How to Use Binance Pay for Internal Cryptocurrency Transfer | Binance Support (2024)

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How to Use Binance Pay for Internal Cryptocurrency Transfer

2023-03-27 10:33

App

Website

Frequently Asked Questions

App

You can transfer crypto to other Binance users instantly on Binance Pay via a registered phone number, email address,

Binance User ID (BUID), or Pay ID.

How to transfer crypto to another Binance user via Binance Pay on the App?

When you want to transfer crypto to another Binance user, you can send crypto to their account via their phone number, email address, Binance user ID, or Pay ID.

Send crypto via Binance Pay

1. Log in to your Binance App. Tap the [Pay] icon on the top right corner of the app homepage and tap [Send].

2. Select your transfer method (via your payee’s registered Binance phone number/email or BUID/Pay ID), enter the information accordingly, and tap [Continue].

3. Then, select your preferred crypto, enter the amount you wish to send and tap [Continue].

4. Please check the information on the screen carefully and tap [Confirm].

Your transfer will be completed immediately and cannot be recovered if you enter the incorrect details.

Then, verify the transfer.

5. Your transfer is complete.

Withdraw crypto via Binance Pay

1. Log in to your Binance App and tap [Wallets] - [Withdraw]. Select the crypto you want to transfer and tap [Send via Email/Phone/Pay ID].

2. Select how you want to transfer (via phone number/email/Pay ID) and enter the information accordingly. Then, enter the amount to transfer.

Notes:

• Currently, Binance Pay supports internal transfer via a phone number, email address, Binance User ID, or Pay ID;
• The available balance shows the total assets you can utilize from your Spot and Funding Wallets. You can choose to use either one of the wallets for the transfer. If the wallet balance is insufficient, you can choose to use the assets in both wallets or pay in other currencies.
• The recipient needs to have a verified Binance account to receive funds.
• [Note] is optional. Any message you enter here will be sent to the other party.

3. Tap [Send] and confirm the transfer. Please check carefully before tapping [Next].

Your transfer will be completed immediately and it cannot be recovered if you entered the incorrect details.

Then, verify the transfer with 2FA.

4. Your transfer is complete. You can tap [View History] to see the transfer record.

See Also

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How to transfer crypto to another Binance user via Binance Pay on the website?

When you want to transfer crypto to another Binance user, you can send crypto to their account via their phone number, email address, Binance User ID (BUID), or Pay ID.

Send crypto via Binance Pay

1. Log in to your Binance account and go to [More] - [Pay].

Click [Send].

2. Select a transfer method (via your payee’s registered Binance phone number/email or BUID/Pay ID), enter the information and click [Continue].

3. Then, select your preferred crypto, enter the amount you wish to send and click [Continue].

4. Please check the information on the screen carefully before clicking [Confirm]. Your transfer will be completed immediately and cannot be recovered if you enter the incorrect details.

Then, verify the transfer.

5. Your transfer is complete.

Withdraw crypto via Binance Pay

1. Log in to your Binance account and go to [Wallet] - [Overview]. Click [Withdraw].

2. Choose an asset and switch to [Binance user].

3. Select a transfer method and enter the recipient’s email / phone number / BUID / Pay ID and the amount to send. Click [Send].

4. Check the details carefully before clicking [Continue]. Your transfer will be completed immediately and it cannot be recovered if you entered the incorrect details.

5. Verify your request with 2FA and your funds will be transferred to the recipient.

Frequently Asked Questions

1. What is Pay ID?

Your Pay ID is the unique identifier for when you’re using functions within Binance Pay. You can find your Pay ID by tapping the [Pay] icon on the top right corner of the app homepage.

You can also check your Pay ID on the Binance website. Go to Binance Pay and you’ll see it below your nickname.

Pay ID is different from your Binance user ID (BUID).

2. Who can use the phone/email/Binance user ID/Pay ID to send crypto?

Binance users who have completed Identity Verification can send crypto to other Binance users via phone number/email/Binance user ID/Pay ID.

3. Who can use their phone number/email/Binance user ID/Pay ID to receive crypto?

To receive crypto via a phone number/email/Binance user ID/Pay ID, you must be a verified Binance user.

4. Where can the recipient find the crypto I sent?

The crypto will be credited to the recipient’s Funding Wallet.

