How to withdraw money from Crypto.com to a bank account
You may have invested in Bitcoin, Ethereum or other cryptocurrencies and even made money from those investments. Now the question is: how do you convert your crypto to fiat and withdraw it from Crypto.com?
This is a common question, especially since most people have never used a crypto exchange before and wonder if it is even possible to withdraw money. If you want to withdraw your money to a bank account, you need to do some work with the Crypto.com app. This guide will walk you through the process of doing it safely and securely.
What is Crypto.com?
Crypto.com is a cryptocurrency exchange platform that allows users to trade over 250 cryptocurrencies using over 20 fiat currencies. It is also readily available in more than 80 countries at the moment.
Crypto.com is also an excellent choice for more experienced traders. Although it is not the most complicated crypto exchange platform, it can still be a bit intimidating, especially at the beginning, because of the website. Aside from its digital wallet and high-level security, Crypto.com is also known to be a more affordable option than other top crypto exchange platforms.
Can You Withdraw Fiat Money From Crypto.com?
Yes, you can withdraw your money from Crypto.com to a bank account, but the process can be difficult. Crypto.com does not currently support fiat withdrawals, so the only way to access your fiat money is by selling your cryptos on the platform.
Before you can withdraw your money to your bank account, you must first sell your cryptos so that you can store the converted fiat money in your USD fiat wallet. You can then transfer USD funds from your fiat wallet to your US bank account. Although Crypto.com has no fees for these transfers, your bank may charge you, so check with them first before withdrawing money.
Also Read: How to Transfer Crypto from Binance to PayPal: Step-by-Step
How to withdraw money from Crypto.com to a bank account
Here are seven easy steps on how to withdraw money from Crypto.com to a bank account:
Step 1: Log into your Crypto.com account
When starting a withdrawal like this, it is preferable to use the app rather than the website. The app is far more simple and user-friendly, making it easier for users to find what they are looking for.
Download and open the Crypto.com app on your device, then enter your credentials to access your account. In the app, navigate to your crypto wallet by tapping the logo on the bottom navigation bar.
After you press the logo, a menu appears. Here you will see several options including “Crypto Wallet”, “Fiat Wallet”, “Track” and more.
Step 2: Set up your Fiat wallet
Only a few simple steps are required to set up a fiat currency wallet. First, on the bottom navigation bar, go to “Accounts” and then tap “Fiat Wallet.” Then tap “+ Set up new currency.”
What you need to do is convert your cryptocurrency to your home country’s currency. So if you live in the US, you just need to convert it to USD.
However, please note that in order to set up your fiat wallet, you will need to provide additional information, such as social security number and residential address. PO boxes are not permitted.
After reading the instructions and terms, simply press “Next” and then enter your home address and social security number. Once you’re done, you’ll have to wait a few days or weeks for Crypto.com to approve your application. They will then send the confirmation to the email address associated with your Crypto.com app.
Note: Your social security number is only required when setting up your USD fiat wallet. Submitting this information will not trigger a credit check, and it will not be required for every transaction.
Step 3: Sell your crypto
After creating your fiat wallet, you can now exchange your cryptocurrency for your preferred currency. Just click on “Fiat Wallet” and then select “Sell Crypto.” Then select the cryptocurrency you want to convert to fiat and then click “Cash”.
Be sure to select the fiat wallet section instead of the crypto wallet. You can then enter the amount you want to convert in the Fiat Wallet window.
You are not required to convert all of your crypto funds, but you will be required to convert a certain minimum amount to transfer to your bank account. The minimum withdrawal amount at Crypto.com is $100 for each request.
A confirmation window will display your crypto value in fiat currency for about 15 seconds. Pay close attention to that window, which shows how much fiat money you will receive in exchange for crypto. After confirming, enter your Crypto.com app password.
Step 4: Initiate a USD withdrawal request
Once you’ve completed everything, just go back to the app’s home page and select “Transfer”. Then click on “Withdraw” and then select “Fiat.”
Tap your USD balance and “Withdraw USD.” Select “Add Bank Account” or simply select your preferred bank if it is already linked to your Crypto.com account.
Step 5: Add your bank account
If you have not yet set up your bank account, you can connect it by selecting your preferred bank and logging in with your online banking credentials. The bank account will be available for withdrawals once added.
Crypto.com will authenticate your bank account after you finish connecting it to the app. You will also now be able to withdraw money quickly.
Once verified, Crypto.com will add your bank account to the whitelisted list. It is best to use a crypto-friendly bank to avoid problems with these transactions.
Step 6: Complete the withdrawal request
After you set up your bank account, the confirmation screen will appear. First, view all the USD withdrawal information, then press “Confirm” to proceed with the transfer. After that, the app will update the withdrawal request status.
Step 7: Wait for your money
The money will arrive in your bank account in three to five days. You will also receive a notification when the money has been deposited into your account.
Conclusion
While exchanging crypto coins for fiat money is fairly easy, transferring fiat to your bank account can take a few extra steps. However, the process can still be quite simple if you complete the steps correctly.
If you still need further assistance, please feel free to contact Crypto.com Support. Just open the Crypto.com app, select the chat icon, and then type your message. Typically, you will hear back from Crypto.com within one day.
FAQ
How long does it take for my money to arrive in my bank account?
It may take three to five business days for the funds to appear in your bank account, especially if this is the first time you’ve transferred money from your app. Don’t worry, as Crypto.com will always notify you via email and push notifications after their internal evaluation.
Does Crypto.com charge fees for withdrawing money to a bank account?
No, Crypto.com currently has no fees for processing USD withdrawals from the Crypto.com app to your bank account.
What crypto can I sell for USD in the Crypto.com app?
You can exchange any cryptocurrency available for trading in the US for USD. You can use this article as a reference for the complete list of cryptocurrencies you can sell, but you can also refer to the app’s Trade Menu.
Why can’t I link my bank account?
If you are unable to add your bank account on Crypto.com, it may be due to regulatory restrictions. Currently, Crypto.com is unable to process withdrawals to a bank account associated with a New York address.
If your bank account is not associated with a New York address, it is likely that it does not allow ACH transfers. You can try adding another bank account if you get this problem.
Why is my withdrawal on hold?
One of the most likely reasons why your transfer is on hold is that your bank account name does not exactly match your name on Crypto.com records.
Other typical reasons include transferring funds from a joint account or using a third-party payment processor such as PayPal or Wise instead of a bank. Your transfer may also be held if it is linked to a non-ACH network bank or an unsupported institution, such as a crypto exchange.
Image source
Featured image via Unsplash.
