How To Transfer Money From Crypto.com To Bank Account [Updated]

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How To Transfer Money From Crypto.com To Bank Account

As the popularity of cryptocurrency continues to grow, many users are looking for ways to transfer their funds from crypto exchanges to their bank accounts. Crypto.com is a popular cryptocurrency exchange that allows users to buy, sell, and store their cryptocurrencies. In this article, we will provide a step-by-step guide on how to transfer/withdraw money from Crypto.com to your bank account.

đź“šRelated: How to Fix Crypto.com App Not Working?

Step-by-Step Guide to Transfer Money from Crypto.com to Your Bank Account

1. Set Up Your Fiat Wallet

Before you can transfer money to your bank account, you need to set up your Fiat Wallet on Crypto.com. Here’s how:

  • Open the Crypto.com App: Launch the app on your mobile device.
  • Navigate to Accounts: Tap on the “Accounts” tab at the bottom of the screen.
  • Select Fiat Wallet: Choose the “Fiat Wallet” option to proceed.

2. Link Your Bank Account

To withdraw funds, you must link your bank account to your Crypto.com account. Follow these steps:

  • Tap on Transfer: Within the Fiat Wallet, tap on the “Transfer” button.
  • Select Withdraw: Choose the “Withdraw” option.
  • Add Bank Account: If you haven’t linked a bank account yet, you’ll need to add one. Enter your bank account details, including the IBAN number if required. Ensure the name on the bank account matches the name on your Crypto.com account to avoid any issues.

3. Convert Crypto to Fiat (If Necessary)

If you need to convert your cryptocurrency to fiat currency before withdrawing, follow these steps:

  • Go to Accounts: Tap on “Accounts” in the Crypto.com app.
  • Select Crypto Wallet: Choose the cryptocurrency you want to convert.
  • Tap on Sell Crypto: Select the “Sell Crypto” option.
  • Choose Fiat Wallet: Select the fiat currency you want to convert to (e.g., USD, SGD).
  • Enter Amount: Input the amount you wish to convert and confirm the transaction.

4. Initiate the Withdrawal

Once your fiat currency is ready in your Fiat Wallet, you can proceed with the withdrawal:

  • Go to Fiat Wallet: Navigate back to your Fiat Wallet.
  • Tap on Transfer: Select “Transfer” and then “Withdraw.”
  • Choose Bank Account: Select the bank account you want to withdraw to.
  • Enter Withdrawal Amount: Input the amount you wish to withdraw.
  • Confirm Withdrawal: Review the details and confirm the withdrawal request.

5. Wait for Processing

After confirming your withdrawal, Crypto.com will process your request. The processing time can vary:

  • Standard Processing Time: Typically, it takes about 3-5 business days for the funds to appear in your bank account.
  • Notification: You will receive a notification once the withdrawal is processed.

Important Considerations To Transfer Money From Crypto.com To Bank Account

Withdrawal Limits and Fees

  • Daily Withdrawal Limit: Up to SGD 200,000 per day.
  • Monthly Withdrawal Limit: Up to SGD 2,700,000 per month.
  • Minimum Withdrawal Amount: SGD 50.
  • Withdrawal Fee: SGD 1.99 per transaction.

Bank Account Verification

  • Verification Process: You may need to verify your bank account by depositing a small amount from your bank to Crypto.com. This process can take a few days to a couple of weeks6.
  • Matching Names: Ensure the name on your bank account matches the name on your Crypto.com account to avoid failed withdrawals and potential fees.

FAQs Related To Transfer From Crypto.com To Bank

How long does it take to transfer money from crypto.com to my bank account

The transfer time may vary depending on the cryptocurrency and your bank’s processing times. It can take anywhere from a few minutes to a few days.

Are there any fees for transferring money from crypto.com to my bank account?

Yes, crypto.com charges a small fee for withdrawals. The fee amount will be displayed on the withdrawal page.

Is it safe to transfer money from crypto.com to my bank account?

Yes, transferring money from crypto.com to your bank account is safe. crypto.com uses advanced security measures to protect your funds, and your bank account is also secure. However, make sure to enable 2FA on your crypto.com account for added security.

Conclusion

Transferring money from Crypto.com to your bank account is a multi-step process that involves setting up your Fiat Wallet, linking your bank account, converting crypto to fiat (if necessary), and initiating the withdrawal. By following these steps, you can ensure a smooth and efficient transfer of funds. Always be mindful of the withdrawal limits, fees, and processing times to manage your transactions effectively.

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