Platform Fees for Sending Crypto Using Binance Pay
2023-07-17 02:00
1.What fees are charged for sending crypto via Binance Pay to another user?
Starting July 20th, 2023, a platform fee will be imposed on senders for each transaction initiated, once the total monthly aggregate amount surpasses the threshold amount specified below.
All applicable fees or waivers for using Binance Pay features, including sending crypto to another Binance Pay user, as well as the applicable cryptocurrency conversion rate (if required), will be displayed for your review and confirmation prior to conducting any transaction.
Fee schedule
Threshold amount = amount equivalent to the value of 140,000 USDT, based on the then prevailing rates
Total monthly aggregate amount sent by the sender
Applicable platform fee*
Less than or equal to threshold amount
0
More than threshold amount
1 USDT per transaction
*Occasionally, we may offer waivers for certain fees. If applicable (which may also be subject to additional terms), these waivers will be automatically taken into account and clearly displayed to you for your review before you confirm any transaction.
Notes:
Please note that transactions causing the total monthly aggregate amount sent by sender to exceed the threshold amount will also be subject to a platform fee. For example (non-exhaustive):
Between 1 to 20 December 2023, the sender used Binance Pay to send a total aggregate amount of 139,500 USDT to other Binance Pay users/recipients.
On 21 December 2023, the sender initiated a Binance Pay transaction to send 550 USDT to a Binance Pay recipient, causing the total aggregate for December 2023 to exceed the threshold amount. Accordingly, this transaction will be subject to platform fee.
Between 22 to 31 December 2023, the sender used Binance Pay again to send crypto to other recipients. Each transaction will be subject to a platform fee, as the threshold amount for December 2023 was already exceeded on 21 December.
On 1 January 2024, the sender uses Binance Pay to send 100 USDT to another user/recipient. No platform fee applies to this January 2024 transaction. This is because, to find out if the threshold amount is reached, only the total amount of crypto sent during that particular month (in this case, for the whole of January 2024) is used.
If the receiving currency is not USDT, the platform fee (if applicable) will be charged in the receiving currency, with an amount equivalent to the USDT fee amount.
2. How can I check my monthly send amount?
If you’re using the Binance App:
1. You can check your monthly send amount by tapping [Pay] - [Settings] - [My Pay Limits].
If you’re using the Binance Website:
1. Select [More] on the main navigation bar on the Binance Website.
2. Click [Pay] to go to the Binance Pay dashboard.
3. You can check your monthly send amount by clicking [Pay Limit].
