How to Transfer Crypto into a Bank Account
One of the ways to stay financially independent, even during times of high inflation, is to get an extra means of income. And a good option to make more money without necessarily getting a better-paying job is to invest in cryptocurrency. You can trade or invest in crypto and transfer digital assets to your bank account to boost your fiat money balance and purchasing power.
In this article, we will describe the simple steps to move your crypto to your account with a traditional bank or neobank. We will also inform you about the best apps for making crypto-to-bank transfers.
Why Transfer Your Cryptocurrency to Your Bank Account
Invest in crypto today! Familiarise yourself with withdrawing money from your cryptocurrency wallet to your bank account. We offer two main reasons why you should do so.
Firstly, there is speculation that digital currencies will replace traditional currencies like EUR, USD, and GBP sooner or later. So, while many businesses and banks still do not accept cryptocurrencies, you can transfer your crypto to your bank account and spend your fiat money online and offline.
Secondly, the market value of crypto fluctuates more than traditional money. Hence, you need to know how to transfer your crypto to your bank account today to quickly protect yourself from loss when the price of Bitcoin or any other cryptocurrency is to fall in the future.
How to Withdrawal Your Crypto to Your Bank Account
Many crypto exchanges allow their customers to transfer their cryptocurrencies to their bank accounts. Although these platforms offer slightly different withdrawal processes, in general, you can expect to follow these simple steps to move your crypto to your bank account:
- Log in to your cryptocurrency account
The first step involves signing in to your cryptocurrency account at your chosen crypto exchange. Enter your login details on your service provider's website or trading app. To avoid cybercriminals or hacker attacks, keep this information out of the hands of unauthorised people.
- Go to your crypto wallet
Upon successful sign-in to your crypto account, the next step is to locate the link to your crypto wallet. It is often in the main menu of the app. Click on it to access your digital assets.
- Sell your crypto
The amount of cryptocurrency a typical crypto wallet can hold is unlimited. So, you may have multiple crypto assets in your account. At this stage, you must sell the crypto assets you want to transfer to your bank account. Look for a "Sell" button that allows you to specify the amount of each crypto to exchange for money. Click on it and sell your crypto.
- Request a withdrawal in your linked fiat wallet
The Crypto.com app or Binance are examples of many online platforms that allow users to directly deposit and withdraw funds to and from their linked fiat money accounts. They have several fiat wallets available in them for easy asset transfers.
So, when you have sold your crypto, the money will be transferred to the fiat wallet linked to your crypto wallet. You can then go to the wallet and request a bank transfer of the amount you need from your fiat balance.
- Specify your preferred bank account
You may store the details of two or more bank accounts in your e-wallet or m-wallet according to its capacity. For your fund withdrawal request to be processed by your service provider, you must either select or add a bank account to your wallet. Ensure that the details are correct to avoid a transfer error.
- Confirm your transaction
In the last stage, you will see a screen with instructions to confirm your transaction. It will contain all the information about the transfer, including any fees you may be required to pay. If you are satisfied with everything, click on "Confirm" or any other related button to complete the transfer request.
- Expect a bank alert after a while
When you have confirmed your crypto-to-bank transfer, it usually takes a few minutes, or about two business days, for the money to get to your bank account. You should find out from your crypto service provider the average processing time for this transaction. If everything is in order, your bank will send you an SMS, push, or email notification that your account has been credited with the amount you withdrew from your crypto account.
Best Apps for Transferring Crypto to a Bank Account
We researched the market and prepared a list of the best apps for transferring cryptocurrency from your crypto exchange or wallet to your bank account. They are as follows:
Coinbase is a user-friendly crypto exchange where you can buy and sell popular cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Cardona (ADA), and Solana (SOL). The crypto exchange offers secure storage and protects your funds by up to $250,000 through insurance.
Coinbase provides an app and a wallet with which you can link your bank account to the platform, buy and sell crypto, and stay on top of the market. Expect to pay a 1% fee for every crypto withdrawal.
Aside from letting you buy and sell digital currencies like Coinbase, Binance also allows its users to withdraw their cryptocurrencies to their bank accounts using its website, mobile app, or digital wallet. Although there are several free transactions on this platform, users must pay a fee of 0.5% for withdrawing their crypto to their fiat accounts.
One of the best online platforms to grow your digital assets and keep them secure is Nexo. It supports over 40 cryptocurrencies and rewards its customers with $25 in Bitcoin for every friend they invite to join the platform and deposit at least $100 in assets. You can withdraw crypto on Nexo for free, depending on your loyalty tier.
