Topic: How do you withdraw your cryptocurrency from an exchange to a bank account (Read 255 times)

I've been using p2p to withdraw my funds from crypto. There are CEX that offers p2p like Binance, bybit, and kucoin. You may try to check the banks accepted on those exchanges that you can use or accept in your country. That way, you can easily withdraw your funds without being questioned by the bank.

Also, you don't have to go to different banks to discuss things such as withdrawing money from crypto to your bank. You will only let other people have their eyes on you. This is based on my experience.

That’s now going to be blamed on the person receiving the money and not on the P2P system. A platform like Binance clearly warns its users to never release cryptocurrency to the buyer until they have confirmed that the exact amount for the cryptocurrency being traded has been deposited into their bank. Don’t go checking your email or a text message, you should check your bank balance or even consult your bank manager (for those who do)

P2P can be the most troublesome method to sell your crypto to fiat if you fail to take countermeasures to prevent any fraudulent activities. Like I mentioned in my earlier comments, sometimes scammers send fake transaction messages to sellers so that unaware sellers release the funds without cross-checking the account balance online. If we need to have a trusted P2P platform where they charge a percent of transaction volume as fees then what is the point of using P2P methods if we are using an intermediary?

Exactlu, even though P2P is one of the most effective and safe ways to make transactions, especially making withdrawals to bank accounts, there are several things that must be paid attention to.

In this case, we have to find a P2P platform or platform that is truly trusted and reputable. So we won't be easily exposed to scams. Because no matter what, this is considered to be very risky of losing money. Not only that, scams using the P2P offering method are also widespread, so we must be careful in choosing the most reputable one.

If we want, there are actually several trusted members here who provide P2P services, so we can take advantage of this, so make sure that the member has a good reputation. It is indeed quite difficult if the country still prohibits Bitcoin or crypto transactions in any form. But fortunately, there are still several gaps so you can optimize it and still be able to withdraw.

One of the ways to sell your cryptocurrency is through peer to peer. In this way, we can sell our cryptocurrency and wait for the the buyer to pay before we confirm the trades. We should also calculate well before we sell our cryptocurrency so that we don't sell before the market price go up which would have given us extra profits. Understanding the cryptocurrency market isnimport because that is what is going to help us to make good decisions and benefit from the market.

You're almost close to putting yourself into trouble because has it  been that your country goes against the use of cryptocurrency they you might just have committed an offence purnishable out of ignorance, the network is p2p and you don't have to trust the person you're trading with, the exchange perform the transaction whole transparency to you both in serving as escrow, just follow the normal procedure in selling and that's all.

This can be a good way for people whose banks don't allow them to do crypto or fiat direct transfers from centralized exchanges. But this can be risky as i have seen that some people are sending fake messages to their contract email or number that are similar to the messages they get from their bank account after depositing the funds. There is no way the exchange can verify those transactions so the seller or buyer should be careful before releasing the funds.

P2P is the way to go pal! P2P means Peer to Peer, and that means that the person who wants  to buy your cryptocurrency will directly send the money to your account while you simply release the cryptocurrency to them. This way, the bank doesn’t know what money was sent to you or what for, it’ll be just a simple transaction like any other money you’d have received. Just make sure to tell the other person not to make it known that it is a cryptocurrency trade, some of these banks see crypto transactions as money laundering.

I don't know much about your country but the better way is to do safe transaction without fear of freezing or any other issue which become headache in the future. We use P2P in our country as bank doesn't have any support to crypto related transaction. One Bank manager itself trader of crypto tokens, holding many coins but he warn me to never make direct crypto payment via bank. We should be very careful with this especially when crypto is not regulated. I think UK bank are not against crypto because it is advance country then why banks afraid to accept crypto transaction.

Sorry op, I recommended binance earlier as an exchange to be used for p2p transact to fiat currency,  currently the news I just got about binance is now an evidence that it no more longer the trusted exchange that it use to be. There issue with the SEC might become more bigger than I ever imagined and it might lead to the shorting down of the exchange, so I recommend you make use of Coinbase or kraken exchange rather than using binance.

IMO, most of the banks aren't really into crypto, and telling them that you'll have transactions related to cryptocurrencies will give them an idea to flag you.
Much better if you have transactions is to not just tell them and just do it on your own. They can't take away your money, they will release it to you but might close the account if it's too much of a violation.
Other than that, I am not scared with these banks that are giving a flag to crypto transactions. Just tell them that someone have you paid in crypto but you don't know shit about it and you have to sell it so a bank transfer did the payment.

