How to Withdraw Money from Coinbase
The crypto fever is rising higher than ever before! Nowadays, having a Coinbase account is one of the best ways to have greater control of our finances.
All crypto users that constantly trade, sell, or buy Bitcoin or any other currency, have the need to take out their funds in cash whenever they want.
That’s why this article will show you how to transfer money from Coinbase to bank within just minutes!
The withdrawal process isn’t complicated at all, so let’s start to manage your transactions as soon as possible. Read this article further to get more information about:
- How to withdraw money from Coinbase in 2022;
- Understanding the network fees and other transaction fees related to this platform;
- How to convert your Bitcoin and any other crypto to fiat money in Coinbase.
Understanding Coinbase Cryptocurrency Exchange
All customers who opt to use cryptos on a daily basis should be able to transfer their funds whenever they want.
That’s what Coinbase is for. For example, if you need to trade, exchange, sell, buy or make any crypto-related transaction, then this platform is for you.
Of course, in the real world, you can only access these funds with FIAT currencies, such as the United States Dollar or the British Pound Sterling (UK).
You can learn more about the Coinbase withdrawal process at this link.
Add a Payment Method to Your Coinbase Account
In order to withdraw funds into your bank account, you first need to select where your money will go.
Note that there are different fees depending on the platform or address you are going to use during the withdrawal process.
Add Bank accounts, PayPal, Credit or Debit Card
Sign in to Coinbase and then look for the “Payment Methods” option to set up your withdrawal details:
Here, click on “Link new account” for the “Add account” screen to appear in a little dropdown menu:
You can select a bank account, PayPal, and even a credit card. Search for your favorite and click on accept.
A small fee will be charged as a confirmation of your new linked account.
Consider that the network fees are different depending on the crypto you want to trade and the method you are using to convert said crypto to FIAT money.
Fortunately, once you have the payment method enabled, you can start receiving instant cashouts and real-time payments within a few days or hours.
How Much Can You Withdraw from Coinbase?
Withdrawing money from Coinbase creates a question in most user’s heads: is there a limit for withdrawing funds? The answer is yes, there is a limit for withdrawing fiat currency.
As it happens on other platforms, the Coinbase company states in their official page that account limits vary depending on longevity and activity on the Coinbase app.
Depending on the payment options you choose, the limits are the following:
- If you have a normal Coinbase Wallet, then you want withdraw up to $25,000 a day by turning crypto asset into fiat balance;
- On the other hand, Coinbase Pro users can withdraw up to $50,000 a day. This can be done both from the Coinbase mobile app and the website.
In any case, the transfer destination and transaction details also influence the outcome. For instance, ACH transfers have significantly less inconveniences than Wire transfers, for instance.
Can You Withdraw Crypto from Coinbase?
You can indeed withdraw crypto and immediately cash it out on another exchange, but you need to do so from one platform to another.
In this case, you must select the asset you want to withdraw, find the wallet address you want to send crypto to, and paste it on Coinbase.
Tapping on the “reverse” icon allows you to get these assets successfully sold in case the crypto address you are about to use doesn’t support your specific crypto, but that’s another story.
Read Also: Coinbase was the first cryptocurrency exchange to be listed on NASDAQ. It accepts multiple debit cards and it accepts linking a PayPal account as well, but it’s not perfect. Check out these awesome Coinbase Alternatives so you can start a new crypto journey.
How to Withdraw Funds in Coinbase
Once you have your bank account ready to use, you can now start to withdraw your funds whenever you want.
Keep in mind that all your crypto investments, purchases, and assets will be instantly reflected in your Coinbase account.
Read Also: Telegram is one of the best platforms to search and find crypto-related channels. Nevertheless, if you get tired of using it, then it’s time to Delete Telegram Account . Read our article so you can comprehend how to do it!
Step 1: Log In to Your Coinbase Profile
First, you need to sign in to your account. You can do that by clicking here .
As we mentioned before, you can’t directly transfer Bitcoin to your bank account - you need to sell your assets first. That’s why after you sign in, it’s fundamental to click on “Trade”:
Step 2: Sell Your Crypto
It’s fundamental to change the crypto to USD or GBP (depending on your country).
In order to start selling, select the crypto you want to sell (in this case is Bitcoin) and then select “Sell”:
Remember also to select the amount of Bitcoin you want to sell in this transaction. A screen with each network fee will appear.
Click on accept, and there you go - you are ready to start your withdrawal.
Step 3: Go to Your Portfolio
Once the conversion is done in Coinbase, the withdrawal transaction can start.
Click on “Portfolio” and select the currency you are going to withdraw (EUR, USD, GPB, etc.)
Step 4: Select Your Funds in Your FIAT Wallet
Once you click on the previously mentioned option, the Withdraw option will appear in the right side box:
Select the amount you want to withdraw into your account and then continue.
Step 5: Click on the “Withdraw Button” and Complete the Process
Before proceeding, keep in mind that there are some minimum requirements demanded by Coinbase for the transaction to take place.
You can preview cash by tapping on “Preview Sell” before changing your crypto assets for fiat currency.
Luckily, these minimums are not high, so it shouldn’t be a problem to withdraw any amount you want.
Set the amount of the withdrawal and click on “Continue”:
Once the Withdraw Button appears, all the network fees and other minimum fees will be shown. You need to pay for these fees in Coinbase so you can finally proceed.
Step 6: Wait for Your Funds to Arrive into Your Bank Account
That’s how you withdraw funds on Coinbase! Once the transaction is set, you need to wait a few days for the funds to arrive in your bank account or selected method.
Although the operation takes a few minutes, the platform must process fees charged and estimate the arrival time.
Normally, Coinbase tells you the approximate “Withdraw Time,” but some users report that it usually takes way less time than they state - good for all of us!
How Long Does It Take To Withdraw Money From Coinbase?
According to Coinbase’s Website, the transfers normally take between 3 and 5 business days.
As we mentioned before, a dialogue box will tell you the estimated time before the transaction takes place, but this is sometimes inaccurate.
Withdrawals might as well take more than five days if there’s a holiday or if you are trying to withdraw more money than usual. That’s what you must know about Coinbase withdrawal time!
You can now start using your crypto funds whenever you want! Was this article helpful? If so, don’t forget to check all of the other content we have for you in GrowFollowing.
Coinbase Withdrawals FAQ
How Long Does it Take to Withdraw Money from Coinbase?
It usually takes between 1 and 2 business days. Nevertheless, it can take more or less time, depending on the withdrawal method you selected.
How Much Can You Withdraw from Coinbase to your Bank Account?
There isn’t a clear limit of money that can be withdrawn from your Coinbase account since it mostly depends on the payment method you selected.
Nevertheless, for Coinbase Pro, the limit is $50,000 daily. Read this Coinbase FAQ to get more precise information about this matter.
Why Can’t I Sell my Bitcoin on Coinbase?
There are some limitations depending on the country you live in. Besides, the fluctuation of the market can also have a profound impact on the selling processes. Click here to learn more .
Karen is a senior technical writer and copywriter at Hypegrowth. Her area of expertize are social media apps and new media.