Transferring Bitcoin between Coinbase accounts is simple and painless, but to transfer crypto from Coinbase wallet to bank account is slightly more complex. We’ll cover all the steps you need to take from start to finish in order to make this a smooth process.
In this article, I’ll go through the most frequently used way to do it, point out some limitations, and share some suggestions on how to keep your fees as low as possible.
What is Coinbase
In 2012, Coinbase was established as a trading platform for sending and receiving bitcoin. Since then, the business has expanded to support dozens of distinctive cryptocurrencies and now has clients in over 100 nations.
In addition to providing a stand-alone cryptocurrency wallet service, Coinbase operates two distinct trading platforms, namely: Coinbase and Coinbase Pro (Coinbase Wallet).
Read More: How To Verify Coinbase Account
How to Withdraw Funds from Coinbase
Crypto -> Fiat
One of the best ways you can do is: you must first exchange your cryptocurrency for fiat currency. You must exchange your cryptocurrency for fiat money such as the US dollar or the euro in order to do this. This requires that you:
- Open your Coinbase.com account and log in.
- either select “Trade” from the navigation bar.
- On your screen, click “Buy/Sell” in the top right corner.
- Fill out the dialogue box with the amount you want to exchange for fiat.
- At the top of the screen, select the “Sell” tab.
- Enter the amount of cryptocurrency you wish to convert.
- Decide which cryptocurrency you would like to convert your balance to.
- Select the fiat money you want to withdraw.
After completing these steps, click “Preview Sell” to review and confirm the transaction details. The confirmation window will then appear on your screen, letting you know how much money will be transferred to your fiat wallet and how much you will be charged in fees.
Take Your Fiat Balance Out
You can now begin the process of withdrawing your money from Coinbase after converting your cryptocurrency into one of the fiat currencies. To withdraw money from Coinbase, you must:
- Open the Portfolio page.
- To access the Your assets section, scroll down.
- Locate and choose the converted fiat balance.
- Visit the Your Assets page again
- Select Withdraw from the tabs.
- Enter the amount of the withdrawal.
- Select Withdraw all
- To confirm the withdrawal, click the Withdraw button.
- Select your preferred method of payment.
- Choosing Continue
- Verify or change the details of your transaction.
- Choosing Withdraw now
Totally depends on the currency you selected to cash out, the transaction will proceed after you click “Withdraw now,” and you might be charged a fee.
How Long Does It Take To Withdraw From Coinbase?
Coinbase accounts store your local currency in real time, allowing all transactions to be processed instantly. SEPA transfers typically take 1-2 business days to clear your bank account. The cashout by wire should take one business day to complete.
Additionally, it’s important to remember that SEPA, bank account transfers, PayPal account transfers, wire transfers, and credit or debit cards are among the available payment methods.
Keep in mind that this will only function if you have already linked the chosen payment method.
Is it possible to transfer crypto from Coinbase wallet to bank account?
If you own Bitcoin, you can sell it for US dollars through Bitstamp. You can withdraw the funds from your preferred US bank account after providing your bank information.
How Do I Transfer Money From My Coinbase Wallet To My Bank Account?
- Tap > Cash out to cash out.
- After entering the amount to cash out and selecting the transfer destination, tap Preview cash out.
- You can now take money out of your account.
How Do I Convert Bitcoin to Cash and Deposit It Into My Bank Account?
To convert bitcoin into cash and transfer it to a bank account, sell it on a crypto exchange like Coinbase or Kraken. Using this method, you can sell bitcoin instantly to a bank account and withdraw the cash from there.
Is there a fee for transferring bitcoin from Coinbase to a wallet?
Transferring cryptocurrency from one Coinbase wallet to another is completely free of charge. Coinbase incurs and pays miner’s fees for transactions on cryptocurrency networks in addition to network transaction fees (i.e. Coinbase platform transfers of cryptocurrency are examples of such transfers).
Is It Safe to Keep Bitcoin in a Coinbase Wallet?
When it comes to crypto storage, Coinbase allows you to store it safely, so you don’t have to worry about managing your own keys. Instead of using centralized brokerages or exchanges, Coinbase Wallet users can manage their own private keys and store their crypto assets directly on their devices.
Adding Payment Options to Coinbase
It’s not difficult to add a payment option to Coinbase. You only need to:
- At the top-right of the screen, click on your profile picture.
- Select “Settings” from the dropdown menu.
- Select the “Payment Methods” tab.
- Select “Link a New Account” from the menu.
When you click the “Link a New Account” button, a dialogue box displaying the available payment options will appear on your screen. Choose your preferred payment option from the list of options and then adhere to the dialogue box’s instructions.
The most common methods will include a feature to add:
- bank statement
- debit or credit card
- Paypal Account
How come Coinbase won’t let me withdraw money?
There are a few potential causes for your inability to sell or withdraw from Coinbase.
- There are constraints in your area.
- You just opened an account.
- You still need to finish the verification.
- You just recently used your credit card to make a purchase.
- Your account has received a fraud alert.
- Your options will change depending on which of the aforementioned factors is preventing you from withdrawing funds from your Coinbase account.
Coinbase Withdrawal fee
Spending USDC with a Coinbase Card is free, but all other transactions—including ATM withdrawals using other cryptocurrencies—are subject to a flat transaction fee of 2.49%. There is a fee for cryptocurrency purchases because we facilitate the sale of your bitcoin each time you make a purchase.
For instance, the flat fee of 2.49% would equal $2.49 if you were in the United States and used your Coinbase Card to spend $100 in bitcoin.
The fees mentioned here are ones that Coinbase levies. A fee may also be assessed by the ATM operator. For more information, please consult your Coinbase Cardholder Agreement.
What’s the next step?
There are many justifications for leaving Coinbase. Maybe you require a boost to your cash flow. Perhaps you want to diversify your cryptocurrency holdings. Or perhaps you want to check out a Coinbase alternative like Binance.
Whatever your motivations, the tips above will assist you in achieving your objectives. You can quickly start transferring money from your Coinbase account by simply following the easy steps!
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