How to Withdraw from Binance to Bank Account: A Step-by-Step Guide

Cryptocurrency exchanges like Binance allow you to trade and hold your crypto assets in a safe and secure environment. However, there comes a time when you want to withdraw your funds back into your bank account.

With Binance processing over $76 billion in trades every day, it‘s the largest crypto exchange used by millions of traders worldwide. Withdrawing funds from Binance to your bank is convenient but involves quite a few steps.

In this ultimate guide, we provide a step-by-step walkthrough of how to withdraw money from Binance directly to your connected bank account.

Why Withdraw Crypto from Exchanges?

Before we jump into the withdrawal process, it‘s important to understand why you may need to withdraw funds from a centralized exchange like Binance in the first place:

To cash out your profits from crypto trading to spend via your bank account
To hold coins securely if you plan to hodl long term
To avoid the risks of keeping funds on an exchange long term
To gain full control of your private keys

According to Jonathan Leong, Co-founder of crypto wallet company KeepKey:

"Withdrawal of cryptocurrencies from an exchange gives a user direct control of the assets. By keeping coins on an exchange, you are exposed to counterparty risk, meaning the exchange could be hacked or go bankrupt leading to loss of customer funds. Direct control of private keys enables a user to be their own bank and have complete authority over their cryptocurrencies."

Now let‘s dive into the steps to withdraw from Binance.

Step 1 – Log into Your Binance Account

Go to the Binance website and click on ‘Log In‘ at the top right corner.
Enter your registered email address and account password.
If you have 2FA enabled, you‘ll also be prompted for a verification code from your authenticator app.

Once you‘ve logged in successfully, you‘ll see your Binance dashboard page:

Binance dashboard

Ensure your account is fully verified to Level 2 at least in order to withdraw higher amounts seamlessly.

Step 2 – Navigate to the Withdrawals Page

On the top navigation bar, click on Wallet > Fiat and Spot
This will open your Fiat & Spot wallet showing balances for all the coins you hold on Binance

Fiat and Spot wallet

On the Fiat & Spot page, click on the Withdraw option on the top right. This will open the withdrawals page.

The withdrawals page shows a list of all the withdrawal options available and your balances across them.

Step 3 – Select the Currency and Amount to Withdraw

On the withdrawals page:

Select the currency you want to withdraw from the ‘Currency‘ dropdown. For bank withdrawals, choose from USD, EUR, GBP etc.
Enter the withdrawal amount you want to transfer to your bank. Note that Binance has minimum and maximum withdrawal amounts for every currency:

||Minimum|Maximum|
|-|-|-|
|USD| $10 | $1 million per day|
|EUR| €10| €1 million per day|
|GBP| £10| £500,000 per day|

The minimum and maximum amounts depend on your account verification level on Binance as well:

Verification Level	Withdrawal Limit
Level 1	2 BTC equivalent per day
Level 2	100 BTC equivalent per day
Level 3	100 BTC equivalent per request

Step 4 – Enter the Bank Account Details

From the ‘Payment Method‘ dropdown, select ‘Bank Transfer‘
Enter the bank account details you want to withdraw to:
- Beneficiary Name
- Bank Name
- Account Number
- SWIFT/BIC Code
- IBAN (for EU bank transfers)

Double and triple check the bank details as entering anything incorrectly can cause your funds to be lost or delayed.

Step 5 – Submit the Withdrawal Request

Carefully review the amounts, fees, bank details and terms before submitting
Check the box to agree with Binance‘s withdrawal terms
Click Submit to complete the withdrawal request

Submit withdrawal

Based on your withdrawal amount and account security settings, you may need additional verification at this step via email or Google Authenticator before the request is processed.

Step 6 – Track the Withdrawal Status

Once submitted, you can view the status of your withdrawal request under ‘Withdrawal History‘.

The typical status progression is:

Submitted: When request is placed
Processing: When initiated by Binance
Completed: Funds sent out from Binance side

Once Binance completes the transfer, your bank will take 1-5 working days to credit the funds to your account depending on their processing timelines.

If the withdrawal gets stuck or pending beyond the stated time, you should raise a support ticket with Binance for assistance.

