If the coin has been issued on multiple networks, Binance explains that you can select the one you want to use to make the withdrawal.
How to withdraw fiat currency on Binance
If you do not want to continue investing in cryptocurrencies and want to withdraw its value in fiat money, Binance supports more than 60 different currencies, as well as multiple different payment methods. The process is similar and you will only have to select the type of fiat currency and the payment method in one step. We explain, step by step, how we should do it
The steps we must follow are the following to withdraw fiat currency:
- Login with Binance account
- Point the cursor to [Billetera]
- click on [Fiat y spot]
- click on [Retirar]
- Select the tab [fiat]
- Select the fiat currency you want to withdraw
- Choose the payment method you want to use
- Enter the required details
- Follow the instructions step by step, like on the screenshot
- Enter your verification code to confirm the withdrawal
You can also use your crypto-type card, the Visa Binance, for ATM withdrawals, if supported by your service provider. The process is the same as the one used when you buy with this card: conveniently convert your cryptocurrencies into cash. It is a great alternative if you are looking for a more conventional method for your cash withdrawals without going through the previous steps of the different payment gateways.
What to consider
When withdrawing money on Binance, you have to take into account a series of factors that affect this process. For example, how much can we withdraw or how long is the estimated withdrawal time, as well as how many commissions we will have to pay.
How much can we withdraw?
Before withdrawing money on Binance we need to know how much money is the minimum that we can withdraw. If it is too small we will not be able to do it, as explained from the help page. As they explain from said website, we need to go to the deposit and withdrawal commissions page to check the minimum amount of each cryptocurrency because it will vary depending on each one of them.
In addition, we must bear in mind that the minimum amount will not always be the same. “However, you should keep in mind that the minimum withdrawal amount and commissions may change without notice due to unforeseen factors, such as network congestion”, they explain from Binance. So you can check it from the withdrawal page to know exactly what the minimum amount is at that time, but we anticipate that you will not be able to withdraw amounts that are too small, generally.
Withdrawing money is not free but you have to pay a small percentage to Binance to do it, just like you pay when you withdraw money at some bank ATMs. A commission for withdrawing it. Withdraw money from your Binance account will entail a minimum cost of commission and it will depend on the cryptocurrency. These are charged to fund network transactions.
Any transaction, like any crypto operation, requires a “gas fee” that the user must pay to the miners for the costs of sealing blocks. Binance transfers the cost of this transaction fee to the user. Each blockchain has its own fee schedule, so your cryptocurrency withdrawal fees will vary from one to another. Commissions are also dynamic and change based on network activity. The best and most accurate way to find out the withdrawal fees is to go to the withdrawal page itself and see live how much of your total withdrawal will be owed.
They explain it from the website: “Since transaction fees are dynamic, you will be charged based on current network conditions. The fee amount is based on an estimate of network transaction fees and may change without notice due to factors such as network congestion.
Binance will process your withdrawal as soon as you request it, but each blockchain takes a different amount of time to confirm your transaction. Bitcoin (BTC) can take an average of ten to thirty minutes to successfully confirm your withdrawal. Withdrawals to Binance Smart Chain generally take only a few minutes, while Ethereum may take a bit longer.
As explained on the website, it may take a while for that specific transaction to be confirmed “and you may have to wait a little longer until the funds are credited to the destination wallet.”
Possible errors and problems
We may see some problems or errors in the withdrawals on Binance and that it cannot be completed. In this case, the platform gives us a series of possible frequently asked questions that we must take into account when doing so.
For example, Binance tells us what a network address is or why it says the address is invalid. They explain from the page that if you misspelled the address (a cryptocurrency address is a unique string of letters and numbers) the system will display an error message saying that it is not valid, for example.
It can also tell us that a memo is invalid when we make a withdrawal. What does it mean? It is a note that, collected from Binance, is “an additional management function necessary to identify the recipient of a transaction beyond a wallet address. If you enter an incorrect memo, you should check it and make sure with the recipient.