Can you transfer usdt from one binance account to another

We now support using Binance Pay to transfer cryptocurrencies between Binance users on the Binance App. You can transfer crypto to other Binance users efficiently without transaction fees via a phone number, email address, or Pay ID from the withdrawal page.

How to transfer crypto to another Binance user via Binance Pay?

When you want to transfer crypto to another Binance user, you ca

n make an internal transfer using their Binance address . If the other party has already completed Identity Verification, you can send crypto to their account via their phone number, email address, or Pay ID.

You can follow the step-by-step tutorial below:

1. Log in to your Binance App and tap [Wallets] [Withdraw]. Select the crypto you want to transfer and tap [Send via Email/Phone/Pay ID].

Please note that you need to enable the Binance Pay service before you can make a transfer via a phone number/email/Pay ID. If you haven’t enabled the service, you will be redirected to Binance Pay to enable it.

2. Select how you want to transfer (via phone number/email/Pay ID) and enter the information accordingly. Then, enter the amount to transfer.

Notes:

  • Currently, we support internal transfer via a phone number, email address, or Pay ID;

  • Available balance shows the total assets you can utilize from your Spot and Funding Wallets. You can choose to use either one of the wallets for the transfer. If the wallet balance is insufficient, you can choose to use the assets in both wallets.

  • [Note] is optional. Any message you enter here will be sent to the other party.

3. Click [Send]. You need to confirm the transfer. Please check carefully before clicking [Next].

Your transfer will be completed immediately and it cannot be recovered if you entered the incorrect details.

Then, verify the transfer with 2FA devices.

4. Your transfer is complete. You can click [View History] to see the transfer record.

Frequently Asked Questions

1. What are the differences between using a phone number/email/Pay ID and a wallet address for internal transfer?

The new internal transfer function via a phone number/email/Pay ID is

free of charge and funds will arrive immediately

. However, it requires both parties to enable the Binance Pay service and you must enter the correct details.

Using a wallet address for internal transfer requires block confirmation and the transaction usually takes longer to process. You’ll need to pay transaction fees too depending on the network you’re using.

If the recipient wallet address belongs to a Binance account, the network fee will not be deducted. For more details,

please refer to

please refer to How to Make Internal Transfer on Binance

2. What is Pay ID?

Pay ID is the unique identification number for your Binance Pay. Pay ID is different from your Binance user ID (UID). For more information on Binance Pay, please refer to

What is Binance Pay

.

3. Who can use the phone/email/Pay ID to send crypto?

Binance users who have enabled the Binance Pay service can send crypto to other Binance users via phone number/email/Pay ID. For more information on Binance Pay, please refer to

What is Binance Pay

.

4. Who can use the phone/email/Pay ID to receive crypto?

To receive crypto via a phone number or email, you must be a verified Binance user. To receive crypto via Pay ID, you must be a verified Binance user and have enabled the Binance Pay service.

5. If I made a transfer via a phone number or email, but the recipient hasn’t enabled Binance Pay, can they still receive my crypto?

Yes. Transfers via phone numbers or email addresses do not require the recipient to enable the Binance Pay service. However, please ensure that the phone number/email you entered is correct and that the recipient has already completed Identity Verification.

6. Where can the recipient find the crypto I sent?

The crypto will be credited to the recipient’s Funding Wallet.

7. Can I recover the funds if I entered the wrong phone number/email/Pay ID?

No. Transfers via phone number/email/Pay ID are

immediately credited and free of charge. They cannot be recovered if you enter the wrong details.

Therefore, please check that the phone number/email/Pay ID is correct before confirming the transfer.

8. Which Binance App version supports Binance Pay?

Your Binance App needs to be 2.41.0 or above to use the Binance Pay transfers via phone number/email/Pay ID function. To check your App’s version, go to [Profile][Settings] [About Us].

How to Transfer Cryptocurrency from One Binance Account to Another? Send Crypto Quickly and With No Fees Thanks to Binance Internal Transfer

There’s a popular saying in the cryptocurrency community that goes “Not your keys, not your crypto”. This refers to one of the fundamental principles of cryptocurrency – the only way to transfer coins on the blockchain is by signing the transaction with the correct private key. While the cryptocurrency we deposit to an exchange’s deposit address belongs to us from a moral perspective, the exchange actually gets full control over our coins and we have to trust that they will give us our coins back when we submit a withdrawal request.

Despite this, many cryptocurrency investors actually prefer storing their coins on an exchange instead of a personal cryptocurrency wallet. There’s a number of reasons for this. Traders might need to have access to as much liquidity as possible to execute their strategy, or might simply not trust themselves to safely manage their cryptocurrency across multiple wallets and blockchains. 

