If you do not specify a path to the script file, WinSCP reads it from the current (startup) working directory.

Also note that it's binary, not bynary.

I would like to make a script using EXCEL VBA to transfer a file called "spisak.xls" to the remote server. The file is located in: "E:\obrdan\mapweb\". For that purpose I'm typing the following script in VBA Excel:
path(0) = "C:\program files\winscp\"
fi = FreeFile
Open path(0) + "ftp.txt" For Output As #fi
Print #fi, "open ftp://username:password@ftp.server.com" ' your login and password"
Print #fi, "lcd E:\ObrDan\mapweb" 'change local dir
Print #fi, "put -transfer=bynary spisak.xls"
Close

Shell "winscp.com /script=ftp.txt /ini=nul"

And nothing happens. So the first question is from where (which directory) does winscp reads the ftp.txt file, or respectively in which directory should I place the file ftp.txt? And the next question is what should I change in the code in order to transfer the file? Thank you in advance.