How to Deposit & Withdraw Fiat via SWIFT Bank Transfer on Binance

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Binance stands as one of the world’s most trusted cryptocurrency exchanges, offering users seamless ways to deposit and withdraw both fiat and digital currencies. For those looking to move traditional money like US Dollars (USD), British Pounds (GBP), or Euros (EUR) into and out of their Binance accounts, SWIFT bank transfers provide a reliable, widely accessible option. This guide walks you through the complete process—step by step—on how to use SWIFT for fiat deposits and withdrawals, while also explaining key concepts like BUSD and transaction timelines.

Whether you're new to crypto or expanding your trading toolkit, understanding this method is essential for efficient fund management on Binance.

👉 Discover how to securely transfer fiat and start trading in minutes.

Understanding Binance and Fiat Support

When Binance launched in 2017, it operated exclusively with cryptocurrencies. Users could trade, deposit, and withdraw digital assets—but not government-issued money. Over time, the platform evolved to meet global demand, integrating support for fiat currencies through various channels.

Today, Binance supports multiple fiat on-ramp and off-ramp methods, including:

Among these, SWIFT remains a preferred choice for international users due to its broad banking network and zero transaction fees imposed by Binance. While your bank may charge a processing fee, Binance itself does not levy any cost for SWIFT deposits or withdrawals.

One important detail: when you deposit USD via SWIFT, Binance automatically converts the funds into BUSD, a 1:1 USD-pegged stablecoin. We’ll explore why this happens and how it benefits users shortly.

What Is SWIFT?

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. It's a secure messaging network used by banks and financial institutions globally to send and receive information about cross-border transactions.

Over 11,000 organizations across more than 200 countries are part of the SWIFT network. Each member institution has a unique identifier known as a SWIFT code (or BIC—Bank Identifier Code), which ensures accurate routing of funds.

For example, the SWIFT code BOFAUS3NXXX identifies a specific Bank of America branch:

When using SWIFT to deposit to Binance, you’ll need to include a reference code provided by the exchange so Binance can correctly credit your account upon receipt.

How to Deposit USD to Binance via SWIFT

Follow these clear steps to successfully deposit US Dollars using a SWIFT bank transfer.

Step 1: Access the Bank Deposit Page

Log in to your Binance account at binance.com. Hover over the Buy Crypto tab in the top navigation menu and select Bank Deposit.

Binance will display available deposit methods based on your selected currency. If USD is chosen, SWIFT Bank Transfer will appear as the default option.

Step 2: Confirm Currency and Payment Method

Ensure that USD is selected as your deposit currency. The payment method should default to SWIFT Bank Transfer. Take note: Binance charges zero fees for this service—though your bank might apply its own transfer charges.

Step 3: Enter Deposit Amount

Input the amount of USD you wish to deposit. You can enter a custom value or click MAX to deposit up to your verified limit. Once done, click Continue.

Step 4: Add Your Bank Account Details

If this is your first time using SWIFT on Binance, you'll be prompted to enter your bank details. These include:

You can save up to five different bank accounts for future use.

Step 5: Initiate the Transfer

Binance will now generate the recipient details—their partnered banking institution’s account information. Carefully copy:

Use these details when initiating the wire transfer through your online banking portal. Do not skip the reference code, or your deposit may face delays.

👉 Get started with low-cost international transfers today.

Transfers typically take 1–4 business days. Once received, Binance will automatically credit your account with an equivalent amount of BUSD.

Why Does Binance Convert USD to BUSD?

Every USD deposit via SWIFT is converted into BUSD (Binance USD) because:

This automation removes friction and streamlines access to crypto markets.

What Is BUSD?

BUSD is a regulated stablecoin issued by Binance in partnership with Paxos Trust Company. Fully backed by US Dollar reserves, each BUSD token maintains a 1:1 parity with USD and undergoes regular audits for transparency.

Key features:

How to Use BUSD on Binance

After depositing, your BUSD balance appears in the Fiat and Spot Wallet. Navigate there via Wallet > Fiat and Spot.

From this dashboard, you can:

How to Withdraw USD from Binance via SWIFT

Withdrawing works in reverse: Binance burns your BUSD and sends USD to your bank account via SWIFT.

Step 1: Go to Fiat and Spot Wallet

Click Wallet > Fiat and Spot from the main menu.

Step 2: Start Withdrawal

Click the Withdraw button.

Step 3: Select USD and SWIFT

Choose USD as the currency. The withdrawal method will auto-select as SWIFT Bank Transfer. Enter the amount and click Continue.

Step 4: Provide Bank Details

Enter your receiving bank’s information:

Double-check all fields before proceeding.

Step 5: Confirm Withdrawal

Review all details carefully, then click Confirm. Binance will process the redemption of BUSD and initiate the SWIFT transfer.

Funds typically arrive within 1–4 business days.

Advantages of Using SWIFT on Binance

✅ No fees from Binance – Only potential charges from your bank
✅ Global accessibility – Most banks support SWIFT
✅ Automated conversion – Instant BUSD upon deposit
✅ Stablecoin utility – Immediate access to trading and earning tools

Limitations to Consider

❌ Processing time: Slower than crypto transfers (1–4 days)
❌ Geographic restrictions: Not all countries support SWIFT on Binance
❌ Bank fees: Your financial institution may charge outgoing/incoming wire fees

Users in restricted regions can explore alternatives such as P2P trading or card withdrawals.

👉 Explore faster fiat-to-crypto solutions with advanced tools.

Frequently Asked Questions

What is a SWIFT bank transfer?

SWIFT is a secure global network that enables banks to send and receive financial messages and payment instructions across borders. It ensures accurate and traceable international fund transfers.

Does Binance support SWIFT for USD deposits and withdrawals?

Yes, Binance supports SWIFT transfers for both depositing and withdrawing US Dollars. It's one of the primary fiat gateways for eligible users worldwide.

Why does my USD deposit become BUSD?

Binance converts incoming USD into BUSD—a blockchain-native stablecoin—to enable immediate trading, staking, and transfers within the ecosystem. The conversion is automatic and free at a 1:1 rate.

Are there fees for SWIFT transactions on Binance?

Binance does not charge any fees for SWIFT deposits or withdrawals. However, your bank may impose standard wire transfer fees for sending or receiving funds internationally.

How long do SWIFT transfers take on Binance?

Most SWIFT transactions take 1 to 4 business days, depending on intermediary banks, time zones, and processing accuracy. Including the correct reference code helps avoid delays.

Can I withdraw directly in USD without converting from BUSD?

Yes—the withdrawal process automatically handles the conversion from BUSD to USD. You don’t need to manually swap tokens; Binance burns the necessary BUSD amount behind the scenes before initiating the bank transfer.

By mastering SWIFT transfers on Binance, you gain a powerful tool for moving fiat securely and affordably. While slightly slower than crypto-native options, its reliability and broad compatibility make it ideal for consistent funding of your digital asset portfolio.