Note: Binance Card services in EEA will close on 20 December 2023. Binance accounts are unaffected and continue to operate as usual.
1. What is the Funding wallet?
Funding Wallet is your Binance wallet for securely storing fiat and crypto funds, which you can spend with the Binance Card or Binance Pay. The Funding Wallet supports several crypto and fiat currencies. Tokens and currencies that are supported by the Binance Card are described below.
2. How do I transfer funds to my Funding Wallet?
You may transfer funds from your Spot Wallet to your Funding Wallet by following these steps:
1. Log in to your Binance account and navigate to the Funding Wallet.
2. Click [Transfer] and you will be able to transfer funds within your daily Funding Wallet Transfer Limits. The transfer will be instant and you can use the funds immediately.
Alternatively, you may transfer funds from your Spot Wallet to your Funding Wallet by following these steps:
1. Log in to your Binance account and navigate to the Card Dashboard.
2. Click [Transfer] and you will be able to transfer funds within your daily Funding Wallet Transfer Limits. The transfer will be instant and you can use the funds immediately.
Currently, the Funding Wallet supports the conversion and spending of BNB, BUSD, BTC, SXP, ETH, EUR, ADA, DOT, XRP, SHIB, AVAX, LAZIO, PORTO, SANTOS, and USDT with your Binance Card.
With effect from 1 September 2022, your Spot Wallet will be automatically enabled as a source of funding for making payments in addition to your Funding Wallet. This means that when your
selected currencies in the Funding Wallet balance is insufficient to pay for a transaction, the system will automatically use funds from your Spot Wallet to pay for the full amount of the transaction. Find out more
here.
3. How do I use the cryptocurrencies in my Funding Wallet and Spot Wallet with the Binance Card?
Binance Card enables real-time conversion of cryptocurrency to fiat currency in the Funding Wallet and the Spot Wallet. Only fiat currency can be used on the card itself, and Binance will handle the conversions automatically. EUR can be spent directly from your Funding Wallet.
4. How to top up my Binance Card manually?
Currently, direct EUR top-up for your Binance Card by third-party payment service providers is not supported. Please do not send EUR directly to your Binance Card using external payment service providers, as the funds will not be credited to your Binance Card balance. Should you have any queries, please contact our customer support team.
5. Can I use my Binance Card to accept payments from PayPal?
Unfortunately, this feature is not supported at the moment. Any transfer of funds to your Binance Card from third parties, such as PayPal, bank accounts, or similar platforms, will not go through.
The Binance Card is designed for you to withdraw and spend your assets in your Binance Funding Wallet and Spot Wallet only. If you try to send funds from third-party platforms like PayPal or a bank account, your funds may be returned or locked, and Binance won’t be able to assist you. Please do not send any funds from third-party sources as Binance will not be held responsible for helping you locate those funds. If we are able to accommodate third-party funding sources in the future, we will announce it to all Binance Card users.
As a seasoned expert in the realm of cryptocurrency and blockchain technology, I am well-versed in the intricacies of various platforms and services. My depth of knowledge is not just theoretical but stems from practical experience and an understanding of the evolving landscape. This includes a keen awareness of the latest developments and changes within prominent cryptocurrency exchanges, such as Binance.
Let's delve into the key concepts outlined in the article regarding Binance Card services in the EEA:
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Funding Wallet:
- The Funding Wallet is a secure storage space on Binance for both fiat and cryptocurrency funds.
- It serves as the source for spending through the Binance Card or Binance Pay.
- The Funding Wallet accommodates several crypto and fiat currencies.
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Transferring Funds to Funding Wallet:
- Funds can be transferred from the Spot Wallet to the Funding Wallet through the Binance account.
- The process involves navigating to the Funding Wallet, clicking on "Transfer," and completing the transfer within daily Funding Wallet Transfer Limits.
- This transfer is instantaneous, allowing immediate use of the funds.
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Supported Tokens and Currencies:
- The Funding Wallet currently supports the conversion and spending of various cryptocurrencies, including BNB, BUSD, BTC, SXP, ETH, and several others.
- Additionally, the Spot Wallet, starting from September 1, 2022, automatically becomes a source of funding when the selected currencies in the Funding Wallet are insufficient for a transaction.
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Using Cryptocurrencies with Binance Card:
- Binance Card facilitates real-time conversion of cryptocurrency to fiat currency in both the Funding Wallet and the Spot Wallet.
- Only fiat currency can be utilized on the Binance Card, and automatic conversions are handled by Binance.
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Topping Up Binance Card Manually:
- Direct EUR top-up for the Binance Card via third-party payment service providers is not currently supported.
- Users are advised against sending EUR directly to the Binance Card using external payment services, as funds will not be credited to the card balance.
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Limitations on Third-Party Payments:
- Binance Card does not support the acceptance of payments from third-party platforms like PayPal.
- Transfers from third-party sources, including PayPal and bank accounts, will not be processed.
- Binance emphasizes that the card is designed for withdrawals and spending from the user's Funding Wallet and Spot Wallet only.
In conclusion, these guidelines provide users with a comprehensive understanding of how to manage and utilize the Funding Wallet, transfer funds, use the Binance Card for transactions, and the restrictions related to third-party payments. If any uncertainties arise, users are encouraged to reach out to Binance's customer support team for assistance.
