Binance Pay is a fee-free cryptocurrency transfer feature offered by Binance that makes sending digital currency to friends as easy as a mobile payment. Whether it's USDT, BTC, or any other token, transfers between Binance users arrive instantly. If you don't have a Binance account yet, sign up for Binance now, then download the Binance APP to try this convenient transfer service. Below is a detailed guide to using Binance Pay.
1. What Is Binance Pay
Binance Pay is a payment and transfer tool within the Binance ecosystem that allows users to send and receive cryptocurrency with zero fees. Here are its key features.
Zero fees are Binance Pay's biggest advantage. No matter how much you transfer, Binance doesn't charge anything. This is entirely different from on-chain transfers that require gas fees. Binance Pay transactions happen internally within Binance's system and never touch the blockchain.
Instant delivery is another major benefit. Crypto sent through Binance Pay arrives in the recipient's Binance account immediately. There's no waiting for block confirmations. The entire process takes just seconds.
Binance Pay supports transfers in over 300 cryptocurrencies, covering all major coins and most altcoins. Whether you want to send BTC, ETH, USDT, BNB, or other tokens, Binance Pay has you covered.
2. Before You Start
Make sure the following are in order before using Binance Pay.
Activate Binance Pay
Open the Binance APP and find the "Funding" tab at the bottom of the home screen. Inside, you'll see the "Binance Pay" entry point. First-time users will be prompted to activate Binance Pay. Follow the instructions to set up a payment password or enable biometric verification.
Ensure Sufficient Balance
Binance Pay draws from your Funding Account, not your Trading Account. If your crypto is in your Spot Trading Account, you'll need to use the "Transfer" function to move assets into your Funding Account first. This transfer is free and instant.
Get the Recipient's Binance Pay Information
To send money to a friend, you need their Binance Pay ID, phone number, email, or they can share their receiving QR code. Confirm the receiving method with your friend beforehand.
3. Step-by-Step Guide to Sending Crypto via Binance Pay
Here's the complete process for sending cryptocurrency through Binance Pay.
Step 1: Open Binance Pay
Open the Binance APP and tap the "Binance Pay" icon on the homepage. If it's not visible, tap the "Funding" tab at the bottom, then find "Binance Pay" on the funding page.
Step 2: Choose "Send"
On the Binance Pay main page, you'll see two primary buttons: "Send" and "Receive." Tap "Send" to enter the transfer page.
Step 3: Select the Recipient
The system offers several ways to specify who you're sending to. You can search by Pay ID, phone number, or email. Enter the recipient's information in the search box and the system will find the matching user. Alternatively, you can scan their receiving QR code by tapping the scan icon in the top-right corner. If you've transacted with them before, they'll appear in your recent contacts.
Step 4: Choose Currency and Amount
After finding the recipient, select the cryptocurrency you want to send. Tap the currency selector and find the target coin (such as USDT). Then enter the amount. The page will display the equivalent fiat value in real time for your reference.
Step 5: Add a Note and Confirm
You can add a note in the memo field, such as "Paying you back for dinner." After confirming the currency, amount, and recipient details are correct, tap "Confirm Send." The system will ask for your payment password or biometric verification. Once verified, the transfer completes immediately.
4. How to Receive Crypto Through Binance Pay
Receiving a Binance Pay transfer is equally simple.
Option 1: Share Your Receiving Info
Open the Binance Pay page and tap "Receive." The system will display your receiving QR code and Pay ID. You can screenshot the QR code and send it to your friend, or directly share your Pay ID, registered phone number, or email.
Option 2: Wait for the Notification
If the sender already knows your information and initiates a transfer, you'll receive an in-app notification about the incoming Binance Pay transfer. The funds are already in your Funding Account automatically.
Option 3: Check Transaction History
On the Binance Pay page, the transaction history shows all sends and receives, including amounts, currencies, timestamps, and counterparties.
5. Transfer Limits
While Binance Pay is very convenient, there are some limits to be aware of.
Regarding per-transaction limits, users at different KYC verification levels have different limits. Users who've completed basic verification can typically send up to several thousand dollars equivalent per transaction, while advanced-verified users enjoy higher limits. You can check your specific limits in the Binance Pay settings page.
Regarding daily limits, there's also a daily cumulative cap on top of per-transaction limits. If you need to make large transfers, consider splitting them across multiple transactions or upgrading your verification level.
Regarding currency support, although Binance Pay supports over 300 cryptocurrencies, some niche tokens may not be available. Confirm that your target currency is supported before sending.
6. Binance Pay vs. On-Chain Transfers
Many newcomers confuse Binance Pay with on-chain transfers. Here's a clear comparison.
Binance Pay is an internal transfer system within Binance. It only works between Binance users, doesn't require blockchain addresses, charges no fees, and delivers instantly. On-chain transfers, on the other hand, send cryptocurrency through the blockchain network. They can go to any blockchain address (including other exchanges or personal wallets), require gas fees, and delivery times depend on network congestion.
In short, if both parties are Binance users, Binance Pay is strongly recommended for its speed and zero cost. On-chain transfers are only necessary when the recipient isn't on Binance or you need to send to an external wallet.
7. Safety Tips
Keep these security points in mind when using Binance Pay. Always double-check the recipient's details before sending, as crypto transfers cannot be reversed once completed. Never send funds to strangers or untrusted parties through Binance Pay, and watch out for online scams. Keep your Binance Pay payment password private and never share it with anyone. Enable biometric security features like fingerprint or facial recognition on the app. If you need to sign up for Binance, always do so through official channels to avoid phishing sites. Regularly review your Binance Pay transaction history, and if you spot any unfamiliar transactions, contact support immediately and freeze your account.
FAQ
Does Binance Pay charge any fees?
No. Binance Pay transfers between Binance users are completely free. This is one of its biggest advantages over on-chain transfers.
Can I use Binance Pay to send to someone who doesn't have a Binance account?
No. Binance Pay only supports transfers between Binance users. If the recipient doesn't have an account, you can invite them to download the Binance APP and register, or use an on-chain transfer to send to their wallet address.
Can I reverse a Binance Pay transfer if I sent it to the wrong person?
Generally, no. Binance Pay transfers complete instantly and cannot be canceled once confirmed. If you did send to the wrong person, you can try to contact them to negotiate a return, or reach out to Binance support for assistance.
Where can I view my Binance Pay transaction history?
Open the Binance APP, go to the Binance Pay page, and tap "Transaction History" to see all sends and receives, including timestamps, amounts, currencies, and counterparty information.
Which cryptocurrencies does Binance Pay support?
Binance Pay supports over 300 cryptocurrencies, including BTC, ETH, BNB, USDT, USDC, and all other major coins along with many altcoins. You can see the full list on the currency selection page when initiating a transfer.