Topic: How do you withdraw your cryptocurrency from an exchange to a bank account - page 2. (Read 224 times)

Maybe you can try P2P in the exchange if you want to convert your crypto to money in your Bank Account.
This is the simple way in my country if anyone want to change crypto to money or money to crypto.

So are you looking to liquidate your cryptocurrency into a bank account? Then you have to find out which bank supports withdrawing from a crypto exchange. Because exchange would have partnerships only with a few banks, not with all the banks in your country. You have to find available options on your exchange to withdraw. You have to comply with government rules and taxation. Otherwise, you have to sell P2P and make cash deposits to your banks. You know better about cryptographic regulations in your country and can choose the safest way.

Why would you ever want a banking institution to hold your crypto nor am I aware of any doing that today.  Crypto was literally created so that people can get out from underneath these banking institutions and back in the hands of the people.  Why can't you just send it to a wallet where you control the keys?

If you go to a bank and ask about crypto, it seems like most of the answers will be the same. Not all employees at banks understand crypto and maybe they only know that crypto is dangerous and so on. So they of course give advice about not investing in crypto. it could even be that they will actually offer their products to invest in them. ha ha ha

In this case, the basic question is, how is crypto in your country? Is it legal or illegal? In my country's experience, crypto is legal as a commodity asset but not legal as a means of payment or currency. However, my country has several local exchanges which are already under government regulation. So, we can choose several bank accounts provided automatically by local exchanges so that we can make deposits or withdrawals very easily, with low costs and very fast time. And so far I've had no problem doing that. There's no need to go to the bank here, so go straight to the local exchange platform and make a fiat withdrawal to our bank account. However, maybe it is different in your country, so first understand what is happening in your country and whether there is a local exchange that provides direct withdrawals to your personal bank account, so you don't need to come directly to ask the destination bank first.

in my country it is very easy to withdraw my money from cryptocurrency to the bank, because I use a local exchange, so when withdrawing money from the exchange, I only need to enter the account number and bank name, then the process is also very fast (at most takes 1-2 hours for my funds go into my bank account) or sometimes I also use p2p from Binance if I want to withdraw my funds in cryptocurrency quickly and there are no problems at all as long as I use p2p from Binance (my money goes safely to my bank account).

According to a report that I read, only a few banks in the UK are now processing bitcoin and other cryptocurrency-related transactions.

Although you can read HERE, only Revolut, Monzo, Xace, Cashaa, Orounda, Royal Bank of Scotland, NatWest, Nationwide, Barclays, Santander, Metro Bank, and Halifax all allow payments to Coinbase.

I am not in the UK, but depending on the exchange that is allowed there, for example, Binance and Coinbase, you can check if they have a P2P feature or you can look out for a crypto-friendly bank in the UK. From the above mentioned, I think Revolut is more crypto-friendly.

we know banks don't like it. its employers i guess are also trained to respond that way when someone asks about crypto.
if you mean converting your crypto to cash going to your bank account, you can try the p2p in the exchange where a user you can deal with will send the cash going to your bank account while the bank will have no idea about your exchange. but if you mean withdrawing your BTC going to bank, it's not possible. banks don't have BTC wallets for you. 

I feel for you having those crappy bank experiences.  Some of them act so sketchy about crypto,  and this can be frustrating. Have you given Revolut a shot? Last I checked they do stuff with cryptocurrency and operate in the UK and  might be worth looking into if the banks near you wont get with the times.

Today i went to 5 banks to ask if they would be any problem withdrawing my crypto from an exchange to the bank. I let them know, i will have all the evidence they will need. they seemed very hostile to the topic of crypto. one bank went as far to tell me to not buy crypto.
I came across a lovely lady Today in the bank and she honestly let me know that i should not withdraw my crypto and deposit it to the bank because the bank will freeze the account even if you have evidence, because they do not know how to deal with the asset. I am from the United kingdom and would like to know the safest way to withdraw my crypto and put it in a bank

thank you for your comments