Op it seems we have thesame experience because in my country, withdrawal og crypto currency yo bank is not allowed and if you ho further to complete such transaction your fiat account would be frozen or ban including your fiat currency inside. So in cases like this what I do is, I send my crypto from my wallet to an exchange account, and from there I use the P2P trade to locate a buyer that would send me fiat to my bank account, the process is as simple as ABC you just need to have basic knowledge on how the exchange works and you'll be good. I would like to recommend binance exchange for you because, that is what I use most og the time, though it's not safe to keep you crypto in any exchange for long except you are willing to loose them, so it better to use an exchange only when you want to trade to your bank or buy crypto.

Well you need to be very careful with this cause there is many banks that do not like cryptocurrency. If it is a small bank it might not want to worry about risks associated with cryptocurrency.

I had to ask my bank if it was ok with me sending cryptocurrency from Binance to them. They did say it was ok for me to do that. But they also did say it was something new for them and the rules might change for me in the future. But for now the bank does not care.

The central bank in my country has banned banks from facilitating crypto transactions, but the ban has not affected our cryptocurrency transactions. We rely on p2p and exchanges for our crypto to fiat transactions, we can do direct p2p were you send coins into are a recipient's wallet and he sends fiat as agreed into your bank account. We also do p2p transactions on exchanges like Binance, where we transact with exchange Marchants, pay him coins through the exchange and the Marchant pays agreed amount of fiat into your bank account.

Bitcoin is decentralized and if works in Nigeria, then definitely it'll work in the UK. So if the banks are frustrating your crypto transactions then you can try the method that I mentioned above.

I think the best option is binance P2P. Not only your country has such restriction. I think there are many payment option to use in binance of which P2P is the best option to use. It will merge you to someone who will send you fiat and you will release your asset to s/he without putting crypto on the description or porpos of payment. Otherwise they will block your account.

In most countries withdrawing crypto to fiat from exchanges will not get into any trouble because it is a regulated entity just like any other service in the country but still banks may have policies against crypto-related transactions. So if your bank service provider is not crypto friendly then close all your bank accounts and only keep one that is the way of telling who is working for who. Still you can convert your crypto to fiat with no issue at all via p2p exchanges and they can't flag those transactions as crypto because its coming from other individual bank account.

One last thing the problem is not withdrawing your money from an exchange. that a simply process. The big problem is when your fiat money lands in a bank, the bank will take it upon themselves to freeze your account and this is what i was told. I went to move a 6 figure sum to the bank which only permits you to spend 5k a month on crypto. I hope people read this and are aware of the risk and be careful.

Thank you guys, I am going to make Revolut account and look at how the process of p2p works. I have never used p2p before. I need to be very careful because from what i was told today. Any exchange to do with crypto they will freeze and they have been many cases. Anyone from the UK and has withdraw their crypto to fiat into the bank.

again thanks for your help 

My first question would be: Did you ask about withdrawing money or withdrawing crypto? Because i don't know any banks that would allow crypto deposits, just money profits from it.

And what banks were you trying? and have you tried Revolut? That should be very crypto friendly, if you consider them as a "real" bank.

I just had to do quick check and according to google UK has several other crypto friendly banks, so that makes me wonder what exactly they said? Because with large crypto exchange fiat money withdraws you still would need to prove the origin of the money. Like where you did get the crypto for it and proof for that. Maybe they meant that they will freeze your account if you don't provide all the details for the money you are depositing.

But if you really can't open crypto friendly bank account in UK, then have you considered to have an account in bank of another crypto friendly country and using their visa or something?
Just don't try to withdraw money from there to hostile banks as they most likely will freeze your money if they suspect it has crypto origins.

Yes I agree with you if the OP converts to his native currency via P2P he can transfer from the cryptocurrency exchange to his bank account. There is no hassle and no need to go to any bank agent. Bank authorities will never take cognizance of issues related to cryptocurrencies. Especially if Bitcoin is not legal in the country. I think it's better for the OP to transfer money directly from his exchange to his bank using p2p instead of going to different banks and asking for help from bank agents. Op If you want to use p2p, you have to complete the KYC verification from the exchange and then add the payment method bank account in p2p.

Picture number 1

Picture number 2

Picture number 3

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