How to Withdraw ZAR From a Linked Bank Account | Binance Support (2024)

FAQs

How to Withdraw ZAR From a Linked Bank Account | Binance Support? ›

Go to your Wallets page. Click on Withdraw on your Rand (ZAR) Wallet. Select the bank account you want to withdraw to. Enter the amount of Rand (ZAR) you wish to withdraw.

Go to your Wallets page. Click on Withdraw on your Rand (ZAR) Wallet. Select the bank account you want to withdraw to. Enter the amount of Rand (ZAR) you wish to withdraw.

Take Money Out at an ATM

One of the quickest ways to withdraw money from a savings account is at an ATM. Depending on your bank, you can use your physical debit card or mobile wallet to access the funds in your account. Keep in mind there may be fees to take out money from a savings account at an out-of-network ATM.

The most straightforward way to withdraw crypto to a bank account is by selling it through a cryptocurrency exchange, peer-to-peer trading platform, or fintech company. This way, you convert the selected crypto to fiat and send money to your bank account.

Banks typically charge either a flat fee or a percentage, such as 1% to 3% of the amount you take out at an ATM in foreign currency. Determine your bank or credit union's policy on reimbursing ATM fees so you can plan ahead. Download your bank's app ahead of time to help you locate nearby ATMs.

ATMs are the best way to access money abroad and are increasingly available. Your bank or credit card company may charge fees for withdrawals overseas and may have a limit on the amount you can withdraw daily, so be sure to consult with your bank about this.

Binance disclosed that it currently supports the top five financial institutions in South Africa. They include Absa, Capitec, FNB, Nedbank, and Standard Bank.

Bank transfers are one of the most popular payment methods on Binance P2P, allowing users to quickly send money to one another. With conventional bank transfers, users link their bank account to Binance P2P in order to send and receive money.

You can buy cryptocurrencies on the Binance website or Binance App using your ZAR balance. To deposit ZAR to your Binance wallet, please refer to How to Deposit ZAR via Stitch.

How do I withdraw money directly from my bank account? ›

1. ATM Withdrawals. One of the simplest ways to withdraw money from your bank account is by going to the ATM and withdrawing it with a debit card. Even basic savings accounts come with a debit card, allowing you to make ATM transactions and withdrawals.

A bank account freeze means you can't take or transfer money out of the account. Bank accounts are typically frozen for suspected illegal activity, a creditor seeking payment, or by government request. A frozen account may also be a sign that you've been a victim of identity theft.

Use an ATM

Every ATM is slightly different but you simply insert your debit card, enter your PIN (personal identification number), select the account you wish to withdraw money from (if you have more than one), enter the amount, and then wait for the ATM to give you your cash and a receipt.

However, due to South African regulations, using PayPal in South Africa does come with a few constraints. First, it is not possible to receive payments in South African Rand. But you will be able to accept international payments in the 25 different currencies offered by PayPal, including USD and Euros.

Every South African has a single discretionary allowance (SDA) of up to R1m, which can be sent offshore, per calendar year (January to December). No tax clearance certificate is necessary when externalising funds via your SDA. It is as simple as instructing your bank to send the funds abroad.

Conversion charge

Even where your bank does not have a specific ATM fee, you'll usually pay an additional 'conversion fee' of between 1-3% of the transaction. It's an unfortunate hidden surcharge that banks often charge for foreign ATM withdrawals - and indeed when you spend overseas with your card, in person or only.