This article will tell you about ways to deposit money on Binance , one of the largest crypto exchanges that supports 70 national currencies. Other crypto exchanges may also have all or some methods to deposit fiat that I explain below. Thus, once you read the article and have a better idea of accepted ways to deposit fiat to crypto exchanges, you can use the method that suits you the most and choose a crypto exchange that supports this method.
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1. Bank deposit/wire transfer

Wire transfer (SWIFT) is the cheapest way to transfer a large amount of fiat (> 2000 USD). This generally takes from 1-3 days depending on the bank.

Binance accepts wire transfers only in US Dollars. If you don’t have a US dollar account, talk with your bank to see what options you have.

Your local bank usually charges around 45 USD for sending a wire transfer. From my experience, I also incurred an additional 20 USD banking charge.

There are no fees from the Binance side when you make international USD bank transfers.

Once you make a wire transfer, the funds will be credited to your Binance account as BUSD (US-pegged stable coin) at a ratio of 1:1. (Note: although BUSD is a stable coin, the ratio of BUSD to USD may slightly fluctuate depending on the market conditions. The deviation in the ratio is generally less than +-0.1%. Thus, the funds you receive in BUSD may be slightly more or less than you transferred in USD).

You can then trade BUSD for any other cryptocurrency supported on Binance.

2. Debit/Credit Card

Using a debit or credit card (Visa/Mastercard) is the simplest and the fastest way to deposit funds to the crypto exchange. It takes around 10-30 mins for cryptocurrency to reach your wallet. This method is suitable for smaller transactions (< 2000 USD).

The fee in Binance for such a transaction is 3.5% per transaction or 10 USD, whichever is higher.

3. Peer-to-peer (P2P)

A peer-to-peer marketplace is a method to trade crypto and fiat directly with the holders of crypto or fiat in the preferred payment method. Binance becomes the trusted intermediary that ensures the two parties honour their agreement during the transaction.

For example, if you want to buy crypto, you will see many postings from people (vendors) with crypto on their accounts who want to sell it.

• You can pick the post that suits the amount you want to convert, the cryptocurrency you want to buy, the payment method accepted by the vendor, and the exchange rate.
• Once you pick the post and continue with the offer, you will have 15 minutes to transfer the funds. In the meantime, Binance freezes this crypto amount on the vendor’s wallet.
• When you send the funds to the vendor, you must click on “Transferred, Next”.
• Once the vendor confirms the funds were received, Binance transfers the crypto you bought to your Binance wallet.

P2P transactions are quite secure as Binance oversees the transactions. The advantage of P2P is that there are a lot of payment methods to choose from, and they are in your local currency.

On the P2P marketplace, the transactions are immediate, and there may be a better deal than depositing via debit or credit cards or intermediary banks (see section 4). P2P is also great for the large transaction because buying via P2P doesn’t affect the market price.

Nevertheless, there are some risks involved. First, if you are not cautious, you can get scammed (Read here how to avoid scams). Second, if you are sending funds regularly from your bank to the banks of the vendors (generally different people), your bank may find this activity “suspicious” and/or block the transaction or your bank account (this actually happened with my grandma, but we got it resolved after a lot of hustle).

4. Third-party Payment (Intermediary banks)

In Binance, there are different intermediate banks via which you can deposit your funds. For example, you can choose Simplex or Banxa. These banks have different commissions and terms of use, so make sure you know the payment details before selecting this option.

Some exchanges also give you an option to fund the account via your local bank. For example, in a Canadian crypto exchange called Newton , you can use e-transfer to deposit your funds to the exchange. There is usually no commission for depositing the funds this way.

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