How to transfer money from Binance Singapore to Binance International

Step-by-step guide on one of the cheapest methods

Photo by André François McKenzie on Unsplash

If you need details on why I decided to use Binance International instead of Binance Singapore, you can refer to my other post here. Otherwise, you can read on for a step-by-step guide on the transfer process.

What you need:

1. Xfers account
2. Binance Singapore (SG) account
3. Binance International (INT) account

Steps:

Step 1. Link your Binance SG account to your Xfers account.

Step 2. From Binance SG, request for a deposit into your Xfers account. Xfers will provide you with the bank account details and instructions at this point.

Step 3. Transfer money from your bank account into Xfers using the bank details provided via FAST transfer. || Note: Remember to input your registered mobile number under the ‘Comments’ of your bank transfer for them to identify your transaction.

Step 4. From Binance SG, purchase LTC coin. There will be a 0.6% charge.

Step 5. From Binance INT, under your Fiat and Spot wallet search for LTC and click [Desposit].

Generate LTC deposit address | Image by author.

Step 6. Opt for Deposit using Crypto. Ensure that the coin selected is LTC, and the network selected is LTC. Based on the selection, copy your Binance International LTC deposit address.

Generate LTC deposit address | Image by author.

Step 7. From Binance SG, transfer the LTC coin to your Binance International wallet. Click the [Account] tab, look for LTC and click [Send].

Send LTC from Binance Singapore | Image by author.

Step 8. Under recipient, paste your Binance International LTC deposit address. Input the amount of LTC coins to transfer and click [Submit].

Send LTC from Binance Singapore | Image by author.

Step 9. There will be an email sent from Binance SG for you to confirm that you are withdrawing LTC. Click [Confirm withdrawal] in the email to proceed with the transfer. The transfer will take approximately 7 minutes to be completed.

Confirmation of withdrawal email | Image by author.

Step 10. Once verification is completed, you will receive a notification. You can also view the transfer history in your wallet’s Recent Deposit History.

Recent deposit history records | Image by author.

Step 11. From your Binance INT wallet, sell LTC for an alternate coin. In this example, I will use BUSD which is pegged to the US dollar. Click on [Trade] and select the [LTC/BUSD] coin pairing.

Sell LTC for other coin | Image by author.

Step 12. In the LTC/BUSD page, select [Spot], [Limit]. Then input the amount of LTC you want to sell under [Amount] and click [Sell LTC].|| Note: To sell all, drag the percentage bar to the 100% mark.

Sell LTC for other coins | Image by author.

Step 13. The converted LTC should appear under your Fiat and Spot wallet as BUSD. Using BUSD, you are free to purchase alternative coins offered in the Binance International platform.

TL;DR Buy LTC in Binance Singapore and sell it for BUSD in Binance International.

You can transfer money directly into Binance INT using debit or credit card, but you probably shouldn't.

Why go through this hassle of transferring money this way?

1. If you are based in Singapore, there will be currency conversion and handling fees involved.
2. Only certain cards are accepted on Binance INT. For instance, POSB/DBS isn't accepted. Of the cards I have tried, only Citibank is accepted.
3. At the point of writing this, LTC has the lowest transfer fee involved. Each transaction is at a fixed price of 0.001LTC, which is roughly $0.18USD. To put things into perspective, the transfer fee of BTC is at a fixed price of 0.0006 which is roughly $21USD even at a price of $35k/BTC.
4. The minimum transaction amount is 0.001LTC. Again, which is roughly $0.18USD.

The downside of this method

1. This method is dependent on the price of LTC. If there are cheaper coins at the time you are reading this, please use them instead.
2. The transfer takes approximately 7 minutes. 4 network validation are required for the transaction to be approved. What I suggest is to transfer into Binance INT a sum that you are intending to use for multiple transactions rather than a single transaction.
3. The limit for Xfers is $30k/year. Which to be fair, if you are intending to trade at an amount more than that, you can probably afford to transact directly in Binance INT.

There are many posts on Binance and Crypto discussions, but I haven’t been able to gather a lot of comprehensible/complete materials on Binance SG at the point I am writing this. Getting started shouldn't be so painful, so I hope this is of use to anyone who is new to the space of Binance SG.

If you have yet to sign up for a Binance Int account, you can use my referral link and enjoy 10% off on your commission fees.

If you see any dated or wrong information, do let me know and I will update this post!

Cheers!