the money has not arrived in your bank account after five business days, contact your bank. Give them the wire reference number or transaction ID from Binance (you can find this in your withdrawal history). Your bank can trace the transfer and tell you where it is. Sometimes transfers are delayed in the banking system, especially if they crossed international borders or if your bank is processing a high volume of transfers.
If the status is "Pending" after three business days, contact Binance support through the app or website. Explain that your withdrawal has been pending for longer than expected and ask for an update. Binance support can see whether your withdrawal is still under review or whether there is a problem. Response times vary, but Binance usually replies within 24 to 48 hours.
Frequently Asked Questions
Can I withdraw directly from Binance without converting to fiat first?
No. Binance only allows bank withdrawals in fiat currency (USD, EUR, GBP, etc.). If you hold only cryptocurrency, you must sell it for fiat inside Binance before you can withdraw to your bank. You cannot send crypto directly to a bank account.
What is the minimum amount I can withdraw?
Binance sets a minimum withdrawal amount that varies by currency and method. For USD via ACH, the minimum is usually $10 to $15. For wire transfer, it is often $100 or higher. Check the withdrawal screen in Binance to see the minimum for your chosen currency and method.
Do I have to pay taxes on money I withdraw from Binance?
Withdrawing fiat currency you already own does not trigger a tax event. However, selling cryptocurrency for fiat is a taxable event in most countries. You owe capital gains tax on the profit when you sell, not when you withdraw. Keep records of the price you sold at and the date of the sale for your tax return.
Can I use someone else's bank account to withdraw?
No. The bank account name must match your Binance account name exactly. Binance requires this for anti-money-laundering compliance. If you try to use a different person's account, the withdrawal will be rejected.
How long does Binance hold my withdrawal for review?
Binance does not publish a standard review time. Most reviews complete within 24 hours, but large withdrawals or new accounts may take one to three days. You will see a notification in your account if your withdrawal is under review. You cannot speed up the review by contacting support, but you can ask for a status update.