How to Withdraw from Binance to Your Bank Account in Nigeria 2024
Moving your funds from Binance to your Nigerian bank account can be a smooth and straightforward process. This guide will walk you through the available methods for withdrawing Nigerian Naira (NGN) from your Binance account and depositing them directly into your local bank account.
Methods for Withdrawing NGN from Binance to Bank Account
There are two primary methods for withdrawing NGN from Binance to your bank account in Nigeria:
Option 1: Using P2P Trading for Direct Bank Transfers
The P2P (Peer-to-Peer) trading platform on Binance allows you to connect directly with other users to buy and sell cryptocurrencies, including exchanging NGN for direct bank transfers. Here’s a step-by-step guide for withdrawing NGN via P2P trading:
1. Navigate to the P2P Trading Section: Log in to your Binance account and go to the “P2P Trading” section.
2. Select the NGN/NGN Trading Pair: Choose the “NGN” option for both “Buy” and “Sell” to find offers for directly converting your NGN balance to Naira bank transfers.
3. Filter for Bank Transfer Offers: Use the filters to find offers with “Bank Transfer” as the payment method. You can further refine your search by selecting your desired bank and preferred payment window.
4. Choose a Suitable Merchant: Review the available offers, considering factors like exchange rate, payment limits, and merchant verification status. Select a reputable merchant with a high completion rate and positive reviews.
5. Initiate the Trade: Once you’ve chosen a merchant, click on their offer and enter the amount of NGN you want to withdraw. Confirm the trade details and payment method (bank transfer).
6. Complete the Bank Transfer: Follow the merchant’s instructions for completing the bank transfer. Binance will hold your NGN securely until you confirm receipt of the funds in your bank account.
7. Confirm Receipt and Release Funds: Once you’ve received the NGN in your bank account, log back in to Binance and confirm receipt of the payment. This will release your NGN to the merchant.
Option 2: Withdrawing NGN via Cashlink
Cashlink is a third-party partner integrated with Binance that facilitates NGN withdrawals. Here’s how to withdraw NGN using Cashlink
1. Navigate to the Withdraw Section: Log in to your Binance account and go to the “Wallet” section. Select “Fiat and Spot” and then click “Withdraw.”
2. Choose NGN and Withdrawal Method: Select “NGN” as the currency you want to withdraw. Under “Withdrawal Method,” choose “Bank Transfer (Cashlink).”
3. Enter Withdrawal Amount and Bank Details: Enter the amount of NGN you want to withdraw and provide your Nigerian bank account details. Ensure all information is accurate, including your bank name, account number, and account name.
4. Review and Confirm Withdrawal: Double-check all the withdrawal details, including the amount, bank information, and any applicable fees. Once everything is correct, confirm the withdrawal.
5. Cashlink Matching Process: Cashlink will match you with a merchant who will facilitate the Naira transfer to your bank account. This process might take a few minutes.
6. Complete Transaction with Merchant: Once matched, you’ll receive instructions from the merchant on completing the transaction. This might involve additional verification steps or providing further information.
7. Funds Transfer and Confirmation: Upon successful completion, the NGN will be transferred to your bank account. You’ll receive confirmation from both Binance and Cashlink once the withdrawal is complete.
Conclusion
Withdrawing your NGN from Binance to your Nigerian bank account is a convenient and straightforward process. By following the steps outlined above and considering the important factors, you can seamlessly move your funds between your Binance account and your local bank.
