- 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.
Read Also :
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.