Australians can no longer withdraw AUD via bank accounts in Australia when using Binance. Here are the workarounds you need to know.
How to Withdraw Your AUD from Binance
Things to know about transferring crypto from Binance to CoinJar
Network selection
When withdrawing tokens from one platform (such as Binance Australia) to another (like CoinJar), you need to choose the appropriate blockchain network.
Each cryptocurrency operates on a specific network, and selecting the right one ensures that your transaction is successful.
Here are some common networks and their associated tokens:
-Ethereum (ETH): This network hosts various tokens, including ERC-20 tokens (which are built on the Ethereum blockchain). If you’re withdrawing an ERC-20 token (like USDC), select the ETH network.
-Solana: Solana is a separate blockchain with its native tokens. If you’re withdrawing Solana (SOL), choose the Solana network.
Security vs. cost
The choice of network impacts both security and transaction fees. Some networks are more secure than others. For example, Ethereum has a long-standing track record and is widely adopted.
Networks charge fees for processing transactions. Generally, more secure networks tend to have higher fees.
The trade-off
Ethereum is well-established and secure but can be expensive in terms of fees during periods of high demand (like when the network is congested).Solana is known for its speed and low fees, but it is known for experiencing the occasional outage.
ERC-20 Tokens: If you’re withdrawing Ethereum or an ERC-20 token (like USDC), use the ETH network. It’s a safe choice, but be prepared for potential higher fees.
Solana Tokens: If you’re withdrawing Solana (SOL), use the Solana network. It’s cost-effective and secure.
Always check the specific requirements of the platform you’re withdrawing from (Binance Australia) and the one you’re depositing into (CoinJar). They may have additional guidelines or preferences.
Test transaction
Before moving a significant amount of cryptocurrency (such as from Binance Australia to CoinJar), it’s wise to perform a small test transaction.
Send a tiny amount of the cryptocurrency (e.g., a fraction of what you intend to transfer) from Binance Australia to CoinJar.
Observe how smoothly the transaction goes, how long it takes, and whether it arrives in your CoinJar wallet.
This test helps you verify that everything is set up correctly and that the network is functioning as expected.
By testing with a small amount, you minimise the risk. If something goes wrong (e.g., incorrect address, network congestion), you won’t lose a substantial sum.
Once the test transaction successfully arrives in your CoinJar wallet, you gain confidence that the process works.
You’ll get an idea of how long it takes for the transaction to confirm. Some networks are faster than others.
After the test transaction confirms, you can proceed with the full transfer of the remaining cryptocurrency.
Double-check the recipient address (CoinJar) and ensure you’re using the correct network (e.g., ETH for ERC-20 tokens or Solana for SOL).Initiate the transfer for the entire amount you want to move.
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