The most straightforward way to withdraw crypto to a bank account is by selling it through a cryptocurrency exchange, peer-to-peer trading platform, or fintech company. This way, you convert the selected crypto to fiat and send money to your bank account.
How to withdraw crypto to your bank account: A step-by-step guide
To transfer cryptocurrency into cash, you have to follow these steps:
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- Select the platform and get a crypto wallet there.
- Open your crypto wallet and select the cryptocurrency you wish to withdraw.
- Click Sell.
- Enter the amount and select the fiat currency, e.g. USD, you want to receive money.
- On the confirmation screen, tap Sell to confirm the USD withdrawal request and wait for your money.
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If you haven’t already set up your bank account, you can connect it by selecting the bank of your choice and signing in with your online banking credentials.
The exact process may vary depending on the platform you use.
What is crypto withdrawal?
A crypto withdrawal means transferring or moving money from one account or wallet to another. It involves sending cryptocurrency assets from a particular platform, exchange, or digital wallet to an external address.
Cryptocurrency withdrawals allow users to take control of their digital assets that let them store or convert crypto – use them as a user sees fit.
How does cryptocurrency withdrawal work?
The crypto withdrawal process usually involves specifying the amount of crypto to be sent and providing the address of the destination wallet.
To ensure a safe and successful move, it is important to double-check the accuracy of the recipient’s wallet address before initiating a crypto withdrawal.
What are the different ways to withdraw crypto to the bank?
#1 Cryptocurrency exchange
According to Forbes, the cryptocurrency market is worth over a trillion dollars. As the popularity of cryptocurrencies grows, we have a new variation of commodities exchanges.
Crypto exchanges operate like stock exchanges for trading digital currencies like Bitcoin, Ethereum, or Tether. Usually, they work on digital marketplaces like mobile apps or desktop platforms.
To withdraw crypto to your bank account through a cryptocurrency exchange, you need to sell cryptocurrency and buy fiat money. Also, these platforms let you do the opposite and buy crypto for fiat.
📚Read More: Top Fiat to Crypto Exchanges
#2 Peer-to-peer trading platform
Cryptocurrency users can directly buy and sell crypto with each other on peer-to-peer (P2P) trading platforms. This option eliminates the need for intermediaries like traditional exchanges.
The platforms provide several benefits, including faster trades, additional payment options, and withdrawal flexibility.
Nevertheless, they may have drawbacks such as slower trading speeds, lower liquidity compared to centralized exchanges, and the necessity to handle transactions directly with other users.
#3 Fintech solutions
Some financial platforms are versatile solutions that can simplify various transactions, including crypto withdrawals to your bank account. It simplifies the crypto withdrawal process as you can find your crypto wallets and IBANs in one place.
Usually, fintech solutions allow you to keep your digital assets in different crypto wallets in one place. The platforms allow you to buy, sell, and spend crypto. Also, they may provide payment cards.
Withdrawing cryptocurrency to your swissmoney account streamlines the process, offering convenience and efficiency all in one place.
With features such as an easy-to-use wallet, functional debit card and personal IBAN, swissmoney helps you save time, reduce fees, spend your crypto directly and provides a secure and reliable environment for managing your digital and traditional finances.
📚Related: How to Create a Crypto IBAN Account
What is crypto withdrawal?
#4 Bitcoin ATMs
Users can withdraw cryptocurrency to a bank account through Bitcoin ATMs. These machines enable the cryptocurrency exchange for cash, which can be deposited into a bank account.
This approach may entail higher fees and more limited availability than other methods. Moreover, it can be challenging to find a Bitcoin ATM, as in 2022, there were only 39,000 Bitcoin ATMs.
In contrast, according to research, in 2021, there were about 3.2 billion regular ATMs globally.
How to withdraw crypto from a crypto wallet to swissmoney IBAN account
As swissmoney supports crypto and fiat money, you can exchange and withdraw it from your crypto wallet to your swissmoney IBAN account within the app.
If you need to send crypto assets from another wallet to swissmoney, you can do it by sharing your swissmoney crypto wallet address.
To withdraw crypto from the swissmoney crypto wallet to an IBAN account, first sell your crypto:
Open the swissmoney app and tap on ‘Digital assets’.
Select the wallet of the cryptocurrency you want to withdraw.
Click a button with this symbol 🔁> ‘Sell’.
Choose ‘Limit’ or ‘Market’ to determine how you want to sell your crypto assets. If you choose the ‘Limit’, you’ll have to set the minimum price at which you’re willing to sell your crypto.
On the other hand, if you choose ‘Market’, you’ll sell your crypto immediately at the current market price.
Determine the specific amount of Bitcoin you wish to sell. You can enter the amount in either your local currency or Bitcoin terms.
If required, enter the Minimum price. Double-check everything and confirm the transaction by clicking ‘Sell’.
