As a leading crypto educator with over 5 years experience helping users navigate the world of bitcoin and blockchain, one of the most common questions I get asked is:
"How do I withdraw my funds from Crypto.com back into my bank account?"
This comprehensive 2,200+ word guide aims to answer that question in exhaustive detail, with specialized tips for readers worldwide.
So whether you just signed up for a Crypto.com account to dip your toes into crypto, or you‘re a seasoned HODLer looking to take some profit, you‘ll learn the ins and outs of seamlessly connecting your bank account and withdrawing fiat currency.
Let‘s get started!
Key Things to Know Before Withdrawing
Before I walk you through the nitty-gritty steps, context is key. Let‘s quickly cover some crucial information about the Crypto.com withdrawal process.
Withdrawal Time
While Crypto.com processes withdrawals quickly on their end, bank transfers can take 3-5 working days to reflect in your account. This is because the fiat transfer needs to be cleared and settled across global financial networks, involving intermediary banks along the way.
For UK bank accounts, I‘ve found transfers usually arrive in 2-3 days, while non-UK transfers take closer to 5 days in my experience.
Withdrawal Fees
The good news is Crypto.com does not charge a fee for withdrawals to bank accounts. However, your receiving bank may charge incoming international wire transfer fees. These are typically small though – around $5-15 per transfer.
I recommend checking with your bank to confirm if they charge incoming wire fees. If the fees are high, you can compare them against other banks and potentially switch to one with lower charges.
Withdrawal Limits
Here are the standard Crypto.com withdrawal limits per transaction:
- Minimum withdrawal: $100
- Maximum withdrawal with basic verification: $50,000
- Maximum withdrawal with enhanced verification: $1 million
So unless you‘ve got over 50K sitting in your Crypto.com account, you likely won‘t run into any limits.
Do note that these are per transfer limits. You can conduct multiple withdrawals spread across days or weeks.
Supported Currencies
One very useful feature of Crypto.com is that they support withdrawals to bank accounts in over 20 major fiat currencies.
So whether your bank account is denominated in US dollars, British pounds, Euros, Australian dollars etc. you should be covered. To see the full list of supported currencies and banks, check the withdrawal page in your Crypto.com app.
Necessary Account Verification
To enable fiat withdrawals, you need to complete identity verification on Crypto.com uploading government ID and address proof documents.
Without verification, crypto withdrawals to external wallets are allowed. But fiat withdrawals to banks remain locked for security reasons as mandated by global AML laws.
Step 1: Sell Crypto for Fiat
You might be wondering – why sell crypto first before withdrawing?
Well, Crypto.com handles all transactions in crypto behind the scenes. So to withdraw funds in fiat currency, the platform first exchanges your crypto to fiat at the current market rate, before initiating the bank transfer in the currency you choose.
Let‘s look at how to convert your crypto:
If Holding Bitcoin (BTC)
- In the Crypto.com app, navigate to your BTC wallet
- Tap Trade > Select Currency > British Pounds for UK users or Euros for EU users > Tap Max if selling entire balance
- Confirm sale details > Tap Sell to exchange BTC for GBP/EUR
If Holding Ethereum (ETH)
- In the Crypto.com app, navigate to your ETH wallet
- Tap Trade > Select Currency > Australian Dollars for AU users > Tap Max if selling entire balance
- Confirm sale details > Tap Sell to exchange ETH for AUD
You get the idea! Rinse and repeat for any crypto coin you wish to liquidate.
Step 2: Navigate to Fiat Wallet
Once your crypto sale completes, you‘ll see the converted fiat amount reflected in your Fiat Wallet.
This is essentially a ledger of all your fiat holdings across currencies like USD, EUR, GBP etc.
- From your Crypto.com app home screen, tap the logo to open the side menu
- Tap on ‘Fiat Wallet‘ to see your list of fiat currency balances
Here‘s a preview:
Now you‘re all set for withdrawing to your bank!
Step 3: Withdraw Money to Bank Account
This is the final step where we actually initiate the withdrawal over the blockchain rails into your bank account.
- Inside your fiat wallet, tap Transfer > Withdraw
- Select your preferred Fiat Currency (bank account currency)
- Enter the withdrawal amount in digits. Tap MAX if transferring the entire balance
- Choose your receiving bank account from the list of connected accounts
- Carefully review the provided withdrawal details & fees (if any)
- Confirm & submit the withdrawal request
Here‘s a glimpse of the withdrawal flow:
And voila! Sit back as your withdrawal gets processed and the funds hit your connected bank account within the next 3-5 working days.
Oh and don‘t worry if your bank transfer takes the full 5 days to settle. As long as you received the withdrawal confirmation email from Crypto.com, your funds are on their way!
Pro Tip: Schedule Recurring Withdrawals
Tired of repeating withdrawals manually every time?
Use Crypto.com‘s recurring buy & withdraw feature to schedule automated transfers straight to your bank account on the 1st and 15th of each month!
