How Do I Transfer Bitcoin to a Bank Account on Coinbase?
Since you cannot transfer Bitcoin to your bank account directly, you will need to sell and transfer the payment from the sale to a bank account that accepts and makes SEPA payments. Once you have sold Bitcoin, you can transfer it to your bank account via the app or website. If you have any challenges, please get help from customer support.
Bitcoin is one of the most popular decentralized cryptocurrency networks. It gets rid of trusted third parties such as financial institutions, cutting the costs of electronic payments and transactions. It allows you to transfer money from one person to another using the internet without worrying about middlemen. Additionally, Bitcoin operates on a blockchain that allows you to transfer a unique piece of digital property in a way that guarantees the safety and security of the transaction.
Coinbase is an exchange platform that allows you to buy, sell, send and receive cryptocurrencies for people looking to trade Bitcoin. If you want to know how to transfer Bitcoin to your bank account on Coinbase, you have come to the right place. Here are some tips on how to go about it.
Sell Bitcoin
Since many banks do not accept Bitcoin, you will first have to sell cryptocurrency. Once you have sold Bitcoin, you can withdraw the money from the sale using the payment method. If you are yet to add a payment method, you should add one before proceeding. You can use various payment methods such as PayPal, bank account, and credit or debit card. When adding your bank account as a payment method, you need to make sure that it can accept and make SEPA payments. If you are unsure which bank account you can use, you can call Coinbase customer service to confirm.
Use the Coinbase App
The Coinbase mobile app is available for both Apple and Android devices. It allows you to view your assets and make payments. If you have the app installed, you can send money to your bank account by following the steps below:
- Open the Coinbase app and tap on the reverse icon.
- Tap on "Sell."
- Select the asset that you want to sell.
- Enter the amount of crypto that you want to sell.
- Tap on "Sell now."
- Tap on "Withdraw funds."
- Enter the amount that you want to cash out and select the destination.
- Tap on "Cash out now."
- Your cash is on its way.
Use the Coinbase Website
If you do not have the Coinbase mobile application but need to sell Bitcoin to withdraw cash to your bank account, you can use your desktop browser. The process of selling Bitcoin and transferring cash to your bank account via the website does not vary significantly from that involved when using the app. To get started:
- Open the Coinbase website and tap on the reverse icon.
- Tap on "Sell."
- Select the asset that you want to sell.
- Enter the amount of crypto that you want to sell.
- Tap on "Sell now."
- Tap on "Withdraw funds."
- Enter the amount that you want to cash out and select the destination.
- Tap on "Cash out now."
- Your cash is on its way.
You should note that transferring funds from your Coinbase account to your bank account can take one or two business days. If you have any challenges, you can call customer service to have them sort it out. You can also contact them using the "contact us" option on the website. You will need to provide your email address, so they get back in touch.
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