The converted crypto will be added to a wallet of selected fiat currency.
After selling crypto, open the ‘IBAN Accounts’ section, select IBAN account and tap ‘Top-Up’.
Important: For now, you can only add funds in Euros.
Here you’ll be able to see the fee for the transaction. It depends on the amount you are transferring. Select ‘Internal’.
To complete the transaction, tap ‘Top-Up’.
In-app transactions are usually fast. Therefore, the funds should be in your IBAN account within a few moments.
How to withdraw money from Crypto.com
To withdraw money from Crypto.com, follow these steps:
- Open the Crypto.com App and go to “Accounts”.
- Open your Crypto Wallet.
- Tap the TRANSFER button > “Withdraw” > “External Wallet”.
- Click on the “+ Add Wallet” button to add a new withdrawal address.
- Select the cryptocurrency you want to withdraw.
- Click on “Withdraw” from the menu.
- Enter the amount you wish to withdraw and review the transaction details.
- Confirm the transaction and wait for the transfer to complete.
Please note that the withdrawal process may take some time to complete, depending on the cryptocurrency and the network used for the transfer.
📚Read More: How to Withdraw from Crypto.com to Bank Account
How to withdraw crypto from Coinbase to a bank account
Here’s a step-by-step guide to cashing out crypto from a Coinbase wallet:
- Sell your crypto for the fiat currency of your choice on Coinbase.
- Navigate to the ‘Withdraw’ option and choose the fiat currency from your Coinbase wallet.
- Select the bank account where you want to withdraw the funds and confirm the transaction.
📚Read More: How to Withdraw from Coinbase to Bank Account
How to withdraw crypto from Binance to a bank account
To withdraw from Binance to a bank account, follow these steps:
- Log in to your Binance account and access the dashboard.
- Open the withdrawals page by clicking on the Withdraw button.
- Select your fiat currency and withdrawal method (e.g., SEPA bank transfer or card withdrawal).
- Verify your bank account by sending a small amount for verification if using Bank Transfer (SEPA).
- Add a credit card if choosing the Bank Card option for withdrawals.
- Enter the amount you wish to withdraw and complete the necessary steps to confirm the transaction.
📚Read More: How to Withdraw from Binance to Bank Account
How to withdraw crypto from MetaMask to a bank account
To withdraw from MetaMask to a bank account, follow these steps:
- Connect your MetaMask wallet to portfolio.metamask.io.
- Click the “Sell” tab to get started.
- Select your region.
- Select the token and network you want to sell.
- Choose the fiat currency you want to receive.
- Enter the amount you want to sell.
- Review the transaction details and confirm the sale.
- Once the sale is complete, you can withdraw the fiat currency to your bank account.
Please note that the specific steps may vary depending on the platform you are using to convert your cryptocurrency to fiat currency.
📚Read More: How to Withdraw from MetaMask to Bank Account
How to withdraw crypto from Trust wallet to a bank account
To withdraw money from Trust Wallet to a bank account, you can follow these general steps based on the provided search results:
- Open the Trust Wallet app on your mobile device.
- Navigate to the wallet for the specific cryptocurrency you want to withdraw.
- Tap the “Send” button to initiate the withdrawal process.
- Trust Wallet does not support direct cash withdrawals, so if you are withdrawing cash from an exchange, ensure that the exchange supports bank withdrawals.
📚Read More: How to Withdraw from Trust Wallet to Bank Account
What are the fees for withdrawing crypto to the bank?
Usually, there are two types of fees for withdrawing crypto to the bank: network fee and withdrawal fee.
Network fee
This fee is paid to miners or validators on the blockchain network to process and confirm your transaction. The exchange or wallet provider doesn’t control it directly.
The fee size can vary depending on the network’s congestion and the priority of your transaction.
Withdrawal fee
The withdrawal fee, charged by the exchange or wallet provider, covers the cost of processing your withdrawal request. For example, Revolut calls it the Revolut fee.
It’s deducted from the amount of cryptocurrency you’re withdrawing. So, when you initiate the withdrawal, the total amount you’ll receive in your external wallet is your requested withdrawal amount minus the withdrawal fee.
📚Read More: Revolut Crypto Withdrawal Explained
How long does it take to withdraw crypto to the bank?
The crypto withdrawal to bank account processing time is usually 1-5 days. However, some platforms offer instant crypto transfers.
📚Related: Bitcoin Withdrawal Delay
Are there withdrawal limits?
Crypto withdrawal limits vary depending on the platform. For example, the daily withdrawal limit at Crypto.com for all cryptocurrencies is BTC 10 or its equivalent. In contrast, at Revolut, each client has a separate 30-day crypto withdrawal limit.
