New and experienced crypto traders would be familiar with Binance, and possibly bought or traded their first crypto using this exchange. For users in the United States, there are limited options when cashing out of Bitcoin to USD. A viable option is to transfer crypto assets from Binance to PayPal, which is a popular payment service provider which allows its users to transfer, send, and receive crypto assets. In this guide, we explain how to transfer crypto from Binance to PayPal with a full tutorial and screenshots.
Can You Send Money From Binance to PayPal?
Yes, as of June 7th, 2022, Binance users can transfer their money from a Binance wallet to their PayPal account, which includes both fiat currencies (i.e. US Dollars) and a select group of cryptocurrencies. At the time of writing, Binance users can transfer Bitcoin, Litecoin, Bitcoin Cash, and Ethereum to a PayPal account that is registered within the US. Citizens in the USA, they will need to use a Binance.US account to transfer to their PayPal address.
How To Send Crypto from Binance to PayPal
- Login to the PayPal Account. Create a new PayPal account or log in to an existing account using valid credentials.
- Navigate to the crypto section. From the dashboard, navigate to the crypto section of the app.
- Select the cryptocurrency to receive. Choose between the supported crypto that can be deposited to PayPal.
- Complete the ID verification process. Pass the mandatory verification process by submitting an ID document and taking a selfie.
- Copy the PayPal crypto wallet address. Copy the unique PayPal crypto deposit address to the clipboard or scan the QR code.
- Withdraw crypto from Binance. Open Binance and initiate a withdrawal. Paste in the wallet address, enter an amount and complete the transaction.
Does Binance Charge Fees to Transfer Funds to PayPal?
Transferring funds from Binance to PayPal or any other external wallet is considered a withdrawal. Binance charges a withdrawal fee to send crypto to PayPal that varies depending on the network congestion and amount of funds sent. If the network congestion is high, the gas fees go higher, which is reflected in the withdrawal fee. For example, the Binance withdrawal fee to send Bitcoin is 0.0005 BTC. Moreover, smaller deposits generally incur large withdrawal funds due to third-party payment processors when transferring fiat currencies.
Does PayPal Charge Fees to Transfer Funds to Binance?
PayPal does not charge any fees to transfer cryptocurrencies to external wallets or any other PayPal contacts. However, it does levy a network fee depending upon the network of the cryptocurrency. Users are shown the charges during the transfer process before they complete the transfer.
Pros and Cons of Sending Crypto to PayPal
There are several advantages and disadvantages of transferring assets from Binance to PayPal. This largely depends on the intent behind the investor. Here is a quick summary of the pros and cons:
- PayPal is one of the most well-known currency transfer platforms and has a simple interface that is ideal for crypto beginners
- While PayPal does charge a transfer fee in the form of a network fee, it ranges widely depending on the region. There are certain centers where the cost of crypto transfers using PayPal is lower
- PayPal only supports cryptocurrencies, namely, Ethereum, Bitcoin, Bitcoin Cash, and Litecoin. While there is a rising demand to add more crypto assets to the crowd, so far, PayPal has not heeded them
- The crypto transfer facility of PayPal is only available in the US and the UK and not available in Australia or any other regions
- Binance is one of the few cryptocurrency exchanges that users can fund through PayPal. Other exchanges include Coinbase, Binance, eToro, and XCoins
How to Transfer Cryptocurrency from Binance to PayPal - Full Tutorial
PayPal supports the listed tokens and their networks. Therefore, before initiating the transfer process, users must select the blockchain. With that said, here are the steps to transfer crypto from Binance to PayPal.
Step 1 - Login to the PayPal Account
The first step is logging into the PayPal account. Users who don't have an account yet can follow a simple procedure to create one. However, it would require an account verification process that involves uploading the required documents.
After the user has logged into the account, they must visit the dashboard and go to the crypto section. Investors must note that the crypto section is only available for US and UK investors only, which are the only regions that accept crypto deposits at the time of writing.
Step 3 - Select the cryptocurrency to receive
Investors have a choice between four cryptocurrencies to transfer: Ethereum, Bitcoin, Bitcoin Cash, and Litecoin. Decide which crypto to receive from Binance and select it. A prompt will show to either send or receive the particular asset. Click on the 'Receive' button.
Step 4 - Complete the ID verification process
Before the process initiates, the users must go through an identity verification process. This comprises two steps which include scanning a recent photo ID document and scanning your face to verify the submitted document.