Send cryptocurrency between Binance accounts to save on transaction costs

In this guide, we’ll be going through a useful concept for users who are holding coins on a cryptocurrency exchange. More specifically, we’ll be focusing on how to transfer coins from one Binance account to another. This can be a convenient way of sending some cryptocurrency to a friend with low transaction fees and relatively high speed. You can send any of the hundreds of cryptocurrencies listed by Binance to another account on the exchange, which provides you a lot of flexibility. 

Another advantage of sending coins from one Binance account to another is when you’re sending a cryptocurrency that’s available on multiple blockchains. You can send the coin over any of the blockchain options supported by Binance, but make sure that you and the recipient are on the same page about the blockchain network you want to use.

In this guide, we will be showing you how to transfer the Binance USD (BUSD) stablecoin from our account to another account on Binance. You can apply the concepts from this guide to any other cryptocurrency that’s listed on Binance, as the process will be very similar for all other coins. Here’s just a few examples of the coins that you can find on Binance:

Step-by-step guide

If you don’t already have an account on Binance, you’ll have to register an account before we get started. Please note that because of compliance reasons, Binance is now requiring all customers to verify their identity. 

Create Binance Account

1. Fund your Binance account with the cryptocurrency you want to transfer

Before you can send cryptocurrency to another Binance account, you’ll of course have to first fund your own account with some cryptocurrency. If you already own some cryptocurrency, you can deposit it to Binance to get started. Otherwise, you can use Binance to buy cryptocurrency through a bank transfer or debit/credit card. 

How to buy cryptocurrency on Binance?

You can also use Binance to convert from one cryptocurrency to another. For example, if you hold BTC and want to send BUSD to another Binance account, you can deposit some BTC to Binance and convert it to BUSD. If you want to learn more about how you can buy BUSD on Binance, you can check out the following guide. 

2. Get the necessary information from the recipient 

In order to successfully make our transaction, the recipient needs to provide us the following information: 

  • The coin we’re going to be transferring. In our example, that’s Binance USD (BUSD).
  • The blockchain network we’re going to be using. In our example, we can choose between Binance Chain (BEP2), Binance Smart Chain (BEP20) and Ethereum (ERC20). We will be using the Binance Smart Chain (BEP20) option here. Make sure that you and the recipient agree on which network you will be using!

  • The recipient also needs to provide their deposit address. In our example, the deposit address will start with “0x” and will be followed by a seemingly random string of numbers and letters. 
  • The amount of cryptocurrency you will be transferring. In our example, the amount is 125 BUSD.

Just to illustrate, here’s what the recipient will see after they complete all the steps mentioned above. 

3. Transfer crypto

Now that we have all the information we need to make the transfer, we’ll go to our Fiat and Spot wallet on Binance.

Then, we’ll search for BUSD and select the “Withdraw” option. 

Next, we need to paste in our friend’s deposit address, the network we’re transferring to, as well as the amount we’re going to be sending. Pay attention to the minimum withdrawal amount, the network fee and the remaining amount you can transfer since it’s limited based on your account tier verification.

This is how transferring BUSD over the BSC Binance Smart Chain (BEP20) network should look like in the withdrawal form.

Since the transfers are irreversible, Binance will displaying a warning when we select the destination network, and will require another confirmation before the transaction is initiated. If everything checks out, we can confirm the transfer.

Based on the security options you’ve set up for your Binance account, you might need to provide a 2FA code or a security code you receive on your email or physical key.

After this step, it shouldn’t take long before the recipient gets 125 BUSD deposited to their Binance spot wallet.

The transaction should appear shortly in your “Recent Withdrawals”. Since this is an internal transfer, it will be tagged as internal with a specific number next. In our case, it has been completed in seconds and we didn’t have to pay any fees for the internal transfer from one Binance account to another Binance account.

Should you decide to transfer the funds to an external wallet or an exchange other than Binance, you will have to pay a withdrawal fee. These fees could range between $0.80 and $10+ USD, depending on the coin you’re withdrawing and the network you’re using. In this scenario, the fees would have been deducted from the withdrawal value, so you would need to add them on to the amount you’d like to transfer.

The bottom line

Transfering cryptocurrency from one Binance account to another is a convenient way of transfering crypto almost instantly and without transaction fees. Binance lists hundreds of different cryptocurrencies and makes it easy to convert them, so the recipient can receive almost any cryptocurrency that they want to get paid in. If you and a friend both have an account with Binance and you want to send some cryptocurrency to each other, transfering between Binance accounts is definitely an option worth considering. This is especially true for smaller transactions, where a transaction fee would represent a significant chunk of the transaction. 

Written by Jane