Withdrawing your earnings from Coinbase to a traditional bank account is a fundamental process for any cryptocurrency user. This guide provides a clear, step-by-step walkthrough for both the mobile app and web platform, ensuring you can access your funds seamlessly.
Before initiating a withdrawal, you must first convert any cryptocurrency holdings into fiat currency, such as US Dollars (USD), British Pounds (GBP), or Euros (EUR), within your Coinbase account. This fiat balance can then be transferred to your linked bank account. The entire process can take between one to five business days, depending on your chosen withdrawal method and location.
Prerequisites for Withdrawal
Before you begin, ensure you have met two critical requirements. First, your Coinbase account must be fully verified. Second, you must have a valid payment method, such as a bank account or PayPal, already linked to your account. Without these, you will be unable to complete a withdrawal.
It is also important to be aware of any potential holding periods. Funds from recent cryptocurrency sales or deposits may be subject to a short security hold, preventing immediate withdrawal. Always check your account's available balance for withdrawal.
How To Withdraw From the Coinbase Mobile App
The mobile app offers a convenient way to manage your funds on the go. Follow these steps to complete a withdrawal from your iOS or Android device.
Step 1: Sell Your Cryptocurrency
Open the Coinbase app and navigate to the Home screen. Tap the "Sell" button. You will then be prompted to select the specific crypto asset you wish to sell, such as Bitcoin or Ethereum, and enter the amount. After reviewing the transaction details on the "Preview sell" screen, confirm the sale by tapping "Sell now". The proceeds will be credited to your fiat wallet.
Step 2: Initiate the Bank Withdrawal
Once the fiat currency from your sale is available (any holding period has passed), you can withdraw it. From the Home screen, tap the three dots (…) to access the menu and select "Cash out". Enter the amount you wish to withdraw and select your preferred withdrawal method.
Step 3: Confirm and Complete
Tap "Preview cash out" to review all transaction details, including any fees. If everything is correct, finalize the process by tapping "Cash out now". You will receive a confirmation, and the funds will be on their way to your bank account.
How To Withdraw From the Coinbase Website
For those who prefer managing their portfolio on a desktop, the web platform provides a comprehensive interface for withdrawals.
Step 1: Convert Crypto to Fiat
Go to coinbase.com and log in. Click on the "Buy / Sell" button located in the top navigation bar. On the new page, ensure you are on the "Sell" tab. Select the cryptocurrency you want to sell, choose the fiat currency you want to receive, and enter the amount. Click "Preview Sell" to review the transaction details and confirm the sale.
Step 2: Access Your Fiat Balance
After the sale is complete, click on the "Portfolio" link in the left-hand menu. Scroll down to "Your assets" and click on the fiat currency you now hold, such as "US Dollar". This will take you to a details page for that currency.
Step 3: Withdraw Funds
On your fiat currency page, you will see your balance with options to Deposit or Withdraw. Click "Withdraw". A menu will appear prompting you to enter the amount you wish to withdraw and to select your preferred payment method from your previously linked accounts.
Step 4: Choose a Payout Method and Finalize
Select how you want to receive your money (e.g., bank transfer, PayPal). 👉 Explore secure payout options. Confirm all the details are correct and click "Withdraw now" to complete the transaction.
How To Add a Payment Method
To withdraw funds, you must first link a payout method to your Coinbase account. The available options—such as bank transfers, PayPal, or wire transfers—vary significantly by country.
On the Mobile App
- Tap the menu icon (three horizontal lines) in the app.
- Go to "Profile & Settings".
- Select "Add a payment method".
- Choose your desired option and follow the instructions to verify your banking details securely.
On the Website
- Click your profile picture in the top-right corner and select "Settings".
- Navigate to the "Payment Methods" tab.
- Click "Link a New Account".
- A dialog box will show all available methods for your region. Select one and follow the on-screen guide to provide and confirm your information.
Frequently Asked Questions
How long does a Coinbase withdrawal take?
Withdrawal times typically range from 1 to 5 business days. The exact timing depends on your selected payout method and your country's banking processes. You can always check the estimated arrival date for any pending transaction within your Coinbase account.
Why can’t I withdraw my money from Coinbase?
Several common issues can prevent withdrawals. These include an unverified account, incomplete identity checks, security flags on your account, recent credit card purchases that are still under a hold period, or regulatory restrictions in your specific country.
Can I withdraw directly from Coinbase to my bank account?
Yes, you can withdraw fiat currency directly to a linked bank account. However, you must first sell your cryptocurrency assets for fiat within your Coinbase wallet before the withdrawal option becomes available.
Are there fees for withdrawing?
Coinbase may charge a small fee for certain withdrawal methods, such as wire transfers. These fees are always displayed transparently before you confirm any transaction, allowing you to review the final amount you will receive.
What is the minimum withdrawal amount?
The minimum amount required for a withdrawal can vary based on your chosen payment method and currency. This information is displayed within the withdrawal interface on both the app and website when you initiate a transfer.
What if my country isn’t supported for withdrawals?
If direct bank withdrawals are not supported in your region, you might need to use a different cryptocurrency exchange that offers peer-to-peer (P2P) trading services. These platforms can sometimes provide alternative methods to convert and withdraw your funds. 👉 Learn more about advanced financial strategies.
Conclusion
Transferring your money from Coinbase to your bank account is a straightforward process designed for user convenience. The key steps involve selling your crypto for fiat currency and then transferring that balance to your linked bank account or other payment method. Always ensure your account is verified and that you are aware of any potential holding periods or fees associated with your chosen withdrawal option. By following this guide, you can confidently manage your digital assets and access your funds whenever you need them.