- Binance will implement a 2% overseas fee for European Binance Card users starting June 2.
- The 2% fee will only involve EU passport holders who transact outside Europe.
- Those who transact within Europe will not be affected even if they don’t use the euro.
Binance has announced that starting June 2 this year, Binance Card European users who live outside of the said continent and make transactions that don’t involve the euro (EUR). Of course, this only concerns Binance Card users who are citizens of countries in Europe.
According to the announcement, all transactions made outside of Europe that don’t involve the euro will incur a 2% transaction fee.
For instance, a French national who visits the Middle East and uses his Binance Card for transactions will get a 2% charge. However, if the same citizen visits another European country and pays for food, he will not incur the fee even if he didn’t pay via euros.
The announcement clarified:
“No foreign transaction or overseas ATM withdrawal fees will be charged in the following European countries where the local currency is not EUR: Aruba, Bulgaria, Curaçao, Czech Republic, Denmark, Hungary, Iceland, Liechtenstein, Norway, Poland, Romania, Sweden, Saint-Martin, and Sint Maarten.”
The same rule applies to ATM withdrawals, according to the official announcement on the Binance website.
Binance clarified that the only way for them to determine if a Binance Card user is from Europe is through its Know-Your-Customer (KYC) process. In addition, Binance did not explain why it is implementing the said fee for European customers.
