Redeem & Convert to Fiat is a new feature that allows gift card recipients to convert their Binance Gift Card to select fiat currency.
Binance Gift Card is a customizable gift idea that allows you to send and receive crypto to both Binance and non-Binance users. Once your gift card recipient redeems the card code, the crypto will be fully credited to the recipient's Binance funding wallet.
Gift card recipients can choose how they want to redeem their Binance Gift Card – with Redeem & Convert to Fiat being one of the newly-added options. What's more, Binance Gift Card is also a great way for your crypto-curious friends to kick start their crypto journey on Binance.
What is the Redeem & Convert to Fiat Function?
Introducing Redeem & Convert to Fiat, a feature that lets you or your gift card recipients redeem crypto and convert it to their preferred fiat currency – all it takes is a few simple steps within the Binance App. Available fiat currencies for conversion include UAH, PHP, VND, INR, and IDR. Do keep an eye out for more fiat currencies in the near future!
Benefits of Redeem & Convert to Fiat
Zero fees: Upon receiving a Binance Gift Card, you can redeem and convert crypto into local fiat currencies with zero fees. If you are the sender, you can enjoy zero fees when creating and sending a Gift Card to a friend too.
Swift: Each crypto to fiat redemption process step can be fully done on the Binance App. Steps are made swift and simple so that users who are new to crypto can follow through easily. In addition, when converting to fiat currencies, your order will be automatically created and matched based on the best crypto price available on the P2P market, saving you the time and effort.
Flexible: As its name suggests, this feature offers your gift card recipient the flexibility to choose whether they want to receive crypto or cash. Moreover, there are no expiry dates on Binance Gift Cards, so your gift card recipient can choose to redeem and convert their gift card to fiat currency any time they wish.
How to Cash Out Your Gift Card
Log in to your Binance App and select the Gift Card Mini-App under your [Profile] section. Then select [Redeem] and tap [Redeem & Convert to Fiat] to start cashing out your Binance Gift Card to your preferred fiat currency.
For more information, check out our step-by-step guide on How to Redeem and Convert Binance Gift Card to Fiat Currency.
For additional information, you can also refer to our helpful links below:
