Which is the Best to Receive Payments, Bank Transfer or Binance Pay?

[Jasz]

While bank transfer is the most traditional method of transferring money, and it may be comforting to go with what you know, Binance Pay is generally easier and less costly.

Binance Pay allows you to send and receive cryptocurrency directly from your wallet, making it more efficient than the more traditional method of bank transfer. It's also a lot cheaper: according to a survey conducted by the FCA, bank transfers cost an average of 19 pounds to send, whereas Binance Pay doesn't charge any fees for domestic or international payments.

Binance Pay also has a larger network of supported countries than bank transfer does—while some bank transfers can only be sent between certain countries or regions, Binance Pay is available in all countries where cryptocurrencies are legal.

However, You should use both. If you're just starting out in ecommerce, you can use bank transfers to receive payments from your customers—anyone with a bank account can quickly and easily send a transfer. However, as your business grows and international customers start coming to you for products, you'll want to accept more payment options than just bank transfers. Binance pay provides more flexibility for your customers when it comes to how they pay for their purchases.

 

[sincerem]

I prefer binance Pay feature if you ask me than my bank account deposit, because payment is very fast and their is nothing like delay. At times, their is delay with banks, which waste time when.it comes to delivering transactions offline and online when you need the money quicker to settle for payments. With binance pay, you don't have to spend such kind of time waiting, payment is super fast, their is no error when it comes to your funds landing in your binance account. Unless you made error, inputting the Pay account number, or email or phone number connected to the recipients account via binance exchange. I am enjoying binance Pay feature, I've been using the future for the past one year, and since then I never had regret over it, and I've used it for countless transactions, without obscurity at all.

 

[Jasz]

While this is true and a very good way to save your earnings for as long as you want. On the contrary, i still feel your assets on binance is not such you can get easily when you have an emergency or very urgent need. For instance, situation you need to settle some bills but then you need to get someone to by your usdt, bitcoin, or whatever form of asset you may have there, before you can settle your bills, this may take longer time than expected , it might even make you place your assets for lesser price compared to the original market price. What do you think about this?

 

[lina65]

The problem is that each country has different payment methods, but in our Chinese region, I think WeChat payment and collection are the most convenient and fast, and there are no restrictions.

 

[sincerem]

The problem is that each country has different payment methods, but in our Chinese region, I think WeChat payment and collection are the most convenient and fast, and there are no restrictions.

But binance pay is worldwide, if many people online can revert to using Binance as their crypto exchange, it will be easier to use their PAY feature for fast transactions which is very much faster than commercial banks in any part of the world. I use binance pay when it comes to sending payment to other users at binance and paying for items online using those third party companies in partnership with binance. I wouldn't lie, the transaction are very swift, payment doesn't take more than a second to be confirmed by the recipient. You can't compare the speedy transaction of binance pay to commercial banks, binance pay offers the best in terms of speed of transaction to its customers or users.

 

[Suba]

You are right @sincerem for Binance users it is easy to use and fast but for some countries, Binance often has problems related to licensing or other problems, even though Binance was born in China, this exchange cannot operate in China, even now Binance is being accused by the SEC for breach of ICO security. There are also allegations that Binance has facilitated money laundering by Lazarus from North Korea and Hydra from Russia.

 

[saoussen5765]

For international transactions Binance Pay is the best but for local transactions bank wire is better.

 

[btaliat]

I have used the two and I think I am in the better position to review the two with the view of choosing the better one. To start with, the two methods aim at the same things of making available money from one person to others as results of rendering of service.

Bank transfer is one of the known ways of sending and receiving money. You don't need much than to drop your account number and sort code if it involves other countries. However, there may be problem to send to people in the other countries except if it will be wired which most sites don't support. The charges in bank as well may be a thumb down for banks. No one can also deny the fact that banks will convert based on market price which may not be favorable to some countries with weak currencies.

Binance pay on the other hand is a digital way of sending and receiving money. You don't need account number but your I.D number. Thw method is fast and better for the people in the weak currency countries. The only issue I may be having with Binance pay is they always pay in any coin and there is tendency that the coin may be in bearish moment at the time of sending.

 

[Yugocean]

For savings investment, and transaction; Binance Pay is for crypto, and Banks are for fiat.

Binance Pay is not available in many geolocations, there are many countries which are restricting crypto method. So Binance Pay cannot be used world wide. Using Binance crypto exchange does not means you can avail physical Binance Pay card, which is similar to hard wallet,

Banks are local for all countries, that is an essential institution, there are both government owned, public and private banks, but Binance Pay is from Binance, comparsion does not seems right, one card cannot be thought to match with all bank's.

 

[eldavis]

Both options are actually good methods to receive payments, but the final decision is solely based on the individual. Various factors needs to be considered, in terms of does in countries where cryptocurrency has been banned or crypto currency transactions has been limited, having bank transfers as a method of payment would definitely be the better option. Then there is also the factor of crypto price, the price could drop at any moment due to it's nature.

 

[Etini]

I would take binance pay over bank transfer. Getting payment in crypto is more profitable than bank transfer. From my little information gathered here, the exchange rate for bank transfers for naira is quite low compared to the exchange rate of crypto say bitcoin or Ethereum. And you can leave the funds in finance for it to grow and appreciate over time.

I also think that the costs of receiving payment from binance pay are relatively lower than bank transfers. Issues with transactions are easily resolved with the relatively easy customer service of binance pay. This on its own can give a certain level of assurance and peace of mind.

Also, confirmation for binance pay is almost instantaneous. No hassles. No go today, come tomorrow. I think that is the best part. You receive a payment now, there is a guarantee that the payment would be confirmed right away. Bank transfers might delay at times.

 

[Shigobad2020]

When trying to know the mode in which you can receive payment either online or offline , the type of business you are doing and what you needed the money for exactly will determine if you should receive the payment in your bank account , or binance pay . In my own point of view , I normally get my offline business transaction payment directly into my local bank account because I need to reinvest in the offline business and also take care of my offline responsibility , secondly whenever I work online and I am trying to make a withdrawal , I normally withdraw fourty percent into my crypto currency account just to save it for future purposes, and get the remaining sixty percent into my local bank account just to take care of my needs like buying data subscription, getting foodstuffs , able and electricity bills and more .

 

[saoussen5765]

When receiving an international bank transfer of money fees are excessive. Some sites pay by bank wire like Upwork and do not pay the money using Binance pay so for this situation use of exchangers from Payoneer to crypto is monetary. Some sites provide free inan like Spectrocoin one but you have later to deposit to finance deposit address. Some sites adopt such change like Airtm to deposit by Payoneer and cash out to Binance by XLM as simple example.

 

[Weather4him]

Airtm to deposit by Payoneer and cash out to binance by xlm simple example

 

[sincerem]

If banking system gonna operate smoothly like the way binance pay function at the moment, then transactions will operate seamlessly. I wouldn't think anyone will witness transaction failure at some point with banking services due to series of transactions for the day. With Binance Pay feature, you can transact as much as you want, no restrictions. But here in my local bank, I face restrictions, their is certain amount I wouldn't cross daily, no matter the tier level. I'm just fade up with such restrictions, I just want to move funds in and out without restrictions just as binance pay functions. Binance has your details, when they notice something fraudulent your account will be under restriction. Not that it is free for any form of payment, it comes with rules, when those rules are abused it comes with penalty. But in general, it is by far better than the way my country's banks function at the moment.

 

[cmoneyspinner]

I can not sing the praises of Binance. I am in the USA and finally decided to create n account. I figured just because the exchange's activities is restricted right now, laws might change in the future. You never know. At any rate, several weeks go I opened the ccount. I was told that I could not do anything until the verification process had been completed. How long does it take to verify me? I have not received any communication from Binance about my account and it has been weeks. ()

 

[sincerem]

I can not sing the praises of Binance. I am in the USA and finally decided to create n account. I figured just because the exchange's activities is restricted right now, laws might change in the future. You never know. At any rate, several weeks go I opened the ccount. I was told that I could not do anything until the verification process had been completed. How long does it take to verify me? I have not received any communication from Binance about my account and it has been weeks. ()

USA users have their own separate binance app/site to operate on. And not the general binance.com site, I guessed you used the USA binance site while creating an account? Binance exchange verification doesn't take time, when I created mine, I took me just 45 mins to get verified to trade normally with the account. I am yet to get to the highest verification order and have a higher limit to trade coins and access other hidden features. I'll try that soon, I just got directive from binance support, and I got all I needed to get to the final verification procedure by next week I'll get that done. Please, if you have any questions regarding your binance verification chat me on Facebook, I'll guide you.

 

[Peninsula]

I am actually using Capitalwallet to accept crypto payments from my clients. Found it easier to keep track of payments.