Binance offers a number of ZAR pairs, including BTC/ZAR, BNB/ZAR, ETH/ZAR and USDT/ZAR among others.
We decided to give the withdrawal process ago this morning to see the process of withdrawing funds to a South African bank account.
The most important thing to check before staring to withdraw from your account is to ensure you are fully verified. This means you have to ensure you have verified your basic ID & Address info on your Binance profile before attempting your withdrawal.
You can access this information in your Binance Profile by going to Basic Info (Identification)
Once you are verified, you need to make sure you have ZAR in your wallet to withdraw of course. You can trade any of the pairs above to ZAR. We decided to trade some of our BNB to ZAR for this experiment
Now that we have ZAR in our wallet, it’s time to start the withdrawal process by clicking on the “Withdraw” option in your Wallet.
This should take you to the Fiat withdrawal screen. You’ll notice you can only withdraw to ZAR here as your account is registered & verified in South Africa
On the next screen you will be able to select your Withdrawal amount. You will notice the fee says 0.00 ZAR and you only have the option of Bank Transfer for your payment method
On the next screen you will be able to put in your bank details with account number, name & branch code. They don’t ask for the Bank Name though. You also have the ability to save the bank details for your next withdrawal.
There is also a notification confirming the R7.50 fee for each withdrawal.
Once you click the Submit button, you are required to put in your 2FA code. If you don’t have 2FA enabled on your account, then I suggest you stop reading this now, and go add it to your Binance account!
After your 2FA code is accepted you are sent a confirmation email which you have to approve before the deposit will affect. The link in the mail is only valid for 30 minutes, so make sure you don’t leave it too long.
Payment is done from a Standard Bank account, so if you are with another bank, it could take a day or two to show in your bank account.
Once you are done clicking on the link it logs back into your account and gives you a success screen.
I did notice however that the amount I requested to withdraw and the amount in the confirmation email were the same, and doesn’t reflect the R7.50 charge. Once the money lands in our account we will be able to see if they deducted that charge. We bank with FNB, so we’ll have to wait until tomorrow (Fri 10 April).
The whole process was pretty smooth and seamless, and once the account is verified it should be a breeze to do a quick withdrawal from your Binance account.
[Cross posted on https://sacrypto.co.za/zar-withdrawals-go-live-on-binance-sa-demo/]