Although it is possible to use Bitcoin (BTC) to pay for various services and goods, the number of platforms accepting crypto coins is not high yet. However, paying with fiat money has no restrictions, and it would be reasonable to swap your cryptocurrency for regular money if the crypto market is experiencing a decline and you want to prevent further losses.
Every cryptocurrency holder can exchange the coins for fiat money and transfer them to their bank account in a few minutes. As a matter of fact, there are four ways to exchange Bitcoin for fiat:
- Sell BTC on an exchange and get the money straight into your bank account.
- Use a Bitcoin ATM to get fiat money for the coin
- Obtain a BTC debit card from an online service that’s offering them
- Sell Bitcoin to someone you know
These ways can be used to get fiat money into your bank account in exchange for cryptocurrency. Still, the most popular among these is the use of exchange platforms. It is not difficult to use such an exchange that has reasonable fees and sends the money to your bank account quickly and without issues.
Read on to find out how to use such an exchange platform to swap your Bitcoin for fiat money and send the funds to your bank account easily.
How to Transfer Bitcoin to Your Bank Account Via Coinbase
There’s no need to have any trading experience to exchange money on a third-party exchange platform. In fact, anyone can easily manage the task since it only requires filling in some information in a few blank spaces and deposit Bitcoin on the platform to swap it and request the withdrawal of the fiat money.
The most used way to do this is to choose an exchange that accepts bank wire transfers. Experts also recommend setting for the fiat money to be sent to the same bank account from where you transferred them. Typically, it takes around one to five days to get the funds to your bank account.
One such exchange platform is Coinbase. Being a leading cryptocurrency exchange, Coibase also allows users to withdraw Bitcoin and other currencies to bank accounts that support them.
Residents of both the United States and the European Union can get fiat money in the bank for selling BTC from their bank accounts. However, the process is different: while it only takes up to two days in the E.U. to receive the money via SEPA, it takes up to five days in the U.S. to get the funds via ACH. In case you want to speed up the transaction, use MasterCard or Visa if you own any of these cards. The withdrawal fees also differ and depend on the country – they can range from a few dollars to several cents.
Here is how to cash out Bitcoin on Coinbase:
- Head to the Coinbase official website.
- Open an account on the exchange platform, link your bank account to it, and carry out the first deposit by purchasing or sending Bitcoin from another address.
- Once the Bitcoin reached your account, click on the ‘Buy/Sell.’ button at the top of the page and choose ‘Sell.’
- You will need to select to either sell from your Bitcoin wallet or deposit it to the default currency wallet you have chosen.
- The withdrawal process can only begin after you exchange the crypto coins for the local currency.
- Click on the ‘Sell Bitcoin Instantly’ and get money on your first currency wallet.
- Withdraw the money from your fiat currency wallet on the platform to your bank account.
The Bottom Line
Even though it may seem that withdrawing cryptocurrency to a bank account is difficult, it actually only takes a few minutes. Each exchange platform that offers this type of service has its own procedure for withdrawing funds; however, each of these platforms can be easily understood, and the processes carried out successfully and quickly.