5. Can I recover the funds if I entered the wrong phone number/email/Binance user ID/Pay ID?

No. Transfers via phone number/email/Binance user ID/Pay ID are immediately credited. They cannot be recovered if you enter the wrong details. Therefore, please check that the phone number/email/Binance user ID/Pay ID is correct before confirming the transfer.

6. Which Binance App version supports Binance Pay?

Your Binance App needs to be 2.41.0 or above to use the Binance Pay transfers via phone number/email/Pay ID function. To check your Binance App’s version, go to [Profile] - [Settings] - [About Us].

I'm an enthusiast with extensive knowledge in the realm of cryptocurrency, blockchain technology, and digital asset management. Over the years, I've actively engaged with various platforms and kept abreast of the latest developments in the crypto space. My proficiency extends to platforms like Binance, a leading cryptocurrency exchange, where I have hands-on experience with its diverse features and functionalities.

Now, let's delve into the concepts mentioned in the article:

1. Account Functions:

   • This encompasses all actions and operations users can perform within their Binance accounts, including trading, transferring funds, and accessing various features.

2. Tutorial:

   • The article serves as a tutorial, providing step-by-step instructions on how to use Binance Pay for internal cryptocurrency transfers.

3. Binance Fan Token:

   • Not explicitly mentioned in the article, but Binance Fan Tokens are tradable assets representing fan influence over their favorite brands or influencers on the Binance platform.

4. Binance Earn:

   • The platform's feature for users to earn interest or rewards on their cryptocurrency holdings through various investment products.

5. Web3 Wallet:

   • Though not directly discussed, users likely need a Web3 wallet to interact with decentralized applications on the blockchain.

6. Crypto Deposit/Withdrawal:

   • The process of depositing or withdrawing cryptocurrencies to and from the Binance platform.

7. Buy Crypto (Fiat/P2P):

   • Options for purchasing cryptocurrencies directly with fiat currency or through peer-to-peer transactions on Binance.

8. Spot & Margin Trading:

   • Engaging in traditional spot trading and leveraging assets for margin trading on the Binance platform.

9. Crypto Derivatives:

   • Trading financial instruments whose value is derived from the value of an underlying asset, such as cryptocurrency futures or options.

10. Trading Bots:

    • The use of automated trading algorithms to execute trades on behalf of users.

11. Finance APIs:

    • Application Programming Interfaces that enable third-party services to interact with Binance's financial features programmatically.

12. Security:

    • Measures and protocols in place to safeguard user accounts and funds on the Binance platform.

13. Copy Trading:

    • A feature where users can replicate the trades of successful investors on the platform.

14. Tax:

    • Likely involves considerations for cryptocurrency taxation, though not explicitly discussed in the provided text.

15. Binance Square:

    • Not explicitly mentioned, but possibly a feature or section within Binance offering additional services or information.

16. Convert & Block Trade:

    • Features related to converting one cryptocurrency to another and engaging in block trades, which involve large quantities of assets.

17. Binance Link:

    • Not detailed in the article, but it might refer to integrations or links with other services or platforms.

18. NFT:

    • Non-Fungible Tokens, which represent ownership of unique digital assets and are likely tradable on the Binance platform.

19. VIP:

    • Likely a tiered membership or loyalty program for high-value users on Binance.

20. Home/Support Center/FAQ:

    • Sections on the platform providing user support, information, and frequently asked questions.

21. Binance Pay:

    • A feature allowing users to transfer cryptocurrency internally using various identifiers like phone numbers, email addresses, Binance User IDs, or Pay IDs.

22. How to Use Binance Pay for Internal Cryptocurrency Transfer:

    • The main focus of the tutorial, guiding users through the steps of transferring cryptocurrency using Binance Pay.

23. App/Website:

    • Different platforms through which users can access Binance, either through the mobile app or the website.

24. Frequently Asked Questions (FAQ):

    • Information addressing common queries users may have about using Binance Pay for crypto transfers.

25. Version Control:

    • Mentioned in the FAQ section, users need a specific version (2.41.0 or above) of the Binance App to use the Binance Pay transfers via phone number/email/Pay ID function.

This comprehensive breakdown showcases the multifaceted nature of the Binance platform and its features, emphasizing user-friendly interfaces and security measures in cryptocurrency transactions.