How To Withdraw From Binance To Bank Account In Australia

Last Updated on July 14, 2023 by Kevin Groves

Binance is one of Australia’s best cryptocurrency exchanges and its account management processes are world-class. Cashing out your Australian Dollars from your Binance Australia wallet and to your nominated bank account is a simple process that doesn’t take much time.

For seasoned users and new investors who want to withdraw from Binance Australia, this guide outlines how to transfer fiat currency directly from a Binance account into a bank account and answers other commonly asked questions related to this transfer process.

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Can You Transfer Money From Binance Australia To A Bank Account?

Yes, you can transfer fiat currencies such as Australian Dollars (AUD) from your Binance Australia wallet to a bank account. However, the minimum and maximum amount that can be withdrawn will depend on your verification status.

To complete a seamless transfer, you must ensure that your full name at the bank corresponds with your Binance Australia account. In addition, by understanding how your bank operates, you can calculate the related fees and time required for processing funds.

To learn more about the Binance withdrawal methods, limits and fees, read our full Binance review.

How to Send AUD From Binance To Your Bank Account – Full Tutorial

Although we have outlined the steps to transferring funds from a Binance account to an Australian bank account, a more in-depth review of the process can be useful. Note that this process works with all types of transferable currencies. However, you must complete a deposit transaction with their bank details before withdrawing via the account.

To transfer Australian cash from Binance to your bank account, you can follow the steps described in the below sections.

Step 1 – Log into your Binance Australia account

Once logged in, navigate to “Wallet” in the top right-hand corner and click on “Fiat and Spot” wallet to display your assets. Fiat and Spot wallet are where withdrawals are performed on Binance Australia. This includes cryptocurrency transfers to an external wallet.

Step 2 – Click on withdraw

In this tab, click on the “Withdraw” button adjacent to AUD. This will open the AUD withdrawal page, where you have the choice of withdrawing funds to your bank account or selling crypto back into AUD on your debit card. Ensure that “Bank Transfer” is selected, noting that this is the default setting.

If you haven’t linked your Australian bank accounts (or debit card), then you will need to add your bank details (BSB and account number). For bank transfers, the user’s name on the account must match their account details on Binance.

Click on ‘Continue’ to progress with withdrawal.

Step 3 – Withdraw AUD to bank account

Once the previous process is completed, you can fill out the fiat withdrawal details, specifically the amount of AUD to transfer. Upon clicking “Continue”, you will be asked for withdrawal confirmation. Clicking on the withdrawal confirmation finalises the withdrawal process.

You can then exit the withdrawal page and check your transaction history to confirm the successful transfer. You can also check the transaction details there should you need to revisit it for any reason.

Are There Fees To Transfer AUD From A Binance To A Bank Account?

Binance charges zero fees to withdraw AUD from its wallet and into an Australian bank account. However, your bank or financial institution may charge a fee for accepting the money transfer. This fee will depend on the bank’s policies and may vary depending on the type of account you have with the bank.

It’s important to note that the fees for transferring funds from a Binance account to a bank account may change over time, so it’s always ideal to confirm the current fees before initiating a transfer. Users can find more information about Binance’s withdrawal fees on the Binance website.

How Long Does It Take To Send AUD From Binance To An Australian Bank Account?

The time it takes to transfer AUD from Binance to an Australian bank account typically takes between 1 and 5 minutes. However, depending on your bank or financial institution, it may take a day for the funds to be reflected in the designated bank account.

Why You Should Transfer AUD From Binance To An Australian Bank Account

There are several reasons why you might want to transfer Australian cash from your Binance wallet to a bank account.

1. To convert cryptocurrency to fiat for everyday expenses. Although cryptocurrency is acceptable in certain areas, it cannot replace fiat in terms of hard cash for everyday use. As a result, most tend to convert their cryptocurrency to fiat to manage daily payments and access funds via automated bank teller machines easily. Doing this is a viable way of cashing out Bitcoin and other cryptocurrencies.

2. To diversify your investment portfolio. Owning cryptocurrency can be rewarding but risky, as a cyber attack could lead to loss of funds. For those who HOLD, the volatile nature of crypto is also a risk to contend with. Due to these, some investors prefer to convert their cryptocurrency and transfer it into their bank accounts for diversification after making some profit.

3. To reduce the risk of cyber attacks. Financial institutions do not regulate many exchanges, which means storing cryptocurrency exposes investors to the risk of cyber attacks, such as hacking or phishing, and, ultimately, a loss of funds. However, storing funds in a bank may help ensure the funds against cyber attacks and provide the additional features of a safe, financially regulated environment.

Getting Started with Binance Australia

If you want to start with Binance Australia, creating an account on the Binance platform is the first step. Here’s how to do it:

1. Go to the Binance Australia website and click on the “Sign Up” button in the top right corner of the homepage.
2. Enter a valid email address and password, and agree to the terms of service.
3. Click on “Create Account”.
4. Check for a sent email with a security verification code (usually a google verification code on a PC) and enter it in the provided field to complete the sign-up process.

How Link Your Bank Account On Binance Australia

To withdraw AUD funds from your Binance Australia wallet, you must first link your bank account.

1. Go to the “Funds” section of the Binance Australia website and select “Bank Account”.
2. Enter your bank account details including BSB and account number.
3. Click on the “Add Bank Account” button to submit your bank account information.
4. Binance will send a small test deposit to the bank account so you can verify the account. You must enter the test deposit amount in your Binance account to ensure a complete security verification process.

Once the bank account is linked to your Binance Australia account, you can start depositing and withdrawing AUD funds. To deposit funds, go to the “Funds” section of the website and select “Deposit”. From there, choose “Bank Account” as the deposit method and follow the prompts to complete the deposit. To withdraw funds, go to the ‘Funds’ section and select “Withdraw”. Select “Bank Account” as the withdrawal method and enter the amount to be withdrawn.

Frequently Asked Questions

How do I get my money out of Binance Australia?

To withdraw money from Binance Australia, you must ensure you have a registered bank account on the exchange. Once set up, visit your Fiat and Spot wallet to withdraw your cash and send them to your Australian bank account.

How do you convert cryptocurrency to fiat on Binance?

The most common conversion method is to use the ‘Convert’ feature on Binance. This feature swaps one asset for another, and it’s free. The other option is to sell the cryptocurrency for fiat. Log in to the Binance account and click on the “Exchange” tab on the top menu, choose the cryptocurrencies to sell and the fiat currency to receive. Finally, Review the trade details and click “Sell” to place the order.

Can I link my Binance Australia account to my bank account?

Yes, this is possible, and it is the first step in cashing out Australian money via a bank transfer. In fact, linking a Binance account to a bank account facilitates funds transfer.

Conclusion

In summary, Binance allows you to withdraw fiat currencies including AUD up to your account’s daily withdrawal limit. Withdrawing money from Binance to a bank account is as simple as selecting either the Bank Transfer and tapping on withdraw, provided you have added your bank account details. Withdrawals of AUD from Binance Australia to your bank account may take between 5 minutes and 1 day for the funds to be seen in your bank account and no fees apply.

Related reading:

• How to Transfer Bitcoin From Coinbase to Binance
• How To Send Crypto From Swyftx To Binance In 5 Steps
• How To Transfer From CoinSpot To Binance