HexString to Binary:
DECLARE @y CHAR(34)
SET @y = '0x499104dc92dd27499da9ad8f56dcb437'
DECLARE @x BINARY(16)
DECLARE @sql NVARCHAR(200)
SET @sql = 'SELECT @x = ' + @y
EXEC sp_executesql
@sql,
N'@x BINARY(16) OUTPUT',
@x OUTPUT
SELECT @x
Binary to HexString:
DECLARE @a VARBINARY(20)
SET @a=0x7fd81de7360fb53649412521d06249cc69357d78
SELECT @a
SELECT master.dbo.fn_varbintohexstr(@a)