How to Withdraw Money from Coinbase Wallet to Bank Account?

Coinbase has become a go-to platform for trading and managing cryptocurrencies. However, navigating the process of withdrawing funds from your Coinbase Wallet to your bank account can be challenging. In this comprehensive guide, we will walk you through the steps to cash out your digital assets, the time it takes, the associated costs, and everything in between.

How to Cash Out Cash from Coinbase

Withdrawing money from your Coinbase account involves a few straightforward steps. Here is a detailed guide to help you through the process:

1. Login to Your Coinbase Account: Begin by logging into your Coinbase account through the mobile app or website.
2. Navigate to Portfolio: Click on 'Portfolio' to view your holdings.
3. Select the Asset: Choose the cryptocurrency or fiat currency you wish to withdraw.
4. Initiate the Withdrawal: Click on the 'Withdraw' button next to the asset.
5. Select Withdrawal Destination: Choose 'Bank Account' as your destination for the funds.
6. Enter the Amount: Specify the amount you want to withdraw.
7. Confirm the Transaction: Review the details and confirm the withdrawal. You might be required to complete additional verification steps depending on your account settings.

How to Withdraw Crypto from Coinbase

Withdrawing cryptocurrency directly from Coinbase to another crypto wallet involves the following steps:

1. Access Your Coinbase Account: Log in to your Coinbase account via the app or website.
2. Navigate to Send/Receive: Click on the 'Send/Receive' button on the dashboard.
3. Select Cryptocurrency: Choose the specific cryptocurrency you want to send.
4. Enter the Recipient’s Address: Input the wallet address where you want to send your cryptocurrency. Ensure the address is correct to avoid loss of funds.
5. Specify the Amount: Enter the amount of cryptocurrency you wish to send.
6. Confirm the Transaction: Review the transaction details and confirm. You might need to authenticate the transaction with 2-factor authentication.

How to Cash Out Crypto from Coinbase

Cashing out cryptocurrency from Coinbase involves converting your crypto assets into fiat currency and then transferring that fiat currency to your bank account. Here’s how to do it:

1. Convert Crypto to Fiat:

   • Navigate to Trade: Click on 'Trade' in your Coinbase account.
   • Select Convert: Choose the cryptocurrency you wish to convert to fiat (e.g., USD, EUR).
   • Enter Amount: Specify the amount to convert.
   • Confirm Conversion: Review and confirm the conversion.

2. Withdraw Fiat Currency:

   • Navigate to Portfolio: Go back to 'Portfolio' and select the fiat currency.
   • Click on Withdraw: Select 'Withdraw' and choose 'Bank Account' as the destination.
   • Enter the Amount: Specify the amount to withdraw.
   • Confirm the Transaction: Review the transaction details and confirm.

How Long Does It Take to Withdraw Currency from Coinbase?

The withdrawal time can vary based on several factors, including the destination bank and the type of withdrawal. Typically, here’s what you can expect:

• Instant Withdrawals: If you use an instant withdrawal method, such as a linked debit card, the funds can arrive in your bank account within minutes.
• Standard Bank Transfers: Standard bank transfers usually take between 1-5 business days.
• Cryptocurrency Withdrawals: Crypto transactions depend on network speed and can range from a few minutes to several hours.

How Much Does It Cost to Withdraw Crypto from Coinbase?

Coinbase charges fees for withdrawing cryptocurrency and fiat currency. These fees can vary:

• Network Fees: For crypto withdrawals, you will incur network fees, which are determined by the blockchain network.
• Withdrawal Fees: Fiat currency withdrawals to your bank account might include a flat fee or a percentage of the amount, depending on your region and the withdrawal method.
• Conversion Fees: When converting crypto to fiat, Coinbase charges a conversion fee based on the transaction amount.

To get precise fee details, you can refer to the Coinbase fee structure.

Tips for a Smooth Withdrawal Process

1. Verify Your Account: Ensure your account is fully verified to avoid delays and limitations.
2. Check Limits: Be aware of your account’s withdrawal limits, which can vary based on your verification level.
3. Use Reliable Addresses: Double-check the wallet addresses for crypto withdrawals to avoid loss of funds.
4. Plan for Fees: Account for any potential fees when planning your withdrawals to avoid surprises.

Conclusion

Withdrawing funds from Coinbase, whether crypto or fiat, is a systematic process that involves understanding the steps and associated costs. By following the guide above, you can ensure a smooth and secure withdrawal experience. Always ensure you are using up-to-date information and follow Coinbase’s security guidelines to protect your assets.