Tips for Hassle-Free Withdrawals

Follow these tips for smooth withdrawals from Binance to your bank:

Complete KYC verification – This raises withdrawal limits and prevents rejected transfers due to limits.
Withdraw a smaller test amount first – Start with a small transfer to confirm your bank details are accurate before withdrawing larger amounts.
Check for withdrawal suspensions – Binance temporarily suspends withdrawals during wallet maintenance and network congestion.
Enable account security features – Use 2FA, IP whitelisting and other security layers to prevent unauthorized withdrawals.
Store bank details correctly – An error in entering any beneficiary bank detail can lead to failed or delayed transfers.
Track transactions – Closely monitor the status of your withdrawals at every stage for transparency.
Be patient – Bank transfers tend to be slower than crypto transactions so allow ample processing time.

How Long Do Binance Bank Withdrawals Take?

The time taken for funds to reach your bank from Binance consists of:

Binance processing time – 1-5 working days
Bank processing time – Up to 5 working days

So the total time can range from 1-10 days depending on:

Network traffic and congestion
Processing load at Binance
Whether any additional verification is needed
How efficient your receiving bank is

Banks with slower procedures tend to take longer to credit funds to your account.

Here is an approximation of how long popular banks take:

Bank	Withdrawal Processing Time
Bank of America	3-5 days
Wells Fargo	5-7 days
Chase	2-3 days
Citibank	4-6 days

Withdrawal Fees on Binance

Binance charges a flat withdrawal fee for cryptocurrencies to cover blockchain network costs.

For bank withdrawals, the fees are a percentage of the transfer amount:

0.9% for EEA currencies like EUR
1.8% for other currencies like USD, GBP etc.

In addition, your receiving bank may also deduct charges from the incoming transfer amount. These bank fees can range from $10 to $40 depending on their remittance charges.

Pros and Cons of Bank Withdrawals

Withdrawing directly from Binance to your bank account has its advantages and disadvantages.

Pros

Seamless way to cash out your crypto gains
Funds directly deposited to bank account for everyday use
Faster access to money compared to selling P2P
Bank transfers are familiar and regulated

Cons

More expensive than crypto withdrawals with two sets of fees
Can take over a week to fully receive the funds
Exposed to price volatility during transfer period
Additional fees charged by receiving bank
Transaction limits if unverified on Binance

Alternatives to Withdraw to Bank Account

If you are looking for cheaper and faster options compared to direct bank withdrawals, here are some alternatives on Binance:

P2P Trading

Sell your crypto holdings directly to buyers via P2P trading
Receive funds instantly via various payment methods like bank transfer, PayPal, gift cards etc.
Lower fees and higher output price compared to spot trading market rate

Internal Transfer

Withdraw funds from your Binance trading wallet to your Binance fiat wallet first
Lower fees compared to off-platform bank transfer
Faster access to cash as funds remain on Binance ecosystem

Third-Party Services

Cash out crypto from Binance via intermediary service providers
Services like Midas offer fast cash out to bank account and debit card options
May charge higher fees but useful for quick access to liquidity

Common Withdrawal Issues and How to Troubleshoot

While the withdrawal process is fairly simple, some common issues can come up. Here‘s how to troubleshoot them:

Withdrawal failure – This can happen if you enter incorrect bank details. Raise a support ticket for Binance to investigate. Always test with a small amount first to validate your details.

Pending status beyond timeline – Withdrawals stuck pending for very long should be escalated to Binance support. Provide them with transaction ID and follow up regularly.

Rejected transfer – If KYC is incomplete, withdrawal limits are exceeded or sending to a prohibited location, your transfer can get rejected.

Lost funds – Very rare but can happen if you accidentally specify someone else‘s account details. Follow up with the recipient bank to trace funds.

Account frozen – Breaching Binance‘s terms or AML/KYC checks can lead to account suspension. Submit appeal request to regain access.

Taxes on Crypto Withdrawals

Withdrawing crypto is considered a disposal event in many jurisdictions and may be subject to capital gains tax or income tax depending on how long you held the coins:

Short-term – Held for under a year – taxed as normal income
Long-term – Held over a year – subject to lower capital gains tax

When you withdraw crypto from Binance to your bank account, you essentially cash out of your positions. This is a point where tax liability arises in most countries.

Always consult a tax professional to assess tax obligations when encashing your crypto investments.

Bottom Line

Withdrawing funds from centralized exchanges provides you control over your crypto assets compared to leaving them on the platform.

Binance offers a fast and low-cost way to withdraw your funds directly to your bank account through wire transfers. Just remember to factor in transfer times, fees, withdrawal limits and taxes as you cash out your cryptocurrency investments.