How To Withdraw From Binance To A UK Bank Account (Step By Step Guide)

Clear Junction, who were the payment processor for Binance’s Faster Payments, announced on 12^th July 2021 that they would no longer be facilitating payments related to Binance. One month later and there is still no direct method to withdraw GBP from Binance to your bank account as a UK customer.

Fortunately there are ways to transfer your funds from Binance to a different crypto exchange that allows UK withdrawals. The exchange I have opted to use is Kraken due to its low fees and good range of supported cryptocurrencies. However, the method I will be using should be similar for other exchanges too.

Navigation

• Setting up your Kraken account
• Link your bank account to your Kraken account
• Choose a crypto with low withdrawal fees on Binance
• Create a Stellar (XLM) deposit address on Kraken
• Convert all of your funds on Binance into Stellar (XLM)
• Transfer XLM from Binance to Kraken
• Convert XLM to GBP
• Withdraw GBP to your bank account

Setting up your Kraken account

This will be the most time consuming step of the process if you do not already have a Kraken account.

1. Head over to Kraken.com and create an account

Once you have created an account you will need to verify it.

2. Select ‘Intermediate’ verification to allow bank transfers

The documents you may need to verify your account for trading are:

Valid Government Issued ID: (Choose 1)

• Passport
• Drivers License
• National Identity Card

Proof of Residence: (Choose 1)

• Bank statement
• Credit card statement
• Utility bill
• Payroll statement
• Insurance statement
• Tax document
• Residence certificate

Face photo: (Choose 1)

• Webcam picture
• Upload from PC

The verification of these documents could take up to 24hrs so be sure to have this step done in advance.

Link your bank account to your Kraken account

1. Navigate to the ‘Funding’ tab along the top of the web page
2. Click the ‘Withdraw’ button
3. Select ‘Pound Sterling GBP’ from the list
4. Select ‘Clear Junction (FPS)’ in the ‘Withdrawal type’ field
5. Click continue to link your bank account

6. Fill in the details of your bank account

Once this is filled out and submitted your bank account will now be linked to your Kraken account to allow deposits and withdrawals.

Choose a crypto with low withdrawal fees on Binance

This step will require you to choose a crypto that is supported by both Binance and Kraken. It is also important to choose the one with a low withdrawal fee on Binance. These fees are listed in the website below:

https://www.binance.com/en/fee/cryptoFee

The crypto I will be using for this guide is Stellar. Its withdrawal fee is 0.02 XLM which equates to £0.0058 at the time of writing.

Create a Stellar (XLM) deposit address on Kraken

1. Click the ‘Funding’ tab
2. Click the blue ‘Deposit’ button
3. Search for ‘XLM’ and select it

4. Click the ‘Generate deposit address’ button

A ‘Deposit address’ will be generated alongside a QR code containing the address and a ‘Memo’ number. These will be used in the later steps so keep this web page open.

Convert all of your funds on Binance into Stellar (XLM)

This can be done in 2 ways:

1. Direct – find the XLM pair to the cryptocurrencies you hold and convert them to XLM. The only XLM pairs currently on Binance are XLM/BTC, XLM/ETH and XLM/BNB. If you hold any cryptos outside of these you will need to follow the indirect method below.
2. Indirect – if an XLM pair with the crypto you are holding doesn’t exist you can convert your crypto to BTC then convert BTC to XLM.

Now all of your funds on Binance should be held in Stellar (XLM).

Transfer XLM from Binance to Kraken

I will be doing this step using my Binance mobile app as it has the ability to scan the QR code for your Kraken XLM deposit address. If you are doing it through the Binance website or desktop app it will be the same process.

1. Navigate to your Binance wallet

2. Click ‘Withdraw’

3. Search for ‘XLM Stellar Lumens’ and select it

4. Enter the Kraken wallet address

• Scan it using the icon in the red box on mobile
• Copy and paste or enter it manually if using the website/desktop app

5. Select ‘Stellar Lumens’ in the ‘Network’ field

6. Enter your ‘Memo’ number that Kraken generated

7. Enter the amount of XLM you want to transfer – Click ‘Max’ button if you want to transfer all your XLM

8. Double check all the information you input matches the information from Kraken

9. Click ‘Withdraw’

Once the transfer process has initiated it may take a few minutes for Kraken to receive the crypto.

Convert XLM to GBP

• Use the XLM/GBP pair to convert your XLM into Pounds
• Once converted it is ready to be withdrawn to your linked bank account.

Withdraw GBP to your bank account

1. Click the ‘Funding’ tab
2. Click ‘Withdraw’
3. Select ‘Great British Pounds’
4. Select ‘Clear Junction (FPS)’ in the ‘Withdrawal type’ field
5. Select your bank account in the ‘Withdrawal account’ field
6. Enter the amount of GBP you want to withdraw
7. Click ‘Withdraw GBP’

A payment of £1.95 will be deducted from your withdrawal for the use of Clear Junction (FPS).

The total cost of withdrawing the funds from Binance to your UK bank will be:

1. £1.95 – Clear Junction (FPS) payment
2. £0.0058 – XLM withdrawal fee
3. Any exchange fees incurred from converting to XLM and converting XLM to GBP

If you enjoyed this article, why not sign up for our brand new Crypto Newsletter, with a round-up of the last week’s crypto news, podcasts, and crucial information that you might have missed! Sign up here!