Time-bin encoding of photons offers a robust kind of long-distance quantum communication over lossy channels. The diversity of material nodes in quantum networks operating at natural frequencies requires coherent frequency and wave-form conversion of information-carrying photons to provide an efficient quantum interface with optical fibers and various quantum memories, which has been extensively studied. However, the quantum frequency conversion with transfer of time-bin encoding between single photons of different wavelengths has not yet been explored. In this paper, we present a method for efficiently exchanging time-bin encoding in the conversion process between two photons propagating in cold tripod atoms driven by a strong laser field. The latter is designed to slow down photons and suppress their absorption due to electromagnetically induced transparency. Photons interact parametrically through modified atomic coherence, which is utilized also to achieve equal group velocities of photons. We demonstrate the ability of our model to generate entanglement between distant atoms that equally share the original quantum information stored in the ground-state polarization qubits of both atoms. The proposed method for frequency conversion based on modified atomic coherence is promising because it can simplify the implementation of reliable and high-speed quantum communication protocols based on single-photon entanglement.