Set it and forget it. Your passive crypto earnings can now passively flow into your bank account on autopilot!
How Do Crypto.com Withdrawals Compare?
So how does Crypto.com stack up against other heavyweights in the crypto exchange space when it comes to withdrawals?
Let‘s pit it against two of its biggest competitors – Coinbase and Binance:
Coinbase
- Faster withdrawals: 1-3 days
- Lower fees: Free ACH transfers for US users
- Higher limits: Up to $10,000 daily without enhanced verification
Binance
- Wider asset support: 100+ altcoins vs 30 on Crypto.com
- Lower minimum withdrawal: No minimum
- Delayed settlements: Average 7 days
Crypto.com
- More currencies supported: 20+ fiat currencies
- Beginner friendly: Everything within one mobile app
- $100 minimum withdrawal limit
- 3-5 day average transfer time
So while Coinbase edges out when it comes to US or UK users, Crypto.com has the advantage of supporting European/Asian bank accounts across a diverse currency range – all within an easy to use mobile experience.
Does Crypto.com Work With US/UK/EU Bank Accounts?
Given Crypto.com‘s global userbase, one of the most frequent questions that comes up is:
"Can I withdraw EUR / GBP / USD from my Crypto.com account to my European / UK / US bank account?"
The short answer is yes! Crypto.com has tailored support for bank accounts across Europe, the United Kingdom, and United States.
Here are some country-specific details:
Withdrawing GBP to UK Bank Accounts
Crypto.com supports withdrawing British Pound (GBP) funds into any UK bank account, as long as the bank account is under your personal name.
This includes high street banks like:
- Barclays
- HSBC
- Lloyds
- Natwest
- Santander
As well as popular fintech challengers like:
- Monzo
- Revolut
- Starling Bank
So simply link your UK account via sort code and account number, and you‘re all set to withdraw GBP!
Average withdrawal time is 2-3 working days.
Withdrawing EUR to European Bank Accounts
For European users, Crypto.com supports withdrawing Euros (EUR) to accounts across Single Euro Payment Area (SEPA) countries. This covers most of continental Europe.
Just link your valid International Bank Account Number (IBAN), provide your personal details, and you can seamlessly withdraw EUR to accounts like:
- Deutsche Bank
- Santander
- ING
- Revolut
Expect 3-5 working days for Euro withdrawals within Europe via SEPA transfer.
Withdrawing USD to US Bank Accounts
With its headquarters in California, Crypto.com goes the extra mile in supporting US users.
You can link an American bank account via Plaid and ACH to withdraw US Dollars (USD) directly.
This includes giant national banks such as:
- Bank of America
- Chase
- Citi
- Wells Fargo
As well as popular regional banks like:
- PNC
- US Bank
Go ahead and route your USD withdrawals from Crypto.com to any American bank seamlessly within 3-5 working days.
Troubleshooting: Why is My Withdrawal Delayed?
While Crypto.com processes withdrawals swiftly on their end, occasionally transfers to banks get stuck in no man‘s land spanning 3 days to 2 weeks.
Based on my experience helping users troubleshoot delayed withdrawals, here are some possible reasons:
Incorrect Bank Details
If you recently changed your bank account number or sort code, but forgot to update the details in your Crypto.com app, transfers can fail and remain pending. Always triple check bank details.
Recipient Bank Delays
Some banks flag or delay settling large international wire transfers for risk checks especially from crypto companies. Annoying, but re-confirm with your bank if they have received the incoming transfer request.
Enhanced Identity Verification
If your withdrawal amount is unusually large, Crypto.com may require an enhanced ID check including selfie, address proof etc. to comply with Anti-Money Laundering regulations globally. Verify if requested.
Maintaining Minimum Balance
Crypto.com requires you maintain a minimum fiat wallet balance equivalent to the withdrawal amount + fees locked for the entire processing period. Top-up your fiat balance if needed.
Key Takeaways
Phew, that was a long but rewarding journey! Let‘s round up the key pointers for withdrawing money from your Crypto.com account back into your bank account:
- First, exchange crypto for fiat money like EUR/GBP/USD/AUD inside the Crypto.com app
- Navigate to Fiat Wallet and tap Withdraw to send fiat to bank account
- Carefully enter bank details + withdrawal amount in digits
- Allow approximately 3-5 working days for transfers
- Check with bank if withdrawal delays beyond 5 days
- Reach out to 24/7 Crypto.com support if issues persist
I hope this guide covered everything you need to know about linking your bank account internationally and withdrawing money from Crypto.com – the world‘s fastest growing crypto app.
As a final tip, I recommend withdrawing test amounts first before moving large sums, just to build confidence in the process.
Let me know if you have any other questions in the comments!
[Bio: Varun is a cryptocurrency educator and author with 5+ years industry experience spanning corporate finance and blockchain startups. His writings aim to make crypto accessible for beginners worldwide. Connect @varun_crypto]