The Binance platform allows you to buy cryptocurrencies with SEPA transfers. It is also possible to transfer euros to your bank account with this method. Here’s how to make deposits and withdrawals in euros from your bank account to the Binance platform, and vice versa.
To fund your Binance account with euros and buy cryptocurrencies, the procedure is similar to that of any bank transfer. Beforehand, however, it will be necessary to create an account on Binance and that the KYC procedure be validated.
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When this has been done, go to the “Deposit” tab located in the top banner of the Binance platform:
Figure 1 – Accessing the deposits menu on Binance
Afterwards, select the dollar as the currency, then “SEPA transfer”. As shown in the illustration below, this option costs one dollar and no other additional fees, except those that your bank may have to charge you in addition:
Figure 2 – SEPA transfer on Binance
For this type of transfer, the deadline is 1 to 3 working days, unless your bank supports instant transfersin which case these should be done in a few minutes.
The next step is simply to enter the amount of your deposit and then continue, Binance then recalls the fees detailed previously:
Figure 3 – Entering the deposit amount
Finally, you will have access to Binance’s RIB to enter from your banking space, with all the important elements to remember so that the deposit is made as it should be. take care of copy all requested information so that the operation can be successfully completed. Do not forget to fill in the reference of your transfer. This lets Binance know that the funds it receives should be deposited into your Binance account:
Figure 4 – RIB for Dollar deposits on Binance
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The process for withdrawing euros from your Binance account remains much the same as for deposits.
Before any withdrawal, please note that any conversion from any cryptocurrency to any fiduciary currency (dollar, dollar, Swiss franc, etc.) constitutes a taxable event. It is therefore an important element to take into account before going any further.
In order to make a withdrawal on Binance, click on “Wallet” in the top banner of the application, on “Overview of the portfolio”, then on “Withdrawal” in the menu that will open:
Figure 5 – Make a withdrawal on Binance
Then, you will have to select the currency to withdraw, as well as the type of withdrawal, a SEPA transfer in this case :
Figure 6 – Choice of withdrawal and currency
Attention, to be able to withdraw a fiat currency, the targeted bank account will need to be verifiedi.e. a prior deposit with this same account should have been made, as shown in the screenshot below:
Figure 7 – Withdraw euros to a verified bank account
As for deposits, the costs relating to this type of operation amount to one dollar, and the time is also 1 to 3 working days.
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Bank transfers from the Binance app
If so far we have detailed the deposits and withdrawals of euros on the Binance web platform, these steps are also possible from the Binance application on a smartphone.
Below is an illustration of the lite version (left) and the pro version (right) of the application. For each of the versions, the indications show you the way to access the same menus as the deposit and withdrawal operations described abovebut from your smartphone:
Figure 8 – Make a deposit or withdrawal from the Binance App
Now you know in detail how to deposit and withdraw funds on Binance with a SEPA transfer.
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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