With the technological development witnessed by the world, money transfer operations are still complex and expensive.
Some of these complexities are institutional, some are political, but with the growth of cryptocurrencies, there are other ways to transfer easily and without restrictions.
In this article, we will cover one of these methods by exploring the Send Cash service on the Binance platform.
What is Send Cash?
It is a service for transferring money to any country around the world using digital currencies.
Although you can send cryptocurrencies to anyone around the world without any problems, the challenge lies in sending the local currency of that country.
So, with Send Cash, you can send money to someone anywhere in the world in their local currency, while you pay in USDT, a cryptocurrency that represents the US dollar.
The idea behind Send Cash on Binance is a P2P marketplace.
Since the P2P marketplace supports financial channels worldwide, the platform can act as an intermediary for you to complete the transfer process within seconds.
How to Transfer Money on Binance
To use the Send Cash service, you must follow these steps:
From the home page, search for Send Cash.
Select the currency you want to convert, for example Egyptian pounds.
Specify the transfer amount, for example 10,000 EGP.
Click Get Quotation to see pricing options for this transfer.
For example: In Egypt, the transfer price via Vodafone Cash service is cheaper than transferring via the bank.
After selecting the appropriate transfer method, click Continue.
Enter the recipient's data by clicking on Add New Beneficiary.
After selecting the recipient, a window will appear to confirm the transfer process, including the transfer method, the transferred amount, the total amount, and the transfer fee.
By clicking Continue, a chat window will open with one of the P2P market traders who will transfer the amount to the selected person.
What are the fees for transferring money on the Binance platform?
Binance transfer fees are fixed and depend on the transfer amount:
If the transfer value is less than $100, the fee will be $0.5.
If the transfer value is more than $100, the fee will be only $1.
How is the exchange rate calculated on the Binance platform?
The exchange rate is calculated based on the local currency price against USDT in the P2P market.
In most local markets, the exchange rate is close to the official rate, but supply and demand greatly influence price changes.
Therefore, if the exchange rate is not suitable for you on a particular day, you can wait until the rate returns to a level that suits you.
