Cryptocurrency is a popular platform for trading and currency exchanges. The world of cryptocurrency provides unlimited potentials. However, for newbies, you might encounter questions and terms new to you. Most questions we’ve come across in cryptocurrency are transferring money from crypto wallet to bank account. If you have the same question in mind, this article is for you.
Transferring money from a crypto wallet to a bank account used to take many complicated steps. Thankfully, many tech companies have come up with a more convenient way to do so. For instance, CoinMetro allows you to use your crypto coins for real-life bank transactions.
Transferring Crypto Coins To Bank Account
As mentioned above, learning how to transfer money from crypto wallet to bank account is now made possible and easier through CoinMetro. Putting bitcoin into the example, here’s a complete guide on the transfer process:
- Transfer your bitcoin. Bitcoins are usually stored in either your cold storage or hardware wallet. Transfer your bitcoin to the provider for trade to your preferred fiat currency. With CoinMetro, you have options for EUR and GBP. They are now working on making available withdrawals for USD and AUD soon.
- Sell your bitcoin. CoinMetro offers a buy-and-sell platform. The best thing about it is it does not deduct commissions on top of the fixed rate. So you know exactly how much you’re paying for the transfer. Buying and selling are relatively straightforward and requires just a few simple steps. You can also trade your coins on an exchange with your desired price.
- Verify all information and confirm the transaction. Once completed, your fiat balance will appear in your dashboard.
- You can then withdraw the money to your bank account by clicking withdraw. However, it might take a few days, depending on where you live. But standard transfers usually take about a day.
Do note that these steps on how to transfer money from crypto wallet to bank account come with a short holding period. However, you can still sell the unlimited digital assets you own at a price to want despite the holding period.
Other Transfer Options
Knowing how to transfer money from a crypto wallet to a bank account is a good option; however, fees might be too high. CoinMetro offers the lowest transfer fee compared to other platforms. There are also other ways to withdraw your coins to your bank account. One of which is getting a crypto debit card.
Crypto debit cards allow you to deposit your cryptocurrencies into your debit card for easy withdrawal. But before doing so, always check the exchange rate and transaction fees. Some platforms offer very low exchange rates, and some ATMs charge a huge fee when withdrawing cryptocurrencies.
Peer to peer transaction is also a valid option. You can sell your bitcoins directly to someone you trust. Bitcoin trades are irreversible. So once you send the coins, you’ll never get them back. Make sure you are protected, and you know the person personally. You can use a third party escrow service if you want to deal with someone you don’t know. However, do note that it comes with a higher fee.
After completing the steps on how to transfer money from a crypto wallet to a bank account, you have to know that you will come across quite a few fees along the way. When you have to use multiple providers to cash out, each one will have a standard transaction fee. Even when moving from one crypto wallet to another, you also need to pay a certain fee.
If you want to minimize your fees, always be mindful of your transactions and use as few middlemen as possible. However, especially true for new crypto, you might not get away with multiple fees. If your new crypto is not yet on the exchange list, you might need to transfer or do peer to peer trade to cash in. Also, when the demand is low, the transfer gets tricky.
Advantages of Withdrawing Bitcoin to your Bank Account
New technologies allow you to withdraw your bitcoins to your bank account conveniently. But why do so? The answer is simple. Bitcoin is now becoming an easy way to receive funds from your friends and business colleagues. It is also a safer option in terms of charge-back from any possible scam transactions. This process also provides you the cash you need without waiting for days to receive it. Discover more trade secrets in cryptocurrency here!
Figuring out how to transfer money from a crypto wallet to a bank account isn’t as complicated as you think. Depending on which cryptocurrency you have, the steps might be simple or a bit time-consuming. Some transactions require a hefty fee amount, while some provide the same day convenience with less hassle. But the bottom line is, cryptocurrencies can now be transferred to your bank account. The key is to think smart and find the best route when transferring.
Bitcoin opens a lot of possibilities for the future. That is why many people start to get interested in this digital exchange platform. Currently, bitcoin is used for various online monetary transactions. So you can use it just like regular fiat money. Cryptocurrencies are way cheaper to move than banks, and many online transactions now utilize bitcoins and other cryptocurrencies.
Knowing how to transfer money from crypto wallet to bank account allows you to enjoy trading your bitcoins and withdrawing them for real-world transactions. We hope you have acquired the knowledge you need regarding the transfer process. Learn the ins and outs of cryptocurrency and become a successful online trader today!