Are you keen on investing your funds into cryptocurrency on Binance’s user-friendly platform? Many people who manage their funds in Wise wish to get in on the latest investing trends with Binance.
However, figuring out how to transfer money from Wise to Binance or the other way around can be quite demanding.
If you wish to learn more about the compatibility of these two platforms, keep reading!
Wise to Binance Transactions: Can You Do it?
One can transfer from Wise to Binance using the Wise credit card. Note that this alternative has a 2% fee.
For some people, the least expensive way to add money to their Binance account is through SEPA deposits.
SEPA stands for the Single Euro Payments Area. This is an initiative that is created to help synchronize payments across Europe to make payments faster, more reliable, and just as inexpensive as domestic payments. The zone used for SEPA includes most European Union countries and some that are not part of the Euro area.
Those who don’t have a bank account held in one of these countries will not be able to use SEPA payments.
Currently, Binance has suspended EUR deposits through SEPA Bank transfers. Instead, you can only make deposits via debit cards or credit cards.
Even if this function becomes available again, it may not matter much to those who wish to transfer funds from Wise to Binance. Binance does not support certain banks including:
- Fire (Ireland)
- Monzo (UK)
- Revolut (UK)
- Transferwise (UK) (Now called Wise)
Transferwise is the erstwhile name of Wise. This means that a SEPA deposit into your Binance account is not an option for those with Wise accounts.
Binance to Wise
The official stance of Wise is that it doesn’t accept cryptocurrency. However, you can receive money into your Wise account from any platform that deals in cryptocurrency as long as it is regulated or supervised in the EU or the UK.
Unfortunately, Wise doesn’t work well with Binance.
Binance currently resides in the Cayman Islands and is not regulated or supervised in the European Union.
The platform has applied for licenses in other jurisdictions so that they can be a more regulated financial institution. However, these have not yet been granted. This means that they are not regulated or supervised in the EU or the UK and can’t be used with Wise.
Despite this oversight, some people still try to send money from Binance back to their Wise account.
A lot of people have had issues trying to transfer their funds out of Binance and back to a Wise account. They labor to get the funds approved by Wise and the funds are often bounced back to Binance where they get stuck in an endless holding pattern.
While you cannot make a SEPA deposit, SEPA withdrawals are not affected by the suspension enacted by Binance. However, Wise is still not compatible with this platform.
Instead, you will need to use another account if you want to transfer your funds out of your Binance so that you can spend them or invest them elsewhere.
Transferring Money to a Binance Account
If you plan to invest your funds in cryptocurrency, you will need to investigate a different banking option. Wise to Binance transfers are not compatible with one another, nor can you do this the other way around.
While it is inconvenient to find a different transfer method initially, it is better than having your funds get stuck between the two platforms.