Bitcoin from bank account

How Do I Transfer Bitcoin to My Bank Account?

If you’re just starting out in crypto (or even when not) you’ve probably encountered the question: How do I transfer bitcoin to my bank account?

In this article you will find out:

• How can I transfer bitcoin to my bank?
  
• What services to use?
  
• What payment methods and currencies are available?

Transferring bitcoin to your bank account can be a bit of a nuisance. What I mean here is cashing out your bitcoin and transferring the money to your bank account. We’re not quite there yet to send actual bitcoin to our bank accounts.

That said, not that far off either. It is technologically absolutely possible to have a bitcoin or crypto wallet linked to your bank account or a part of your bank account. Some FinTech startups are already doing something similar. For example, you could treat your CoinMetro account like a real bank account very soon as we continue to launch challenger banking services and acquire further licensing.

Whether you want to buy or sell your bitcoin in fiat, we’re here for you. We support USD, EUR, GBP and AUD!

Getting Bitcoin to My Bank, What Are the Steps?

Most crypto exchanges only deal in crypto to crypto, which means you normally have to use an on or off ramp to turn your fiat into bitcoin and vice versa. There are also platforms and services that do all of this in one place. These are more rare.

Why might that be? Simple business decision – some providers decide to focus on one part of the journey, some aim to be more like a one stop shop. Both ways are totally fine and there’s pros and cons to each as in any business. But let’s explain how it normally works.

Usually, you’d need to send your bitcoin from your wallet to either an exchange that deals in fiat and sell it to transfer bitcoin to your bank account. Then sell it, and withdraw. Most people have to go through various steps to transfer their bitcoin and crypto into their bank account such as:

• Move from cold storage to an exchange
• If it is a more exotic crypto, you’d need to turn it into bitcoin or ether
• Sell the crypto for your preferred currency
• Withdraw to your bank account

Are There Fees to Transfer Bitcoin to My Bank Account?

Depending on which route you’re taking, quite a few fees can be involved. If you are having to use multiple providers to cash out your bitcoin into your bank account, each will take a fee. Also you will encounter your blockchain transaction fees when moving crypto from one wallet to another. These vary a lot depending on the crypto.

So, in this sense you would be saving on fees using as few different middlemen as possible. Sometimes with more exotic cryptos this may not be possible. For example if you’ve invested in a rather new crypto that is not yet listed on exchanges, you could try a peer to peer trade to sell it for another crypto, then turn that into cash. When demand is low it may get tricky.

Walkthrough: How Do I Transfer Bitcoin to My Bank Account?

1. First, transfer your bitcoin.
If you keep your bitcoin in cold storage or a hardware wallet (good choice by the way, safe). Transfer it to the provider to sell for your desired fiat currency. CoinMetro supports EUR, GBP, USD & AUD deposits and withdrawals.

2. Sell your bitcoin. This can be done very easily on CoinMetro with the swap widget. It takes just a few clicks and you’ll get a fixed price with no fee. Double check the details & confirm the transaction.

3. Check that all looks good and confirm the transaction.

4.Select the bank account you wish to receive the money.

5.Another option is to sell on an exchange at your desired price. This is known as a limit-order. You can set up an order for bitcoin to be sold at a price you are comfortable with. However, this could take a while and it’s possible the price never reaches your sell point.

Don’t Know When to Sell Your Bitcoin?

The million dollar question. But when should I sell? The simple answer is – no one can know for sure. We don’t have a crystal ball, but what we do have is something pretty close to it. CoinMetro is the only exchange that offers a market sentiment indicator used by hedge funds for their traders. And guess what ? It’s totally free for all of our customers!

What this does is looks at the data from various sources and calculates how the market feels about a particular crypto at the moment. You can see this on your dashboard when logged in. Want to know more about how it works, check out this article on our indicator, featured in Forbes.

What Other Options Are Out There?

Transferring straight to your bank account can be a good option, provided that the fees aren’t too high. CoinMetro has the lowest fees on the market, so you know, we take care of you :). But there are other options. You could also get yourself a crypto debit card and spend the money directly on it. Can bitcoin be converted into cash? Yes, there are ways.

Speaking of crypto debit cards, you can deposit your bitcoin or other cryptocurrencies to your debit card and withdraw it at an ATM. Always check the fees that are linked to this. Some card providers have hefty withdrawal fees, some have bad currency exchange rates.

P.S. The CoinMetro debit card will be launched in the future, and we always aim for reasonable fees. That’s our thing.

Another option is to sell your bitcoin directly to someone else, or peer to peer as we call it. If you know and trust the person, this could be a good way. However if not, make sure you are protected. Bitcoin transactions are irreversible which means if you send it to someone that does not send you cash back in return, there is no way to call back that bitcoin transaction. Similarly to cash, when bitcoin is gone, it’s really gone.

