How to Transfer Money from Coinbase to a Bank Account? (2024)

Coinbase is one of the most popular cryptocurrency exchanges offering an easy-to-use mobile and online platform that allows users to buy or sell cryptocurrency assets. In addition, Coinbase also offers features designed specifically for more experienced investors, companies, and institutions. Coinbase lets you fund your account via debit or credit card transactions or by bank transfer, and then you can use those funds to purchase cryptocurrency on their website. Although this could lower net profits, there are charges associated with selling and buying that can negatively impact the profits.

The procedure to transfer money from a Coinbase account and wallet is simple. First, go to your wallet and select an amount you want to withdraw. Afterward, you must click "Withdraw" and choose the preferred withdrawal method. In addition, details like your name, birth date, and address could be required to verify your identity before the transaction can proceed. So, let's begin and learn more about it.

What are the Coinbase transfers?

Coinbase lets users buy or sell and store different cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin. In addition, Coinbase provides wallet services for managing and storing digital assets securely. When it comes to Coinbase transfer options, there are multiple options, including wire transfers, bank transfers, and to-crypto transactions. Wire transfers, ACH transfers and PayPal accounts are just a few ways to transfer funds to your Coinbase account. Although wire transfers and ACH transfers are among the fastest methods to deposit USD to your Coinbase account because they are handled directly by banks instead of through the Coinbase platforms, these methods have spending limits that can differ.

Moreover, Coinbase is different from other exchanges for cryptocurrency by offering you the capability to transfer digital assets directly to your bank account through web and mobile applications. It is quick and secure and only requires personal information such as your name, numbers, and documents proving your identity, like a utility bill or bank statement that provides evidence of your identity. If your request does not satisfy these criteria, your request may be rejected. In addition, based on the kind of transaction, you will incur an amount for withdrawal that varies according to the type of withdrawal fee applicable to the particular transaction.

How to transfer money from Coinbase?

You need to follow the steps mentioned below to transfer money from Coinbase:

• Log into your Coinbase account with your login details.
• Select the "Portfolio" tab to view your cryptocurrency portfolio.
• Choose the cryptocurrency you would like to buy from your portfolio.
• Click the "Sell," button and enter the amount of cryptocurrency you wish to sell.
• Choose "Bank Account" as the payment method and fill in your account information.
• At last, confirm the sale order to begin the transfer.

How to send money from Coinbase to a bank account?

Transferring funds to Coinbase could be due to various reasons, such as needing cash for an infusion or diversifying your crypto portfolio. Whatever the reason, whether you are looking to convert them into spendable USD or transfer them to another account. Here is how to send money from Coinbase to a bank account:

• Open the Coinbase and click on the Accounts tab
• Select the cryptocurrency you wish to sell and click the "Sell" button.
• Choose "Bank Account" as the payout method. Enter your bank account information.
• Indicate how much cryptocurrency you want to transfer and sell the money to your banking account.
• Recheck all the transfer details, including exchange rates and fees, and confirm the transfer.

Can I transfer money from Coinbase to Robinhood?

No, you cannot transfer money from Coinbase to Robinhood. But you can sell your cryptocurrency on Coinbase and then transfer the profits to your savings account using the proceeds to buy cryptocurrency on Robinhood or reverse. Robinhood offers a variety of fintech products, such as cryptocurrency purchases and sales. Robinhood currently supports more than 75 cryptocurrencies with minimum transaction costs per trade.

However, Robinhood offers only brokerage accounts linked to partner exchanges, so you cannot transfer your cryptocurrency directly via Coinbase. However, you can sell coins through Coinbase and transfer them to your bank account through desktop or mobile apps. This should take only a few minutes. You can utilize cash in hand to buy cryptocurrency with Robinhood or any other crypto exchange such as Binance.

How to send or receive crypto using Coinbase Wallet?

Coinbase Wallet, a distinct mobile application offered by Coinbase, allows users to store, transfer, and receive cryptocurrency directly from their mobile phones. To send or receive cryptocurrency using Coinbase Wallet, you need to follow the steps mentioned below:

• Install the Coinbase Wallet app from the App Store or Google Play Store.
• Create a new wallet or transfer an existing one to the details of your Coinbase account.
• Click on the "Send" or "Receive" in the app and follow the instructions to transfer or receive crypto to or from another wallet address.

What are the fees and limits for transferring money from Coinbase?

Coinbase charges fees for specific transactions, including selling, buying, and transferring cryptocurrencies. The charges and limits for transferring funds from Coinbase to an account at a bank differ depending on so many different factors. For instance, the limits and fees associated with Coinbase withdrawals are different for each country. USD withdrawals usually require a minimum of $2.50 withdrawal fee, with additional charges based on your bank's policy and practice; to see the complete list of Coinbase fees for withdrawals, check out the app right now.

FAQ

What can I transfer out of Coinbase?

You can transfer two main things out of Coinbase:

• Cryptocurrency: You can send your cryptocurrency holdings to any valid crypto wallet address.
• Cash: You can cash out your local currency balance to your linked bank account.

How long does it take to transfer money out of Coinbase?

• Cryptocurrency transfers: These are typically very fast, taking just a few minutes to complete. However, the speed can depend on the specific cryptocurrency and network congestion.
• Cash transfers: These can take 1-5 business days to appear in your bank account, depending on your bank's processing times.

Are there any fees for transferring money out of Coinbase?

• Cryptocurrency transfers: Yes, there are network fees associated with sending cryptocurrency. These fees vary depending on the cryptocurrency and network traffic. Coinbase will display the estimated network fee before you confirm your transfer.
• Cash transfers: Coinbase charges a fee for cashing out to your bank account. The fee will be displayed before you confirm your transaction.

Why can't I transfer my funds out of Coinbase immediately?

There are a couple of reasons why your funds might not be available for immediate transfer:

• Funds on hold: When you buy crypto using a linked bank account (ACH transfer), the funds are placed on hold for a period of time (typically 1-4 days) before they are available to send or cash out. This is a security measure to help prevent fraud.
• Recent purchase activity: If you have recently purchased cryptocurrency, it may not be available for immediate transfer until the transaction clears.

How can I check if my funds are available for transfer?

You can check your available balance on your Coinbase account. This will show you how much you can currently transfer out of your account.

Is it safe to link my bank account to Coinbase?

Yes, Coinbase uses industry-standard security measures to protect your personal and financial information. However, it's always a good idea to enable two-factor authentication and use a strong, unique password for added security.

Conclusion

Transferring money from Coinbase to your bank account is a simple process that can be completed in just a few steps. By following this guide, you can safely and efficiently move your funds from the world of cryptocurrency to your traditional bank account. Remember to double-check all transaction details and ensure that your Coinbase account is secure to avoid any potential issues.