Have you achieved success on BitCoin trading or you one of those lucky guys who purchased crypto when it cost only several dollars? Now it is time to harvest a crop and use the money earned, and it can be done if you transfer BitCoin to bank account.
You will agree that it is possible to use BitCoin to pay for services and goods, but, unfortunately, the number of platforms accepting crypto is still rather limited while paying with fiat money has no restrictions. Moreover, it would be reasonable to convert BitCoin for fiat money when a crypto market is in decline and you want to prevent losses.
Look: this article will tell you about the most popular and secure ways of withdrawing BitCoin to the bank account and how this process is performed.
Can You Withdraw Bitcoin to Your Bank Account
It goes without saying that every BitCoin holder can exchange cryptocurrency for fiat money and transfer it to the bank account in a matter of minutes. In fact, there are 4 ways to do that:
- Sell BitCoin on the crypto exchange and get money directly to the bank account. There are many trusted crypto exchanges operating on the Internet nowadays and many of them are not limited to crypto-to-crypto trading but also provide with an opportunity to send exchanged money directly to the bank account.
- Make use of Bitcoin ATM. There are over 2,200 ATMs accepting BitCoin on the planet, so if you are lucky to live next to one of them, you can easily get fiat money for BitCoin in it.
- Obtain a Bitcoin debit card. There are online services offering to get a prepaid debit card for selling BitCoin and use money kept on it.
- Sell BitCoin to someone you know. If one of your friends, relatives, or their acquaintances wants to buy BitCoin and you plan to sell it, you can help each other and get cash for the crypto which must be transferred to another wallet.
All these ways can be used for getting fiat money onto your bank account, but the most popular way is still the use of exchange services. It is not difficult to find a trusted crypto exchange with reasonable fees and get money to your bank account quickly and without putting much effort. That is why lower you will find 7 platforms where every person can sell BitCoin in exchange for money to land on the bank account.
How to Transfer Bitcoin to Your Bank Account
There is no need to have any trading experience to convert money on third-party exchange platforms. In fact, even a child will easily cope with the task set since it is enough to fill out some information in the blank spaces and deposit BitCoin to the exchange in order to request the withdrawal of fiat money then. The most widely accepted way to do that is to prefer an exchange which accepts bank wire transfers, and experts advise to ask for fiat money to be sent to the same bank account where they were transferred from too. Usually, it takes from 1 to 5 days to get money to your account. However, there is also an opportunity to use Peer-to-Peer approach or turn to a broker too.
Now it is time to analyze the offer of the best platforms to convert BitCoin and choose the most suitable one.
CEX.IO
This London exchange established in 2013 offers to withdraw cryptocurrency only for registered and verified users. Residents of different countries can transfer BitCoin to their bank accounts using this service. EU residents can opt for SEPA method supported, while US citizens prefer the ACH method. When it comes to citizens of other countries, it is possible to ask for a debit card withdrawal or do that in ATM too. Users of the platform say about quite high commissions for the withdrawal which can reach 3% for credit cards. At the same time, there are several benefits of the platform too including round the clock customer support, several payment methods supported, and fast money transfers.
Coinbase
Being a leading BitCoin trading platform Coinbase allows its users to withdraw Bitcoin to bank accounts too. Residents of both EU and the US can receive money for selling BitCoin to their bank accounts, but it is performed using two different methods: SEPA for EU (takes up to 2 days), and ACH transfer for the US (takes up to 5 days). It is possible to speed up the transaction if you own MasterCard or Visa. The cost of withdrawal also depends on the country and can vary from several dollars to several cents.
The process of cashing out BitCoin on Coinbase looks as follows:
- Open an account on the platform, link your bank account to it, and make the first deposit by buying or sending some amount of Bitcoin from another address,
- When BitCoin is delivered to your account, click Buy/Sell button at the top of the page and choose ‘Sell’,
- You will be offered to sell from your BitCoin wallet and deposit it to the default currency wallet you have selected,
- The withdrawal process begins only after you exchange BitCoin to the local currency,
- Click ‘Sell BitCoin Instantly’ and get money on your fist currency wallet,
- Withdraw money from your fiat currency wallet to your bank account.
LocalBitcoins
This peer-to-peer platform was founded in 2012 and its headquarters are located in Helsinki, Finland. It is a decentralized platform aimed at matching people who want to sell or buy cryptocurrency. Users of the platform can negotiate to trade on the platform by answering ads created and meet in person or transfer money to the bank account or wallet. There are over 40 payment methods on the service and bank wire transfer is among them too.
If you want to cash out BitCoin using this P2P platform, it is necessary to follow this procedure:
- Create an account on the platform or enter the existing one,
- After logging in, find ‘Sell Bitcoins’ button at the top of the page,
- Enter the amount of cryptocurrency to be sold and the country you are located in and then press ‘Search’,
- Look through the list of offers including the name of the trader (in brackets, you will see the number of trades made and the rating), payment method preferred, price of the coin and its limits,
- Select one suitable for you and indicate the BitCoin amount to be sold,
- Click ‘Send Trade Request’ and wait for a buyer to approve it,
- Send BitCoin to the escrow of the platform and this amount will be delivered to the buyer only when you confirm the receipt of payment.