Step 5 - Copy the PayPal crypto wallet address
Once the verification process is complete, a wallet address is automatically generated for the chosen crypto to receive. The address must then be pasted on the user's Binance account. It is important to note PayPal generates a new address for each crypto deposit. Investors must, therefore, carefully check the address before committing to the transfer request.
On Binance, the user must first select the amount of crypto to send. To do this, go to the 'Wallet' option that is located along the top navigational menu. However over the drop-down menu and choose 'Fiat and Spot'. Find the digital asset to send to PayPal and click on the 'Withdraw' button adjacent to the coin. Enter the PayPal wallet address into the field and select the appropriate blockchain network.
Step 6 - Withdraw from Binance to PayPal
The next step is to enter the amount to send from the available funds within the Binance wallet and verify the details. Enter the 'amount' to transfer from the available funds.
Binance will require a security verification for withdrawal confirmation. The transaction will be authorized via a Google verification code forwarded to investors after clicking the 'Submit' button. Once investors have confirmed the security information, they can click submit. The transaction history will provide a list of their recent withdrawals. For a full in-depth tutorial on how to withdraw crypto from Binance, read this article next.
How To Transfer Money From Binance To PayPal - Full Tutorial
Binance also supports fiat transfers of a wide array of currencies. US-based users can easily transfer their USD deposits from Binance to PayPal.
Step 1 - Login to Binance
The user must first log on to Binance by using their credentials by visiting the official Binance website or using the Binance app. Accounts with 2FA enabled will need to enter their code from Google Authenticator.
Step 2 - Go to the Withdraw Tab
Once the user has logged in, go to the 'Wallet' option that is located along the top navigational menu. However over the drop-down menu and choose 'Fiat and Spot'. Ensure to select the 'Withdraw Fiat' option then choose 'Transfer to PayPal'.
The next step is to select the currency they want to transfer to PayPal. Selecting the fiat will automatically change the payment methods, so if PayPal is not shown, it means that you can't send crypto to PayPal from your country.
Step 3 - Enter the withdrawal details
At this point, enter the withdrawal information, including the details of the recipient's wallet address and the amount of fiat currency to send. After the transfer details are entered, double-check the withdrawal information to ensure there are no mistakes, particularly with the PayPal deposit address.
Step 4 - Authenticate the Transfer
Click the 'Confirm' button which will prompt Binance to send a verification code via email or the registered mobile number. The last step is to enter the code to authenticate the transfer from Binance to PayPal.
Can You Fund Binance Using PayPal?
To transfer funds from PayPal to Binance, follow these steps:
- Go to the Binance Account. Users must first go to their Binance accounts and navigate to their wallets. Once there, they must select "Deposit Crypto."
- Selecting the Crypto Asset. Since there are only four cryptocurrencies supported for PayPal transfers, users must select between Ethereum, Bitcoin, Bitcoin Cash, and Litecoin.
- Copying the Address. Clicking on the generating address will generate the transfer address on Binance. Users must then copy it to the clipboard before proceeding.
- Logging on the PayPal Account. The PayPal account must be logged into. The user must then head over to the crypto section and select the crypto asset to send.
- Send Crypto to Binance. Select the crypto to send and the amount of crypto to send before clicking the send button. Users will then be prompted to paste the transfer address to send their assets to Binance. Clicking on Confirm afterward will initiate the transfer.
For more information on buying Bitcoin with PayPal on Binance or other exchanges, read this article next.
Frequently Asked Questions
Crypto transfer on Paypal depends upon network congestion, which leads to the confirmation times being varied. Generally, Bitcoin transfers take anywhere from 10 to 60 minutes. Under strenuous network conditions, that time can increase to 1 to 1.5 hours.
Sending crypto from Binance to the incorrect PayPal address cannot be canceled or reversed. It is highly likely that the funds will be lost once it is confirmed on the blockchain. The only way to recover lost Bitcoin is to contact the receiver to refund the money if they know the person.
On the other hand, if the individual chooses the incorrect network to send crypto to PayPal, Binance will detect the wrong network has been selected and reject the transaction. This is a common reason for Binance rejecting the withdrawal.
At the time of writing, PayPal only supports four cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. When asked whether PayPal can add more cryptocurrencies, Fernandez Da Ponte, the SVP of Paypay, gave no response. However, he has said that more crypto features will be added to the list.
Yes, the PayPal crypto transfer is available in the US. In fact, it is the first country in which PayPal added support for crypto transfers. Residents in the USA will need to use a Binance.US account to send USD to PayPal. Other than the US, UK traders can also use PayPal to transfer crypto assets.