Experience wiring funds from Binance.US to bank account

This was the first time I had to wire funds out of Binance. I was nervous because I needed to have it execute rather quickly. Like absolutely in less than 24 hours. Preferably in just a couple hours. Since ACH has a max $5000 withdrawal limit, this one needed to be a wire since it was much higher for a home purchase closing. (I already knew I had to wire to the bank account in my name. Binance makes this pretty clear. I couldn’t wire directly to the closing title company.)

I hope this recount of my experience helps others experiencing anxiety with this because of course Support wasn’t responding to my ticket in a timely manner. I submitted a ticket 3 days prior asking about expected time frames for outgoing wire transactions. Hadn’t gotten an answer and no info available on that in the Help Docs. Lots of info about wiring money in to Binance though. Naturally.

So I followed the basic instructions to add a new Wire withdrawal method.

My first question was what to enter for “Beneficiary Address” in the form — my address or the bank’s? I knew I had the other info correct — my bank account and routing number, etc. And this is the same account I’ve used successfully for ACH withdrawals. I called my bank to ask about this address. They told me this should be the bank branch’s address. Easy enough.

Using the website, the Wire withdrawal method created successfully and instantly. At around 12pm I proceed to initiate the wire for the amount I needed and selected this new withdrawal account. I see the status “Pending” on the transaction. I wait and get continually more nervous. How long will it be in this status? I search the Binance sub and see only horror stories of some that are held up with ongoing support tickets for days, weeks, and even months. Some users had to get lawyers involved. Now I’m a bit panicky. But these posts were months old so maybe these issues don’t happen now, I hoped.

I know Support will never get back to me in time. I go to Twitter hoping for a contact to reach out to. But I don’t want to post my question publicly so I find their Customer Support DM channel. Promising. I send a message and it’s a bot. A bot that abandons me after the first 3 simple questions. Dead end and pretty damn useless.

So, I realize there’s no way I can guarantee to the seller and title company that they’ll be available in my bank by tomorrow. I’m just waiting and hoping.

I keep checking the status while doing more research. Eventually, after 45-75 minutes status shows “Successful”. Huge relief! Except…funds not in my bank account yet. I wait another 30-45 minutes then tell the title company the situation and that I have no idea when it’ll show up in my account but they appear to be en route. We suspect it could show up after midnight when many banks settle deposits and update online transactions. This sounds plausible. And that would still be ok. I just can wire to them from my bank in the morning.

I keep checking periodically. About 5pm the funds are in my bank account! It actually worked.

Binance, PLEASE add more info about this process and user feedback messages on the site. People needing to transfer large sums of money need clear expectations and can plan for transfer times to conduct legitimate business.

YMMV, but here’s at least one post that it can work in a reasonable time.

TLDR; It works in about 5 hours, assuming you initiate early enough on a business day.