If transacting with someone you do not know, make sure to use a third party escrow service. This normally comes with a higher fee than exchanges or crypto to fiat providers though. CoinMetro does not currently offer peer-to-peer transactions.

Conclusion

There are many different ways to turn your bitcoin or any other crypto into fiat currencies and send it to your bank account. Some ways are more costly, some faster, some a bit of a hassle. But the good news is that it is becoming more and more easier to do so. In fact something like buying food from your local store with bitcoin is a reality rather than what 10 or even 5 years ago seemed like a far off “some day” dream.

Bitcoin is still mostly used for speculation, however you can spend it now just as you would fiat money. Moving large amounts of money in bitcoin today is still vastly cheaper than with banks. And there are many that now transact only in bitcoin or other cryptocurrencies. So, after reading this article, I hope you got an answer for your question – How do I transfer bitcoin to my bank account?

If you need to turn your BTC to EUR or BTC to GBP, look no further! Jump on to our crypto exchange now.

American & Aussie traders, we’re here for you too! We also support BTC to USD and BTC to AUD.

I’d go as far as to say that we have the best fiat on and off ramps! You can deposit in many cases almost instantly via: ACH Payments, SEPA Instant, Faster Payments and SWIFT!

Start Trading Now! The World is Your Oyster!

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9 ways to Buy Bitcoin with a bank account

By: Ofir Beigel | Last updated: 1/21/21

Buying Bitcoins with a bank wire is probably the best way to go in order to get the cheapest exchange rate possible. Depending on where you live in the world there are different exchanges that will be best suited for you. In this post we will cover the main reputable exchanges that supply bank wire services.

How to Buy Bitcoins with a Bank Account Summary

1. Visit Coinbase and open an account
2. Go to “Settings” – “Linked accounts”
3. Add your bank account
4. Go to “Buy/sell”
5. Buy Bitcoins

*eToro users: 75% of retail CFD accounts lose money. Your capital is at risk

If Coinbase doesn’t work for you, or you’d like to review additional options keep on reading. Here’s what I’ll cover:

2. Buy Bitcoins with your bank account through CEX.io

Pros: Multiple payment options, no deposit fees, wide selection of cryptocurrencies

Cons: Relatively high fees on brokerage service (can be avoided by using the trading platform)

CEX.io is one of the oldest companies around, founded in 2013. Today the company provides two main services – a brokerage service and a trading platform service. The brokerage service is usually more expensive but easier to use. On the other hand, the trading services are cheaper but can be confusing.

The company supplies the option for SEPA transfers within the EU and bank transfers for countries outside the EU. All bank account transfers are 0% in fee for depositing money.

1. Buy Bitcoins with your bank account through Coinmama

Pros: Good support, relatively quick process

Cons: Limited states in the US

Coinmama is a brokerage company that accepts a wide range of bank transfer options such as SWIFT (Worldwide), SEPA (Europe), Fedwire, Faster Payments, Sofort and more . The company has been around since 2013 and is considered to have good reputation and fast service.

If you use a bank transfer with Coinmama’s service you can save up to 5% of the processing fee compared to its credit card transactions. Furthermore using bank transfers let you enjoy higher spending limits compared to credit card purchases.

3. Buy Bitcoins with Your Bank Account Through eToro

Pros: Intuitive interface for beginners, low fees

Cons: Not available worldwide, mainly suited for price speculation

eToro is a pioneering trading company that puts an emphasis on cryptocurrency. It supplies users with an easy to use trading platform for investing in cryptocurrencies . eToro is more suited for price speculation than actually buying the coins, as withdrawing them to your wallet is more complicated then with other platforms.

eToro accepts Swift transfers worldwide and ACH transfers within the US. eToro also offers a mobile wallet for trading, sending, and receiving funds.

75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. CFDs are not offered to US users. Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

4. Buy Bitcoins with your bank account through Coinbase

Pros: Fast transfers within the US and EU, low fees

Cons: Slow support, Not available worldwide

Coinbase is one of the pioneering companies in the Bitcoin ecosystem and has been around since late 2012. Coinbase supplies brokerage services to many countries around the world (meaning they sell you Bitcoins and other cryptos directly and not through a trading platform).

For US customers Coinbase allows you to connect your bank account via ACH bank transfer. For European customers Coinbase will also allow you to buy Bitcoins with a SEPA transfer.

For all countries Coinbase supports (100+ in total) there is a 1.49% fee on wire transfer purchases.

5. Buy Bitcoins with your bank account through Bitpanda

Pros: Multiple payment options, intuitive interface, relatively low fees

Cons: Not available worldwide, fees “hidden” inside the exchange rate

Bitpanda was founded in 2014 and supplies brokerage services for Bitcoin plus other cryptocurrencies to countries within the Eurozone and a handful of other countries. The company accepts SEPA transfers from European countries.

