How to Transfer Cryptocurrency to Your Bank Account (A Step-by-Step Guide)

December 14, 2023
November 9, 2023
< 3 min read

In the world of cryptocurrency, one of the most common questions people have is how to turn their digital assets into traditional fiat currency. While cryptocurrencies have gained immense popularity and value over the years, there are still times when you might need to convert your crypto holdings into cash. In this article, we'll explore the process of transferring cryptocurrency to your bank account, providing you with a step-by-step guide on how to do it safely and efficiently.

How Does Transfering Cryptocurrency to Your Bank Account Work?

Transferring cryptocurrency to your bank account is the process of converting digital assets, such as Bitcoin or Ethereum, into traditional fiat currency, like USD, EUR, or any other local currency. This conversion enables users to access real-world funds that can be used for various purposes, from everyday expenses to larger investments.

The importance of this process lies in its practicality and versatility. Cryptocurrencies, while gaining popularity, are not universally accepted as a means of payment, and their value can be highly volatile. Converting to fiat currency provides stability and liquidity, allowing individuals to make purchases, pay bills, or simply cash out their crypto holdings when needed. To perform this transfer, users typically use reputable cryptocurrency gateways, exchanges, wallets, complete necessary verifications, and then sell their digital assets for their desired fiat currency. The converted funds are then withdrawn to their linked bank accounts, ensuring easy access to traditional money in a secure and regulated manner.

Wallets and Exchanges

Cryptocurrency wallets, exchanges and gateways are essential in the transfer process between digital assets and traditional fiat currency. Wallets provide secure storage for cryptocurrencies, with each wallet having a unique public address for receiving funds and a private key for authorizing transactions. To transfer cryptocurrency to a bank account, users typically start by sending their digital assets from their wallet to a cryptocurrency exchange. Exchanges serve as marketplaces where users can sell their cryptocurrencies for fiat currency. Once the sale is complete, users can withdraw the converted funds to their linked bank accounts. Gateways allow you to withdraw cryptocurrency directly to your bank account quickly and without third-party platforms and additional steps.These three components ensure the secure and efficient conversion of digital assets into real-world money.

In the process of transferring cryptocurrency to a bank account, users usually initiate the journey by sending their crypto holdings to a cryptocurrency exchange, wallet and geteway. This step is fundamental because all this companies and products serve as intermediaries where users can sell or trade their digital assets for traditional fiat currency. By depositing their cryptocurrency on the exchange, users gain access to a marketplace that enables them to create sell orders, specifying the amount they wish to sell and the desired price. Once a buyer matches their order, the cryptocurrency is sold, and the equivalent amount in their chosen fiat currency is credited to their exchange account. This step paves the way for the subsequent withdrawal to a linked bank account.

There are other conversion methods, such as payment gateways and off-ramp solutions such as Swaps.app. In this case, you do not need to have an account on the exchange, create and make a transaction to sell your crypto, you can send cryptocurrency directly through swaps.app Sell and receive the conversion of your digital assets directly to your bank account almost instantly with a commission of approximately 1%.

Choosing the Right Exchange

Selecting reputable cryptocurrency services is crucial for a secure and trustworthy experience. When choosing a cryptocurrency exchange, prioritize factors such as security measures, regulatory compliance, user feedback, and the range of supported cryptocurrencies. Established exchanges like:

  • Coinbase
  • Binance
  • Kraken 
  • OKX 
  • KuCoin

are generally reliable choices. For wallets, opt for reputable options such as hardware wallets e.g.:

  • Ledger Nano S
  • Trezor

or well-reviewed software wallets e.g: 

  • Trust Wallet
  • Exodus
  • MetaMask

When considering separate off-ramps solutions like Swaps for converting cryptocurrency to fiat choose services based on key factors like security, fees, supported currencies, and user experience. Security is paramount; opt for exchanges with robust measures, like two-factor authentication and cold storage. Pay attention to fees, including trading, withdrawal, and deposit costs, which can vary significantly. Ensure the exchange company supports the specific cryptocurrencies you intend to trade. Lastly, a user-friendly interface and responsive customer support can greatly enhance your experience. Evaluate these factors to make an informed decision, selecting an provider that aligns with your needs, while prioritizing security and cost-efficiency.

How To Transfer Crypto To Bank Account by Swaps

1. Go to swaps.app and choose Sell. Select payment method - Bank transfer. Specify the crypto and fiat amount to make a transfer. Confirm your choice.

2. Log in your account and pass KYC if you haven't done this before (required only once)

3. Specify wallet payment details (beneficiary name and IBAN) and confirm this step.

4. Use Swaps deposit wallet address for sending your crypto for exchange.

5. Receive your fiat currency on your bank account

KYC and Verification

The Know Your Customer (KYC) process is a standard requirement for most cryptocurrency exchanges and platforms. It entails users providing personal identification information, such as passports or driver's licenses, proof of address, and, in some cases, a photo of themselves. KYC helps verify users' identities, prevent fraud, and ensure compliance with anti-money laundering (AML) and counter-terrorism financing regulations. While it may seem intrusive to some, KYC is crucial for maintaining the integrity of the cryptocurrency ecosystem and fostering a secure, transparent environment for all participants. It is a necessary step to protect against illicit activities and enhance the legitimacy of the cryptocurrency industry.

1. Privacy Terms.

Make sure your web or mobile camera is connected and working. Click “Start” and follow the instructions displayed on the screen.

2. ID document

Select the country and document-type of the ID you wish to use. Upload the photos of the ID document (you can use desktop or mobile devices)

3. Lliveness Check

Pass liveness Check. Face the camera and slowly rotate your head in a full circle to complete our liveness verification.

4. Proof of Residence

Submit photos of proof of residence documents for validation—the same way you uploaded your ID document.

5. Submitting Your Application

Other Options of Withdrawing Crypto

Withdraw at a Bitcoin ATM

  1. Locate a nearby Bitcoin ATM using online directories or apps.
  2. Approach the machine and select the "Withdraw" or "Cash Out" option.
  3. Follow the on-screen instructions to input the withdrawal amount.
  4. Scan the QR code from your mobile Bitcoin wallet or insert a paper wallet into the machine.
  5. Confirm the transaction and wait for the ATM to dispense the requested cash.
  6. Take your cash and ensure you secure it safely. Bitcoin ATMs offer a convenient way to convert digital currency into physical cash.

Bitcoin debit cards

Bitcoin debit cards are prepaid cards linked to a cryptocurrency wallet that enable users to spend their Bitcoin at merchants and ATMs accepting debit or credit cards. These cards convert Bitcoin into local fiat currency for transactions, providing a bridge between digital assets and everyday spending.

Peer-to-Peer (P2P) transactions

One more option for withdrawn crypto is Peer-to-Peer (P2P) transactions. Where you transfer your digital assets directly to another individual in exchange for traditional currency or other cryptocurrencies. P2P transactions cut out intermediaries, offering a decentralized way to convert and access your crypto holdings in a mutually agreed-upon trade with another user.


Transferring cryptocurrency to your bank account can be a straightforward process when you follow these steps and use a reliable exchange platform. Keep in mind that the cryptocurrency market is highly volatile, so it's essential to plan your conversions strategically. By choosing a trust crypto payment provider, completing the necessary verifications, and staying informed about fees and tax obligations, you can safely and efficiently convert your digital assets into traditional fiat currency when needed.


How do I withdraw money from crypto to my bank account?

Can you transfer crypto to money?

What fee should I pay for withdrawing cryptocurrency to a bank account?

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Swaps, and Swaps is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Swaps is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Swaps of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of Swaps.

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