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Monday, October 3, 2022

Withdraw Crypto to a Bank Account

Bitcoin cash out and how to withdraw to a bank account, I get a lot of questions about how to turn cryptocurrency back to the money you can use at the store. How can you transform your Bitcoin back to money in your bank? I’m a strong believer in Bitcoin so I won’t sell anytime soon, but you might need to know how to turn it back to Dollars, Pounds, Euro or whatever currency you are using – when the time comes.

The process is quite simple. In the following minutes, I’m going to show you, step-by-step, how to exchange your cryptocurrency to money in your bank account. What you’ll need is some cryptocurrency, a cryptic exchange and a bank account.

Your cryptocurrency is always in a wallet – in your own safe wallet or on some site you bought it from – hopefully, a reputable seller. You will have to withdraw your coins from this wallet of yours to a crypto exchange that allows selling your cryptocurrency to fiat money that you use every day: dollars, pounds, euros, whatever it is.

But not all cryptocurrency exchanges offer the possibility to sell back to fiat. Some popular ones are Kraken, Crypto.com and Coinbase. It depends a lot on what country you live in.

Coinbase has very high fees and it’s unreliable, but it’s the most popular and the most regulated. Crypto.com has decent fees, it’s somewhat reliable but has a very easy to use a mobile application. Kraken is reliable, has decent fees, but I don’t like the user interface which could scare some people away.

You can also use an escrow service like Paxful or LocalBitcoins where you exchange directly with another person. Selling at a crypto ATM would also work, but that will give you cash, not money in your bank account.

If you like the idea of selling to an ATM and get cash in return, you can check for crypto ATMs in your area at coinatmradar.com Whatever exchange you choose it depends on the country you live in and what options you have available.

In this video, I’ll use Kraken as an example. The steps might be a bit different depending on what exchange you are using, but the idea behind it is the same. You can find Kraken at kraken.com but if you are willing to support me and my channel for creating this video, you can use the affiliate link in the description.

It’s up to you. After you’ll signup you’ll have to verify your account with some ID before you can use Kraken’s services. All standard stuff with any crypto exchanges out there. When your account is verified, you’ll be able to log in and find the crypto address for the coin you are interested to sell for money in your bank account.

In this tutorial, I’m going to work with Ethereum, but the exact same steps apply to Bitcoin or any other cryptocurrency. So, let’s find my Ethereum wallet on Kraken. I have some leftover Ethereum in Crypto.com DEFI wallet which I’m going to sell for money.

Like I said before, you need to have some cryptocurrency, somewhere, that you need to send to a crypto exchange in order to transform that back to fiat money in your bank account.

So, from my crypto wallet, I’m going to select Ethereum, then Send. Here I’m going to scan the QR code on Kraken and the recipient address is automatically filled in for me. I’m going to click Next.

Then I’m going to select the maximum amount I want to withdraw. Finally, I’ll click on send. I don’t want to spend too much on fees, so here I’m going to select the average confirmation speed.

Select Average and then Confirm Send. So, from my wallet, I just sent the funds to my Kraken Ethereum address and wait until the funds end up in my Kraken account. This can take anything between 1 to 30 minutes, so I’ll wait patiently.

On the left sidebar, you can see what other currencies Kraken supports and by clicking on them you’ll see the different withdraw options. For US Dollars you have the option to withdraw via SWIFT and Etana Custody. Select any of these and you’ll see the details required for the transaction.

Going back to the Euro, these are my options and I’m going to select SEPA since it’s the cheapest and fastest one. Be sure to check the details of the withdrawal here. I know some of you like to skim through the details, but this is your money we are talking about so you should pay extra attention. For example, The name on the bank account you are withdrawing to must match the name on the account you are withdrawing from.

You must be the owner of the bank account you are withdrawing to and have the same name on the bank account and on your Kraken account. As you can see I already have my EURO account added here. But you’ll click on Add Account and add the details on the next step. Basic stuff just finds the details of your bank account and add them here.

After you save your bank account it will appear in the dropdown here. How fast the money gets to your bank account depends on what type of transfer you chose. SEPA transfer is usually very fast in Europe, it shouldn’t take more than a day to receive the funds I withdrew here.

If you want a multi-currency bank account with a debit card attached to it, I strongly recommend TransferWise. Check the link that I’ll leave for you in the description below for a sign-up bonus.

In the beginning, I mentioned that Coinbase could be an option for selling you crypto for fiat money. And while Coinbase it’s still a good option for beginners, I don’t usually recommend it.

If you want to know my reasoning behind it, watch this video that I put on the screen. I’ll see you there.

Read More: A new coin is coming to Mining City!

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