You can only deposit 3 major fiat currencies via bank transfer – Euro, Swiss Franc, and GBP but not USD. Fees are unclear on Bitpanda since they are incorporated into the exchange rate. This means that the price already represents the fees Bitpanda take for themselves.

6. Buy Bitcoins with your bank account through Luno

Pros: Best option for underserved emerging markets

Cons: Limited country support

For emerging markets there is the option of Luno (formerly known as BitX). The company supports many European countries and also Indonesia, Malaysia, Nigeria and South Africa. Deposit fees depend on the country and vary between 0% to 5%.

For trading, the fee also depends on your currency and can range between 0.2% to 1%.

7. Buy Bitcoins with your bank account through Bitstamp

Pros: Reputable exchange, low deposit and trading fees

Cons: No brokerage service, can be confusing for beginners

Probably the oldest exchange on this list is Bitstamp that was founded in 2011. The exchange in Luxembourg and offers trading services worldwide . There’s a 0.05% deposit fee for bank account transfers but SEPA transfers are free of charge.

Trading fees on the platform vary depending on your monthly volume, for most uses the fee will be between 0.25% and 0.50%. Bitstamp does not offer brokerage services so you will need to know your way around trading platforms in order to use the site.

8. Buy Bitcoins with your bank account through Kraken

Pros: Reputable exchange, low deposit and trading fees

Cons: No brokerage service, limited options for bank account transfer, historically a lot of reported downtime

Another vetran exchange is Kraken. Headquartered in San Francisco Kraken is known to be one of the largest Bitcoin exchanges in terms of euro volume and liquidity . It operates across the United States (with the exception of New York and Washington State due to regulation) and Canada, as well as in the European Union, Asia, Africa and South America.

SWIFT deposits are available for US dollars while SEPA deposits are available for EU members. Deposit fees can vary but usually have a maximum of $5.

9. Buy Bitcoins with your bank account through Bitfinex

Pros: High liquidity, reasonable fees

Cons: Complex interface, history of hacks

Bitfinex, located in Hong Kong, is one of the world’s biggest Bitcoin exchanges . The company supports bank account transfers worldwide and takes a 0.1% deposit fee for incoming wire transfers. The company supplies only a trading platform and no brokerage services. Trading fees depend on volume and start at 0.2%.

10. Buy Bitcoins with your bank account through Coinfloor

Pros: Largest GBP market for Bitcoin, established company

Cons: Limited to the UK

Coinfloor is a London-based bitcoin exchange established in early 2013. The company mainly supports UK countries. Deposit fees vary depending on the currency deposited and trading fees vary staring from 0.3%. British Pounds can be deposited via Faster Payments for a £2.50 fee while BACS, CHAPS, SWIFT and SEPA carry a hefty £30 deposit fee.

11. Frequently Asked Questions

Why should I use a bank account instead of a credit card?

People who want to buy large amounts of bitcoin or don’t have any access to credit or debit cards will probably look for buying Bitcoins with their bank account.

Since there’s substantially less risk involved for exchanges when people purchase Bitcoins with their bank account, the fees for such a process are significantly lower. Unlike credit cards, Bank transfers are considered irreversible and reduce the risk of chargeback.

So if you’d buy $1000 from Coinbase via a bank transfer you’d pay $14.9 in fees, while if you bought the same amount with a credit card you’d pay $39.9 in fees. As you can see you can save 50% and more when using a wire transfer.

Also, buying limits are much higher when using a bank transfer to fund your account than when using a credit or debit card.

On the downside, bank transfers are usually less convenient to execute and take a longer amount of time to process since the transfer needs to clear several banks on its way to the exchange.

How do I transfer Bitcoins to my bank account?

You can’t transfer Bitcoins to your bank account. Bitcoins can only be held inside a Bitcoin wallet. If you would like to “cash out” your Bitcoins you’ll need to exchange them back to fiat currency (dollars, euros etc.) and then withdraw that currency to your bank account.

Do I need a Bank account to buy Bitcoins?

No, you don’t have to have a bank account in order to buy Bitcoins. There are a variety of methods to buy Bitcoins without a bank account.

Can you buy Bitcoins at a bank?

No you can’t. You’ll have to use dedicated Bitcoin exchanges in order to buy Bitcoins.

12. Conclusion – wire transfers are cheaper but slower

If you’re thinking about buying large amounts of Bitcoin or don’t have any access to credit cards you should probably use one of the methods above. Keep in mind that some banks may require additional info about the nature of the transaction and may also collect additional fees for the transfer itself.

In my opinion, if the purchase amount isn’t large, you’re better off using your credit card. It will cost a little more but the coins will arrive quicker and there will be much less hassle in the buying process.

If you have any questions about the process or the exchanges feel free to ask them in the comment section below.

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