How to Use Binance Fiat FX? Eligibility, Rates and Costs

Binance

16 October 2026

In Chinese, Binance's "Fiat FX" is often confused with "buying USDT with CNY." What it actually means is: directly converting one fiat currency into another fiat currency inside your Binance account, without going through any cryptocurrency at all. For example, converting euros in your account into US dollars. After the conversion, you still hold fiat money, not crypto.

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This service is provided by BPay Global, a payment institution under the Binance Group regulated by the Central Bank of Bahrain. Before using it for the first time, you need to complete the BPay Global onboarding process. This is like opening a separate regulated fiat wallet outside of Binance itself.

Whether you can see the entry depends on three conditions

Fiat FX is not available to all users. Whether you can see this feature in your account depends on the following conditions:

First, your country or region. Binance's fiat services are opened by region, and Fiat FX is subject to the same restrictions. The official help documentation does not list a complete set of restricted regions, but it clearly states that "available trading pairs depend on the account, country/region, and service availability." If you cannot find the Fiat FX entry in the Binance App, the most likely reason is that your current region does not support it.

Second, whether you have completed BPay Global onboarding. Even if your region supports it, you still need to pass BPay's account opening review. This usually involves additional identity verification, and the review standards are independently determined by BPay.

Third, whether your account balance and order amount are within limits. Each fiat currency has its own minimum and maximum single transaction limits. If the amount you enter is outside the range, the trading pair may not be visible. The trading pairs shown on the page are the ones actually available to you under your current conditions.

If you cannot see the entry, it is not recommended to force access by changing your residential address or using someone else's account. Binance's fiat channels are tied to your account compliance status. Operations that bypass regional restrictions can easily trigger risk controls and may lead to account restrictions. You can check the Help Center to see if there are any updated announcements about this service for your region.

Supported currencies and actual exchange rates

The currencies currently supported by Fiat FX are: USD, EUR, CHF, DKK, PLN, HUF, SEK, CZK, a total of 8 fiat currencies. Available trading pairs (such as EUR/USD, USD/CHF) depend on your region and service availability, and will be displayed directly on the page.

Regarding exchange rates, Binance has not published a fixed spread or fee structure. The quote you see on the conversion page is the actual execution rate, and this quote already includes BPay's service costs. Rates may differ for different currencies and different amount tiers. Always use the final figure shown on the page before submission as the accurate rate.

A practical way to check: before submitting, note down the conversion amount shown on the page and roughly compare it with the mid-market rate you find from an external source. If the gap is clearly larger than what you would expect for a normal conversion of that currency, you can pause and try again later. Fiat FX quotes may change with liquidity, so there is no need to rush.

Operation path and completion standard

Fiat FX is currently only available on the Binance App, not on the web version. The entry location may vary slightly depending on the App version and account status, but it is usually in the "Funds" or "Wallet" area.

The operation itself is not complicated: select the fiat currency you want to sell and the fiat currency you want to buy, enter the amount, check the conversion result and limit prompts shown on the page, and confirm submission. After submission, the conversion result will be reflected in your fiat wallet balance.

Completion standard: the balance of the corresponding fiat currency in your account changes. The currency you sold decreases, and the currency you bought increases. Fiat FX is an internal balance adjustment within your account and does not involve on-chain transfers, so there is no issue of "waiting for arrival" or "network confirmation." If the balance does not change after submission, first check whether an additional verification step was triggered, then confirm whether the order is actually in a "submitted" state rather than a "completed" state.

What it is not: do not confuse it with these things

Fiat FX is often confused with two other operations, but their purposes are completely different:

Fiat deposits and withdrawals (BPay wallet transfers): This is about moving money from your bank into your Binance fiat wallet, or from the wallet back to your bank. The USD deposit and withdrawal channel provided by BPay Global supports SWIFT transfers. On the Binance side, deposits are free of charge, while withdrawals may involve bank or intermediary bank fees. This solves the problem of "how money gets into and out of Binance," which is different from "how to convert euros in your account into US dollars."

Convert: Convert is about exchanging one cryptocurrency for another cryptocurrency, or using cryptocurrency to buy fiat. For example, after USD is listed on Convert, you can exchange USD for BTC or USDT without fees. But Convert's counterparty is cryptocurrency, while Fiat FX's counterparty is another fiat currency.

If you just want to convert USDT into CNY and withdraw it to your bank card, you should use C2C or a fiat withdrawal channel, not Fiat FX. Fiat FX solves a narrower scenario: you already hold a fiat balance (for example, you deposited EUR through BPay), and you want to convert it into another fiat currency (such as USD) within your Binance account for later use or withdrawal.

Things to note

Fiat FX is independently operated by BPay Global. Its terms of service, available currencies, and regional restrictions are determined by BPay, and may not be exactly the same as the availability scope of Binance's crypto trading services. If you encounter problems during the BPay onboarding process, you need to follow BPay's procedures. Binance customer support has limited ability to intervene.

Also, Fiat FX exchange rates and limits are dynamic. The quote for the same currency may differ at different times and for different amounts. The limits shown on the page are the accurate limits for "this account at this moment." Before making a large conversion, it is recommended to try a small amount first to confirm the whole process works, and then proceed with the main amount.