Paxful is a crypto wallet and an exchange for buyers and sellers of digital currencies. It offers free account opening and fee-free buying of Bitcoin and other cryptocurrencies. The platform supports more than 350 payment methods and charges a 0.5% fee to withdraw your cryptocurrency to your bank account.
NETELLER is a digital wallet for managing money and cryptocurrencies. It is a fast, easy, and reliable payment solution for individuals and businesses. You can use its online platform and mobile app to buy and sell cryptocurrencies. Its fees are simple and transparent. The fee for selling crypto on NETELLER ranges from $0.50 to $1.99. The cost depends on the amount involved and your loyalty tier in its VIP programme.
Skrill is a digital wallet similar to NETELLER. It is a fast and secure app for making payments in fiat money and digital currencies. You can use Skrill to buy and sell cryptocurrencies at a fee between €0.50 and €1.99. The cost depends on your loyalty tier and the amount involved in the transaction.
Crypto.com, one of the fastest-growing crypto apps in the world, is a digital tool for buying and selling more than 250 cryptocurrencies, which include Bitcoin, Ether, Polkadot, Dogecoin, and Cardano. It supports more than 20 fiat currencies and allows you to make currency transfers to and from your bank account. You can also make transfers to your credit or debit cards. The fee for crypto-to-bank withdrawals varies by cryptocurrency—details are available in the app.
Wirex is a digital platform that supports over 150 cryptocurrencies and fiat money. It offers a multicurrency card that you can use to spend your crypto wherever Mastercard and Visa payments are accepted. Also, crypto-to-fiat conversions on Wirex are free of charge.
What is the Minimum Amount to Transfer from Your Crypto Account to Your Bank Account?
The lowest amount you can transfer from your crypto account to your bank account depends on the payment method, your country of residence, the currency, and the limit. For example, on Crypto.com, the minimum amount you can withdraw daily via an ACH transfer to a local bank account in the United States is $100.
Are there Other Options for Crypto-to-Bank Transfers
A crypto debit card is another option for receiving your crypto as fiat money. You can load cryptocurrency onto your card and withdraw the funds at any supported ATM. Check the fees associated with this method before using it.
Another option is to sell your Bitcoin directly to another person using a peer-to-peer (P2P) approach. If you do not trust the buyer, use a third-party escrow solution to secure your transaction. However, this service is typically a bit costly.
Another option for cashing out cryptocurrency can be cryptocurrency exchanges and cryptocurrency ATMs. In the first ones, especially in the EU, you will be asked to present documents and will be charged a decent percentage. Exchanging cryptocurrencies for cash at ATMs will also be expensive. But here, in addition to showing your ID, which is required by anti-money laundering laws, a good percentage for the transaction (usually about 10%, taking into account the exchange rate) will not take any coins. Often the owners of ATMs accept Bitcoin, and Litecoin without problems. But swapping stablecoins may often cause problems. You can find a list of cryptocurrency ATMs on this page.
Yes, you can! You can use an exchange or a crypto wallet to transfer your cryptocurrency to your bank account. (We described how to do it in this article).
To transfer your crypto to your bank account, you must sell it in exchange for fiat money. You can then use your fiat wallet to send the money to your bank account with a traditional bank or neobank.
In most cases, transfers of crypto to bank accounts are instant. However, depending on a number of factors, including the payment method selected, you may have to wait 2 or more days for your account to be credited.
The major difference between a crypto wallet and a bank account is that the former is used to store, transfer, and manage the private keys to your cryptocurrencies like Bitcoin, Ether, and Dogecoin, while the latter is for receiving, storing, and transferring EUR, USD, GBP, RUB, and other fiat currencies.
Yes, transferring Bitcoin or any other cryptocurrency to your bank account is a transaction that attracts fees. If you intend to use two or more service providers, expect each of them to charge a fee for the transaction.
Additionally, when moving cryptocurrency from one wallet to another, exchanges typically impose blockchain transaction fees. Contact your chosen crypto service provider for more information about their fees. Usually, you can find the answers to your questions on their websites—most especially the FAQ pages.
The Bottom Line
The reason why many people are investing in cryptocurrency today is simple—they believe that it will someday replace fiat money. That is why they want to hold Bitcoin, Ether, and other digital tokens so that they can use them for any transaction now and in the future. Meanwhile, only a few merchants and banks accept cryptocurrencies. But do not be discouraged because you can use any of the apps we have shown you in this article to transfer your cryptocurrency to your bank account and make payments in fiat money.