You can pay for Bitcoin on Binance by bank transfer where your currency supports it
Whether your bank account can pay for Bitcoin directly is something only your own logged-in account can tell you, and the screen that answers it is Buy Crypto. Bank transfer is one of the payment methods that screen can list, next to card, P2P and wallet balance, depending on local availability.
If bank transfer is on your list, you pay inside that flow and the BTC goes to your Spot Wallet. If it isn't, there are still two bank-based routes to check: putting your local currency into your account first, where that currency can be deposited, or buying from another user on P2P with the Bank Transfer filter switched on.
Go over the card details, your bank limits, the payment authorization and your identity verification status first. Some banks or payment providers may block or review crypto-related transactions, and the suggested fallback is another supported method: a different card, bank transfer, P2P, wallet balance, or whatever else your region offers.
Check whether bank transfer shows up for the currency you pay in
There is no single worldwide menu of payment methods. What you're offered depends on your country, the currency you pick, your verification status and which payment providers operate where you live. Identity verification is required for buying crypto, so an account that hasn't finished it is the wrong place to judge what's available.
- Log in and open Buy Crypto.
- Choose BTC as the coin you're buying.
- Set the pay currency to the one your bank account actually holds.
- Open the payment method selection and look for bank transfer.
Whether the exchange serves your country at all is a separate matter, and products and services depend on your jurisdiction. Binance's list of restricted countries and what the Buy Crypto page shows for your account settle that.
No account yet? Open a Binance Account: Step-by-Step for Beginners goes through sign-up and verification, which both have to be done before this payment list reflects your situation.
Pay by bank transfer on Buy Crypto before the quote expires
With bank transfer selected, the order runs like any other Buy Crypto purchase. The confirmation screen is the one to slow down on. Read the fees and the BTC amount you'll receive side by side; that BTC figure is the one to compare against any other way of paying.
The quote is live for 1 minute. You can confirm at the current price within that minute; after it, the order is recalculated at the current market price, and Refresh shows you the new amount. If you've been comparing options for a while, refresh and read the BTC figure again before you confirm.
Fees and quoted prices shift with the payment method, the currency, the product and market conditions. That is reason enough to put the same amount through bank transfer and through card on this screen and compare the two BTC figures, instead of assuming which one is cheaper.
Once the purchase completes, the coins appear in your Spot Wallet, in many cases shortly afterwards. Timing depends on the payment method, verification checks, network conditions and processing requirements, and the transaction status is in your account history if you want to follow it.
On the smallest order: back in February 2021, card or linked-bank purchases started at about $15, with the amount varying by currency. Don't plan around that old figure. Today the minimum order value for your chosen method and currency is displayed in the purchase flow itself, and Minimum amount to buy Bitcoin on Binance is about sizing a first small order.
Deposit your local currency by bank, then turn the balance into BTC
In early 2021 there was also a second route: deposit a fiat currency into your account and buy Bitcoin with that balance. EUR, AUD, BRL, GBP and TRY were the depositable currencies named then, with terms and conditions applying. That list is long out of date. Which currencies you can deposit now, and by which bank method, is whatever the deposit screen in your app offers for your country.
With money sitting in your balance, you have these ways to buy:
- Buy Crypto, paying with wallet balance. Wallet balance is one of the methods the Buy Crypto flow can list, so you get the same quote and confirmation screen as above.
- Spot. Go to [Trade] → [Spot], type BTC in the search bar and choose a supported trading pair; the examples given are BTC/USD and BTC/USDC. This only works if a relevant pair for your balance is available. Pick a Market order to buy at the current price, or a Limit order to set your own price and wait for the market to reach it. Enter the amount and click Buy to place the order.
- Convert. [Trade] → [Convert & Block Trade] offers Instant, Recurring or Limit modes: choose what you're converting from in [From], Bitcoin in [To], preview the quote and confirm before the timer runs out. Convert is now pitched at people who already hold a supported asset; in 2021 it also took select local currencies. Check whether your currency appears in [From] before counting on it.
Buy BTC from a P2P seller by bank transfer
On P2P you pay another user, not the exchange: your bank sends the money directly to the counterparty's bank account. A March 2023 exchange guide sets out the app steps for paying by bank; the last two steps below are the escrow release as it works now:
- Tap [Buy] at the top left, choose the fiat currency you'll pay with, then select [BTC].
- Tap the [Payment method] button in the middle and choose Bank Transfer from the drop-down to filter the ads. Pick a Verified Merchant whose ad suits you.
- Enter the amount you want, tap [Buy BTC], then [To Payment Page].
- Select [Bank Transfer], copy the required details (account number, bank name, branch information or more) into your mobile banking app and send the funds.
- Return to the order and notify the seller that you've paid.
- When the seller confirms receipt, the BTC comes out of escrow and appears in your wallet.
Read the P2P disclaimer before step 4. "All payments are final upon completion unless otherwise required by law." On top of that, the P2P platform has neither the right nor the obligation to resolve disputes arising from a completed payment. Send the exact amount on the order to the account details the order gives you, and nothing else.
Bank Transfer isn't the only bank filter. "Transfer with a specific bank" is for paying a seller at the same bank as you, and if your bank isn't in the list you can add your bank account details there. Ads can also be filtered by SEPA or SWIFT: confirm your bank supports SEPA or SWIFT wire transfers, then choose [SEPA] or [SWIFT] on the payment page in place of [Bank Transfer]. Popular local methods may vary by country, so go by the filter in your own app.
Picking the seller is where most of the care goes, and How to Buy Crypto Cheaply with P2P (Safely) covers choosing a merchant and the scams specific to P2P.
How long each type of bank transfer takes and what your bank may charge
The transfer type you pick decides how long a P2P order sits waiting for your money to land. Transfer times as of March 2023:
| Transfer type | When it applies | Time to arrive |
|---|---|---|
| Bank Transfer (country) | Your bank and the seller's bank are in the same country | Often processed within 24 hours, depending on your country and bank |
| SEPA | EUR only, and both banks must support SEPA | From instant to two business days or more, depending on your bank |
| SWIFT | International transfers, including from outside the EU | Usually 1–5 working days |
SWIFT also carries a cost of its own: the bank processing the payment may charge around 3 to 4% for the service. Take a 200-dollar P2P order paid by SWIFT, purely as an illustration: 200 × 0.03 = 6 dollars at 3%, and 200 × 0.04 = 8 dollars at 4%. That is your bank's charge, so ask your bank what a SWIFT transfer costs before you open the order and add it to the ad's price when you compare.
On the Buy Crypto route the fees and the BTC amount both come from the confirmation screen. Set that BTC figure against a P2P ad's price plus your bank's charge, and you're comparing the full cost of each way to pay.
Your currency and the payment screen decide how a bank transfer buy works
Can I buy Bitcoin on Binance with a bank transfer?
Yes, where your country and currency support it. Open Buy Crypto, choose BTC and the currency your bank account holds, then look for bank transfer among the payment methods. If it isn't there, see whether your currency can be deposited into your account first, or filter P2P ads by Bank Transfer and pay a seller directly.
Why is bank transfer not showing as a payment method on Binance?
The methods on offer depend on your country, the currency selected, your verification status and which payment providers are available to you. Identity verification is required to buy crypto, so finish it before reading too much into the list. Then switch the pay currency to the one your bank account is actually in and check again.
Who gets my money when I pay a P2P seller by bank transfer?
The seller does. Your bank sends the funds straight to the counterparty's bank account while the seller's BTC sits in escrow, and the coins are released to you once the seller confirms receipt. Payments are final upon completion unless the law requires otherwise, so send the exact amount to the details shown on your order.