Fiat money
Fiat is money issued by a government. It is not backed by a tangible asset such as gold or silver. The value of fiat currency depends on the stability and credibility of the government that issued it and the interaction between supply and demand.
Many modern paper currencies, such as the dollar, the euro, and others, are classified as fiat currencies.
Fiat wallet
A fiat wallet handles traditional government-issued currencies like US dollars, euros, and pounds. Fiat wallet users can quickly sell crypto holdings for US dollars. The USD funds are then securely stored in the wallet.
This wallet, which stores digital assets, is distinct from the crypto wallet. Typically, a fiat wallet offers various payment options for depositing and withdrawing funds, including bank transfers and debit/credit cards.
📚Related: How to Withdraw Crypto Funds to Debit Card
Are digital wallets safe?
Digital wallets are safe. Some platforms may have a whitelisted list of all the withdrawal addresses. They are used to increase security.
Users can only send money from their Fiat Wallet to an external address, which has been approved in advance to prevent fraudulent transactions.
Which crypto wallets are compatible with withdrawals?
Two varieties of crypto wallets let you withdraw crypto to a bank account: software wallets, including both hot and cold wallets, and non-custodial wallets.
Here are the most popular crypto wallets designed to offer a range of features, including crypto withdrawals to bank accounts:
- Coinbase
- Ledger
- swissmoney
- Exodus
- Trust Wallet
- Zengo
- Crypto.com
- MetaMask
📚Read More: Best Crypto Wallets
What are the security considerations when withdrawing crypto?
When withdrawing cryptocurrency from an online wallet, there are several security considerations to keep in mind:
- Use a secure and reputable online wallet: Ensure that the online wallet you are using has a good reputation and is known for its security features.
- Enable additional security features: Consider enabling features like withdrawal whitelists or IP restrictions to add an extra layer of security to your transactions.
- Practice due diligence when selecting trading partners: Be cautious when selecting trading partners and exchanges to ensure they have a good reputation and are known for their security measures.
- Data encryption: Ensure that your online wallet and transactions are encrypted to protect your data from unauthorized access.
- Two-factor authentication (2FA): Enable 2FA for your online wallet and other accounts to add an extra layer of security to your transactions.
- Keep your private keys safe: Store your private keys securely and never share them with anyone.
- Be cautious of phishing scams: Be wary of phishing emails or messages that ask for your private keys or other sensitive information.
- Regularly update your software and hardware: Keep your software and hardware up-to-date to ensure you have the latest security patches and features.
📚Related: How to Stay Safe from Bitcoin Scams And Frauds
FAQs
Can I withdraw crypto directly to my bank?
You can withdraw crypto directly to your bank. Many cryptocurrency platforms and exchanges offer the option to sell crypto and transfer the resulting funds directly to your linked bank account.
If you want to withdraw money, you typically click Sell on your cryptocurrency platform and choose to withdraw to your bank account.
The operation usually consists of several steps. First, you select the crypto you wish to sell, specify the amount, and choose the withdrawal to a bank account as the payout method.
It’s important to note that the procedures for crypto withdrawals depend on the platform. Therefore, it’s advisable to check the instructions of the chosen platform.
📚Related: How to Cash out Large Amounts of Bitcoin
What happens if you withdraw from Crypto.com?
When you withdraw money from the Crypto.com exchange, a transaction is made. During the withdrawal, the crypto is moved to an external cryptocurrency address.
As with all other transactions on the blockchain, these withdrawals may be subject to fees.
How do I withdraw from crypto to UK banks?
To withdraw funds from your crypto to a bank account in the UK, you first need to open an account with a reputable cryptocurrency exchange or platform that allows withdrawals to UK bank accounts.
Once you have such an account and want to deposit or withdraw money, click on the platform’s withdrawal or cash-out section.
Here, you select your preferred currency and the amount of money. Please also provide your preferred bank account details: account number and sort code.
After reviewing the details, confirm the withdrawal request and wait for the specific period noted in a pop-up to process the crypto. The process can take anywhere from a few minutes to several days.
If successfully set, the funds should be transferred to your UK bank account after the specified period.
It is important to note that these steps may vary depending on the cryptocurrency exchange or platform concerned and its rules.
Why can’t I withdraw crypto to my bank?
It may be due to the storage period. A crypto restriction period may apply if you buy cryptocurrency through card, ACH, or Open Banking transactions.
You may not withdraw money from your cash account (GBP, EUR, or USD) or move funds to your crypto wallet during this period.
What is Crypto.com?
Crypto.com is a leading high-level security cryptocurrency exchange platform founded in 2016.
On the platform, US traders can exchange over 90 cryptocurrencies and more than 60 fiat currencies. It is available in more than 80 countries.
The Crypto.com app is a popular choice for more experienced traders. However, it also caters to beginners. The platform provides a crypto wallet where users can securely store their digital assets.
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