Although the world has become smaller through the internet, international transactions can still be challenging. International money transfer is typically slow, with expensive service charges. However, you can use Binance P2P to send money internationally swiftly and cheaply.
What is P2P (Peer-to-Peer) payment?
Peer-to-peer (P2P) is a payment platform that offers exchange digitally directly on the platform. Peer-to-peer exchanges are a decentralized method that enables a person to trade assets with another directly. In essence, from one person (peer) to another (peer).
Binance utilizes P2P technology to facilitate any transactions without an intermediary bank. Through P2P, Binance acts as a decentralized exchange to trade. Leveraging encryption and blockchain technology, Binance assists the secure exchange of cryptocurrency.
Also Read; Types of P2P Network – A Guide
Using Binance P2P to send money internationally
Before using Binance P2P to send money internationally, you must register on Binance and complete the identity verification process. An essential aspect of P2P transactions is protecting both parties to the exchange from each other. Screening and verification add a layer of security for all parties.
After creating your Binance account, log in to your Binance account and select [Trade] and then [P2P] in the dropdown menu. You will need to Add New Payment Method for P2P Trading if that is your first attempt at P2P trading. The Payment method is just your preferred method of payment to be used with another person, which could include bank transfers.
Now, you can use either [Express Zone] or [P2P zone] for P2P transactions. In the Express Zone, you get an automatic counterparty, while in P2P Zone, you select your preferred counterparty. Express Zone allows you to choose the base currency to trade in and the cryptocurrency you want to buy. Next, choose the amount of currency you have, and the system will calculate the crypto. Then you can confirm the preferred payment and click [confirm].
P2P Zone allows you to select a particular counterparty. You can sort all the P2P advertisements according to your preferred currency, account, payment method, and region. Confirm the amount of cryptocurrency you want to buy from your preferred offer and counterparty. Next, you can select a proposed amount and automatically get the proportional cryptocurrency amount. The final stage involves transferring the proposed amount to the seller through their preferred payment method in a limited time.
After the transfer is made, you can click [Transferred, notify seller] and [Confirm Payment]. It is important not to click [Cancel] after a transfer unless the seller has refunded you through your preferred payment account. Also, do not click [Transferred, notify seller] or [confirm payment] unless you have actually paid the seller.
When the seller receives your payment, the seller will release the agreed cryptocurrency and complete the transaction. However, if you do not receive the cryptocurrency within 15 minutes of confirming payment, you can click [Appeal] to contact the Binance Customer Service agents for assistance.
After obtaining the cryptocurrency, you can easily transfer it to the digital wallet of the person you want to transfer money to. The recipient can repeat a similar process to convert the cryptocurrency to their preferred currency.
Also Read; Step-by-step Guide to Initiating a P2P Transaction
Conclusion
P2P trading on Binance addresses the two major issues with the international monetary transfer. P2P can be completed within a day or less. It also does not charge high transaction fees. Following these easy steps, anyone can transfer money swiftly in a secure manner.
