Binance has launched a feature allowing European users in the European Economic Area (EEA) and the UK to convert cryptocurrencies into fiat and withdraw funds directly to eligible Mastercard debit or credit cards in near real-time.
Powered by Mastercard Move, the “Buy & Sell” service offers two options: “Sell to Card,” which converts crypto (e.g., Bitcoin, Ethereum) into euros and transfers them to a linked Mastercard, and “Withdraw to Card,” which moves existing euro balances from Binance to a Mastercard without conversion.
The process is accessible via Binance’s website or app, requiring users to select the desired option, input the amount, link a Mastercard, and complete security verifications. The service, currently limited to euro transactions, significantly reduces withdrawal times compared to traditional bank transfers, with average credit times under 5 minutes in most cases.
Binance and Mastercard emphasize user convenience, security, and compliance with European regulations, including KYC and anti-money laundering checks. Support for additional fiat currencies is planned, subject to regulatory approval.
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Traditional cross-border remittances and payments often take days due to intermediary banks and clearing processes. Binance’s near real-time withdrawals (averaging under 5 minutes) to Mastercard cards bypass these delays, making funds available almost instantly. This is a game-changer for time-sensitive remittances, such as supporting family members abroad or urgent business transactions.
Conventional remittance services like Western Union or bank wire transfers often charge high fees (5-10% or more, depending on the corridor). By leveraging crypto-to-fiat conversion and direct card transfers, Binance may offer lower fees, as cryptocurrencies typically have lower transaction costs compared to traditional financial systems.
The service allows European users to convert crypto directly to euros on widely accepted Mastercard debit or credit cards. This eliminates the need for traditional bank accounts, which can be a barrier for unbanked or underbanked individuals, particularly migrants sending remittances. Users only need a Binance account and a Mastercard, broadening access to cross-border financial services.
By enabling crypto-based remittances, this service empowers users in regions with limited banking infrastructure to participate in global financial systems. Migrants in Europe can convert crypto earnings or savings into fiat and send funds to cardholders in their home countries (if Mastercard expands support), fostering inclusion for underserved populations.
The partnership with Mastercard ensures adherence to European KYC and anti-money laundering regulations, increasing user trust. This compliance makes the service a viable alternative to informal remittance channels (e.g., hawala), which often lack transparency and legal oversight.
Improvements to Remittances and Cross-Border Payments
The near-instant transfer of funds to Mastercard cards revolutionizes remittances, where delays can cause significant hardship. For example, a migrant worker in Germany can sell Bitcoin on Binance and have euros credited to a family member’s Mastercard in minutes, compared to days with traditional bank transfers.
Lower transaction fees for crypto conversions and card withdrawals could save users significant amounts compared to traditional remittance services. For instance, a $200 remittance via Western Union might incur $10-20 in fees, whereas Binance’s crypto-based service could potentially halve that cost, leaving more money for recipients.
The service streamlines remittances by integrating crypto conversion and fiat withdrawal into one platform. Users can manage the entire process—selling crypto, converting to euros, and transferring to a card—within Binance’s app or website, reducing the need for multiple intermediaries or platforms.
For users already holding cryptocurrencies, this service provides a direct bridge to fiat without requiring a bank account. This is crucial for cross-border payments in regions with volatile currencies or limited banking access, as crypto can serve as a stable store of value before conversion.
For remittances to countries with unstable currencies, users can hold value in cryptocurrencies (e.g., stablecoins like USDT or Bitcoin) and convert to euros only at the point of withdrawal. This protects against exchange rate fluctuations, a common issue in traditional cross-border payments.