Are you interested in investing your funds into cryptocurrency on Binance’s user-friendly platform? Many people who manage their funds in Wise want 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 challenging.
Wise and Binance are not compatible with one another. If you want to deposit money to your Binance account to invest, you will need to do so through another bank account. Similarly, you cannot withdraw money from Binance back to your Wise account either.
If you want to learn more about the compatibility of these two platforms, keep reading!
Wise to Binance Transactions: Can You Do It?
For many 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 designed 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, as well as some that are not part of the Euro area.
For a full list of which countries are included, you can check out this list.
Those who do not have a bank account held in one of these countries will not be able to use SEPA payments.
Currently, Binance has suspended EUR deposits via 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 want 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 former name of Wise. This means that a SEPA deposit into your Binance account is not an option for those with Wise accounts.
Learn more about Binance in our comparison of eToro Vs Binance.
Binance to Wise
The official stance of Wise is that it does not 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 does not work well with Binance.
Binance currently resides in the Cayman Islands and is not regulated or supervised in the EU. They have 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 cannot be used with Wise.
Despite this oversight, some people still try to send money from Binance back to their Wise account.
Many people have had issues trying to transfer their funds out of Binance and back to a Wise account. They struggle 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 money 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 money get stuck in between the two platforms.