Crypto is a fascinating platform that helps you make a good fortune out of it as a side hustle. And therefore, many people globally are investing in crypto for generating passive income.
If you’re trading, you might want to withdraw funds from crypto to your bank account or other wallets. Crypto helps you draw from over 90 cryptocurrencies and 60 crypto wallets.
If you’re a beginner trader in crypto and wondering how to transfer money from crypto.com to a bank account, you’re right. This article will walk you through a complete guide to help you withdraw your money from Crypto to your bank account. So without any further delay, let’s get straight into it. Please read till the end and follow every step carefully.
Steps To Withdraw Transfer Money From Crypto To Bank Account?
If you’re a complete beginner to this withdrawal thing, follow the given directions step by step.
1. Sign In To Crypto Account
2. Choose Your “Crypto Wallet.”
3. Sell You CryptoCurrency
4. Move To Your Fiat Wallet
5. Make A Withdrawal Request
6. Interlinked Your Selected Bank Account
7. Confirm Transaction
1. Sign In To Crypto Account
The first step to transferring crypto to your bank account is to sign in to your Crypto.com. Visit the website and sign in, which you can also set up with your Google Id. We will explain with all the practical approaches as the crypto app has more than 1 million users, so it’s suitable to explain by performing there.
Once you sign in, move to the next step.
2. Choose Your “Crypto Wallet.”
Even though you can transfer money from your crypto account to your bank account, it can’t be done directly. There are some obvious reasons why a user cannot send money directly to his account. One of the reasons could be to keep the transaction history, and the other could be for security purposes.
Hence, click on “Crypto Wallet” to transfer the amount to your fiat wallet.
3. Sell You CryptoCurrency
Now that you have landed in your crypto wallet, it’s time to liquidate your crypto assets. As narrated initially, crypto.com supports 90 types of cryptocurrencies, including Bitcoin, Litcoin, Ethereum, Nano, Cardano, Origin, etc.
So you have to first sell the currency you have and transfer it to your wallet. It can be further transferred into several other currencies like GBP, USD, and EUR. So make sure you select the right money to convert them.
4. Move To Your Fiat Wallet
In this step, you will learn to create your fiat wallet to make you able to see your amount there. You have sold them, so they’d be shown available here. If you choose USD, the money will be shown in Dollars, and you now have the further options to convert them to your bank account.
Also, you can move them back to your crypto account by doing reverse transactions. Maybe this is why you can’t send your money directly to your bank account, as then there’ll be no way to send it back.
5. Make A Withdrawal Request
But if you want them in your bank account, you can select the different withdrawal processes. Tap on the “Withdrawal” option on your screen.
Once again, you have to select the desired amount, currency, and preferred bank account.
6. Interlinked Your Selected Bank Account
After going through all the steps mentioned above, it’s time to move money from your crypto account to your bank account. You have to insert your account details, like bank name, title, and IBAN.
After correctly integrating the information with the Crypto account, you can interlink your bank account following the credentials.
7. Confirm Transaction
Right before you make a transaction, a “Withdrawal Confirmation Request” will pop up on your screen, showing all the details and charges. Usually, the transaction charges vary on several factors. The fee is charged according to the amount of money you are transferring.
Click “Confirm,” the amount will be converted to your bank account in not more than 3 to 5 business days. However, an instant email alert will be provided to assure you of the transaction’s completion.
What Is The Minimum Amount Of Money That May Be Transferred From A Cryptocurrency To A Bank Account?
The daily minimum limit of transferring money from crypto to a bank account is 100 USD. So make sure to insert the right amount when making the transaction. For other currencies, the amount will be optimized according to the standard money of USD. But it is better to insert the amount in dollars to avoid complexities.
Withdrawal From Crypto To CAD Wallet
If you want to withdraw money from your CAD wallet, you have to first sell crypto via the app and then transfer cash from your CAD wallet to your bank account.
However, while Crypto.com does not charge a fee for CAD withdrawals, your bank may charge a transaction fee.
The withdrawal process is the same as it is for a bank account. When you reach the option to select a preferred bank account or other crypto wallets, you can choose the CAD wallet.
However, the charges may be different than usually in the case of CAD wallets. The minimum and maximum range of transferring funds are $100 and $100,000, respectively. And the transaction takes two business days to transfer money to your wallet.