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Transfer From Binance to USD in US Account

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  1. #1

    Join Date
    Dec 2011
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    Sai Kung
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    Transfer From Binance to USD in US Account

    For those who know, how do you take money out of Binance quickly and for low fee? Have USDT which I want to transfer to my US Account (to USD). This is the process I used for a recent transfer which is still in process (Binance says it takes 1-4 business days for the transfer to bank account)

    1) Sell USDT for BUSD
    2) Transfer BUSD to Bank account (equivalent USD will get transferred). Binance did not provide option for US account so had to transfer to my Citi account in HK (in USD) and will then transfer back to my Citi US account. There were only EU and middle east as "bank options". Is there something I missed?

    There was some fee charged by Binance and possibly some conversion rate (from USDT to USD, which changes every few seconds). Seems like you'd loose some money transferring out from Binance (which is the usual norm but the fluctuating rate between USDT/USD is a bit tricky at times).

    Many thanks!


  2. #2

    To my knowledge, you can't do it quicker than that via Binance.

    If you have a Coinbase account you could have swapped to USDC on Binance, transferred to Coinbase, then gone Coinbase to USD bank account for zero fees (I believe). I'm not American and don't have an American bank account, but this is my understanding based on conversations with American pals.

    BUSD:USDC on Binance usually trades very close to par so I think main cost would be transfer out from Binance, which if using Ethereum ERC20 is often 30 USD or so.


  3. #3

    Join Date
    Dec 2011
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    Sai Kung
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    Quote Originally Posted by Gollygordon:
    To my knowledge, you can't do it quicker than that via Binance.

    If you have a Coinbase account you could have swapped to USDC on Binance, transferred to Coinbase, then gone Coinbase to USD bank account for zero fees (I believe). I'm not American and don't have an American bank account, but this is my understanding based on conversations with American pals.

    BUSD:USDC on Binance usually trades very close to par so I think main cost would be transfer out from Binance, which if using Ethereum ERC20 is often 30 USD or so.
    Thanks! Will give it a try.

  4. #4

    Join Date
    May 2019
    Posts
    167
    Quote Originally Posted by fullmetaljacket:
    For those who know, how do you take money out of Binance quickly and for low fee? Have USDT which I want to transfer to my US Account (to USD). This is the process I used for a recent transfer which is still in process (Binance says it takes 1-4 business days for the transfer to bank account)

    1) Sell USDT for BUSD
    2) Transfer BUSD to Bank account (equivalent USD will get transferred). Binance did not provide option for US account so had to transfer to my Citi account in HK (in USD) and will then transfer back to my Citi US account. There were only EU and middle east as "bank options". Is there something I missed?

    There was some fee charged by Binance and possibly some conversion rate (from USDT to USD, which changes every few seconds). Seems like you'd loose some money transferring out from Binance (which is the usual norm but the fluctuating rate between USDT/USD is a bit tricky at times).

    Many thanks!
    How do you link your Citi HK USD account to binance?
    When I try to transfer from my USD account, it only gives me an option to send to a Seychelles account (I presume if they were linking to a Citi HK USD account, they would have a HK USD account?)

  5. #5

    Join Date
    Dec 2011
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    Sai Kung
    Posts
    275

    I have a US Citi account so haven't had to use the HK one. A friend did transfer from their "Binance" account to their Citi HK USD account without linking. They provided the account details which were "auto-saved" for future transactions.

    1) Convert USDT to BUSD (go to Trade --> Binance Convert --> Select BUSD to convert)

    2) Go to Wallet -->Fiat and Spot -->Withdraw -->Select Currency (to USD)--->Bank Transfer via SWIFT --> Add account details (USD account number of Citi HK).

    Citi HK does provide you a USD account. The number would be different from the HKD account. Hope it works for you.


  6. #6

    Join Date
    Jan 2022
    Posts
    21

    If the amount isn't huge, might be easier to swap USDT for honkies on P2P which can be done via FPS, then convert your honkies to USD using whatever rails you'd normally use.

    Gollygordon likes this.