When you want to withdraw money from Binance, you may be wondering how long the process will take.
Depending on the method you choose, it can take anywhere from a few minutes to a few days.
In this article, we will walk you through the different withdrawal methods and tell you how long each one will take.
How long does a Binance withdrawal take?
A crypto withdrawal request will take between 30 and 60 minutes to complete.
This varies based on the Blockchain network you are using.
To monitor the status of the withdrawal process, you can head to the transaction history section on Binance.
This will display both your deposits, withdrawals and trades.
You may see several statuses on your withdrawal such as “Processing”, “Completed” and “Awaiting Confirmation”.
If the process is set to “Processing”, then you simply need to wait and you should have the transaction go through the confirmation process in the next 30-60 minutes.
If your transaction says “Completed”, then navigate to your destination wallet and check if you have received the crypto withdrawal.
If the transaction says “Awaiting Confirmation”, then check if you need to verify the transaction, through your email, SMS or 2FA.
Why is my Binance withdrawal stuck at processing?
When your crypto withdrawal is stuck on “Processing” this likely means that the network is congested.
When Binance withdraws your cryptocurrency you will pay withdrawal fees. Withdrawal fees are required to pay the transaction fee that gets your transaction confirmed.
Sometimes during very high traffic periods, the fee structure used isn’t enough to get network confirmations quickly enough. When there are heavy traffic periods, it requires higher than normal fees.
It is recommended to check a Blockchain explorer which can then show if your transaction needs more network confirmations, or if there is a visual error on Binance’s part.
During times of extreme congestion, it can take several days for a withdrawal to complete.
How long does a Fiat Withdrawal take on Binance?
To withdraw fiat currency you need a bank account attached to your Binance account.
Depending on the location of your exchange account, the payment method you used and where your bank account is located, the withdrawal time can vary.
Typically you should receive any fiat withdrawal within 48 hours. Unlike cryptocurrency, a Bank account may not be able to receive deposits on the weekend, so it will need to be during the working week.
A feature that Binance recently released and is available to many countries is Visa Fast Funds. This is a card function that allows you to withdraw fiat currency directly into your bank account in minutes. Alongside this you pay low fees of just 1%.
Binance also offers SWIFT, SEPA and other various payment methods. These sometimes feature high withdrawal fees to get them from your Binance account to your bank account.
Why can’t I withdraw from Binance?
There are several reasons why you can’t withdraw from Binance.
First there may be a system upgrade taking place. These upgrades are scheduled and Binance releases information on their social media such as Twitter or on their announcement page.
If you’ve changed your password or email, then you will most likely be blocked from withdrawals for 24 hours. You cannot do a fiat withdrawal or crypto withdrawal during this time period.
To withdraw fiat currency from your account, you may have to verify your account. Binance has KYC requirements as a protection for AML. This can be done on the Binance website in the “Verification” section.
To withdraw crypto, the KYC requirements are not as strict. Most cryptocurrency exchanges require KYC, so its recommended to verify your accounts fully. This also helps keep your account secure.
What should I do if my Binance withdrawal has not arrived?
If your Binance withdrawal says “Confirmed” but you have not received it, you can do several things.
The first is to check the corresponding Block explorer. A Blockchain explorer shows transactions and where they have been sent. If the withdrawal address is correct and the transaction is complete, then the issue most likely lies with your destination address.
If you withdrew fiat currency to your bank account, then first check if Binance has sent it, you should receive an email when your withdrawal has completed.
If you are still waiting days or weeks later with no money received, then it’s best to contact Binance customer support who can check the status of your transaction.
What is the minimum withdrawal from Binance?
The minimum withdrawal amount depends for each network.
When withdrawing crypto, it should display the amount that you can withdraw. Alongside this you should see the network fee to withdraw funds.
For fiat withdrawals the minimum amount depends on the method used. Using Visa Fast Funds will have the lowest minimum withdrawal amount when it comes to fiat money.
Bank transfers will have higher fees.
Is it easy to withdraw from Binance?
Withdrawing from Binance is very easy.
Being the largest cryptocurrency exchange, they have many methods.
All you need to do is navigate to the cryptocurrency you want to withdraw. Press the “Withdraw” button. Enter the amount and network you want to use. Enter any two factor authentication required, click confirm on the withdrawal button and it’s complete!
To withdraw back to your bank account, you will have varying withdrawal processes depending on the method. Each specific withdrawal process will require different information.
Overall when you compare Binance to other cryptocurrency exchanges, withdrawing is very easy. When you submit a withdrawal request, you can expect the funds within 60 minutes. Binance operates as one of the quickest exchanges when it comes to digital assets.