How to Deposit Money Into Binance
Binance is one of the largest cryptocurrency exchanges globally, offering users various methods to fund their accounts. Depositing money directly from your bank account is a popular option due to its simplicity and low fees. Here’s a detailed guide to help you transfer funds seamlessly.
If you don’t have a Binance account yet, click the link below
open your Binance account with a 20% fee discount:
In addition to a 20% fee discount, you can also receive an extra 25% fee discount by holding BNB in your account and using BNB to pay for fees.
Step-by-Step Process to Deposit Money from a Bank Account
Step 1: Set Up Your Binance Account
Before you begin, ensure you have a Binance account:
- Go to Binance.com.
- Create an account if you haven’t already.
- Complete the KYC verification process to unlock fiat deposit features. This includes submitting your ID and personal information.
Step 2: Log In to Binance
- Access Binance through its website or app.
- Enter your login credentials.
- Complete Two-Factor Authentication (2FA) for added security.
Step 3: Navigate to the Deposit Section
- Once logged in, click Wallet > Fiat and Spot from the top menu.
- On the Fiat and Spot page, click the Deposit button.
Step 4: Choose Fiat Deposit
- Under the deposit options, select Fiat (as opposed to cryptocurrency).
- From the dropdown, choose your fiat currency (e.g., USD, EUR, GBP).
Step 5: Select Bank Transfer as the Payment Method
- Binance will present multiple deposit options depending on your location.
- Common options include SEPA, SWIFT, or local bank transfers.
- Choose Bank Transfer for low fees and high limits.
- Review the deposit instructions provided by Binance.
Step 6: Review Deposit Details
- Binance will display the bank account information you need to send funds to:
- Bank Name: The bank Binance uses for transactions.
- Account Number/IBAN: The recipient account details.
- SWIFT/BIC Code: For international transfers.
- Reference Code: A unique identifier for your transaction.
- Currency: Ensure the transfer currency matches the one selected in Binance.
- Note down these details or keep the page open while initiating the transfer.
Step 7: Complete the Bank Transfer
- Open your online banking app or visit your local bank branch.
- Create a new bank transfer using the details provided by Binance.
- Enter the Reference Code: This is crucial to ensure Binance credits your account correctly.
- Double-check all the details before confirming the transaction.
Step 8: Wait for the Funds to Arrive
Bank transfer times can vary:
- Local Transfers (SEPA/ACH): Typically processed within 1–2 business days.
- International Transfers (SWIFT): May take 3–5 business days.
Step 9: Verify Your Deposit
- Log back into Binance.
- Navigate to Wallet > Fiat and Spot.
- Check if your deposit reflects in your fiat balance.
Troubleshooting Common Issues
1. Funds Not Credited
- Ensure the reference code was included during the transfer.
- Verify that the transfer currency matches the one selected in Binance.
- Check for any potential delays due to bank holidays or weekends.
2. Incorrect Bank Details
- If you entered incorrect details, contact your bank immediately to rectify the issue.
3. Verification Requirements
- Some regions may require additional verification for large deposits. Check your Binance notifications for instructions.
Things to Keep in Mind
1. Fees
- Bank transfers usually have low or no fees, but this depends on your bank and region. Binance may charge minimal processing fees for some fiat currencies.
2. Matching Account Names
- The name on your bank account must match your Binance account name to prevent rejection.
3. Transaction Limits
- Binance has daily and monthly limits for fiat deposits. Check your account settings for details.
4. Supported Currencies
- Binance supports several fiat currencies, including USD, EUR, GBP, AUD, and more. Ensure your chosen currency is supported.