The main benefit of this platform is a security of the transactions made and a possibility to sell BitCoin for a higher price depending on the payment method preferred.
Coinmama
Being another old trading platform Coinmama was established in 2013 and now offers one of the most comfortable ways to convert BitCoin to cash. European residents of 37 countries can sell BitCoin on the platform using SEPA (Single Euro Payments Area). These accounts can accept BitCoin equal to $12,000 without extra fees.
The process of selling BitCoin and getting money to the bank account using Coinmama is very simple:
- Register and log in the account.
- Select ‘Sell’ option.
- Enter your bank details.
- Send coins to the wallet address provided.
<,liIndicate the BitCoin amount to be sold.
When the platform receives BitCoin to its wallet, it will immediately send funds via SEPA transfer and it usually takes 1-2 days to deliver them.
Bitpanda
This platform specializes in crypto trading on the territory of EU and is one of the most reputable exchanges known today. Founded in 2014, it offers one of the cheapest ways to buy and sell BitCoin via bank transfer or SEPA. The platform offers to buy, trade, save, back up cryptocurrency as well as sell it. The transaction fee for selling crypto on Bitpanda is 1.29%. There are withdrawal limits but verified users can convert up to €500k every day due to SEPA transfers.
Residents of Europe can convert BitCoin via SEPA, while citizens of other countries can use Neteller for this purpose. To be able to buy or sell BitCoin, you must be a verified user. The withdrawal process can be performed at any time of the day only in Euro using one of four methods suggested:
- SEPA (the same day),
- Amazon.de Voucher Code (up to 30 minutes),
- NETELLER (10 to 30 minutes),
- Skrill (10 to 30 minutes).
It means that people from different countries can easily get money to their bank accounts if they have one of these e-wallets or live in Europe. Some sources also mention the support of Online Bank Transfer and SOFORT too.
Bitstamp
This is the world’s long-standing crypto exchange founded in 2011 and serving over 3 million people from different corners of the world. Residents of Europe can transfer BitCoin to their bank accounts using SEPA, while citizens of other countries can take advantage of bank wire transfers though they are more expensive ones. It is also possible to buy a credit card from the platform but the fee is between 5% and 8% there. In general, withdrawal fees are quite reasonable being only 0.25% which can decrease to 0.1% for making build withdrawals.
The selling process is similar to other ones since a user must register on the platform and log it in, pass through the verification process, and enter ‘Buy/Sell’ tab in the upper part of the page.
What is interesting, every user can perform trading in five different ways: Instant order, limit order, market order, stop order, and credit card payout. The withdrawal button is located in the same tab as the previous one and it is necessary to enter the amount of BitCoin to cash out as well as choose one of 2 methods available: digital wallet or bank account.
Kraken
This exchange has a title of the largest Euro-denominated platforms operating in the market and is a perfect choice for people who make a transfer to bank of the Euro currency. In fact, the withdrawal options suggested on Kraken are very different since people living not only in Europe but also the US, Canada, Japan, and others can cash out money using it. According to the official website of the platform, it is indicated that each of the withdrawal methods involves ‘ some form of bank or wire transfer’. The most popular methods look as follows:
- SEPA for EU citizens (1-5 business days),
- SWIFT for US residents and worldwide (1-5 business days),
- FedWire, the US only (1-3 business days),
- EFT, Interfin for the Canadians (2-5 business days and 0-10 min respectively).
Another benefit of Kraken is quite low transaction fees ranging between 0.15 to 0.25%. Only registered users can withdraw cryptocurrency and they should navigate to the ‘Funding’ menu (‘Withdrawal’ page) to do that.
Things to Remember about Converting Bitcoin to Cash.
It does not matter whether you convert BitCoin to fiat money for the first time or do that regularly, there are several things to remember for this process to be smooth:
- Use only reliable and checked platforms for withdrawal.
- Always check the information about a bank account, wallet address, or any other significant data twice before submitting the payment.
- Find out if it is possible to withdraw BitCoin without making the first deposit.
- Be ready to sign up for the platform and go through the verification process to be able to cash out BitCoin.
- Most of the platforms send emails about the transaction started and completed.
- Compare withdrawal fees on several platforms to save.
- Don’t worry if it takes several days to deliver cash to your bank account since it is a natural process.
Conclusion
Though it may seem that transferring BitCoin to a bank account is challenging, in fact, it takes only several minutes usually. Every platform which offers this service has its own procedure of withdrawing funds but each of them can be easily understood and performed quickly. If you plan to cash out BitCoin, look through the offers of these popular platforms and choose the one most suitable for you.