recent technology advancements in the crypto world, today it is possible to spend our cryptocurrencies in our daily transactions. You can even pay your utility bills with digital currencies in many countries such as El Salvador, Japan, the US, Germany, and other European countries. Canada You can shop on websites or on some branded stores, car dealerships, real estate agencies, restaurants, gyms, universities, clinics. Even though over 100,000 businesses accept cryptocurrency all around the world, it is not fully possible yet. Also some of the countries like China, Algeria, Morocco, Afghanistan are still very strict on cryptocurrency use.
There are a couple of reasons for these strict restrictions. First of all digital currencies have anonymity and carry risk of illegal operations. Also decentralization plays a big role as some governments are reluctant to lose control over the economy. If you live in a country where digital currencies are not welcome yet or you want to spend your digital currency where crypto is not available, you don’t need to worry because there is an easy and effective solution. For certain transactions or to spend cash you need fiat money. It is possible to transfer your digital assets to your regular bank account and spend them. Bitcoin or overall crypto currency transactions are instant and converting your money into cash might take a little bit more effort. However once you understand the process and choose a trustworthy service provider it won’t be complicated to exchange your digital currency into any fiat money.
Can I Transfer my Cryptocurrency Directly to My Bank Account?
It is not possible to directly transfer your digital assets in your bank account. You need a crypto wallet to exchange your money. Your digital assets exist on decentralized blockchain and traditional banks only support fiat money. To transfer your Bitcoin or any other digital currency first you need to sell it on an exchange platform then you can transfer it to your bank account.
How can I convert my Bitcoin into cash on Exchange Platforms?
There are many reliable exchange platforms or marketplaces where you can sell or buy cryptocurrencies such as Bitcoin. You can use these platforms to cash out your Bitcoin and transfer it into your bank account. Some platforms have their unique design for users or might offer slightly different services however in general there are couple of simple steps:
- Open an account on a trusted crypto exchange like Binance or similar trusted service provider and complete the verification process. If you don’t know which one is good for you, do your research and make sure you choose a reliable service provider.
- Deposit your Crypto/Bitcoin from your personal crypto wallet into the exchange account. Transferring between wallets and exchanges usually are not instant and might take up to 30 minutes or more depending on the platform.
- Sell your Crypto/Bitcoin on the exchange marketplace by placing a “sell order” and choosing the fiat currency you want in return, such as USD or EUR. The exchange will instantly credit your account.
- Withdraw the funds from the exchange platform by providing your bank account details where you want to transfer the money. Some exchanges deposit funds within 5-7 business days and if you want instant transfers they might charge you high transfer fees.
- Once the cash arrives in your bank account, now you can spend or save. Remember that some exchanges also charge withdrawal fees.
It is important to choose a trusted crypto exchange platform. This is currently the most straightforward process, although there might be additional transaction fees. Be sure to choose an established platform with robust security features and good customer service.
Is There a Faster Way to Transfer Crypto/Bitcoin to a Bank Account?
As we have mentioned before, wire transfers might take up to 5 business days which might be inconvenient. However if you open a bank account in a crypto friendly bank you can shorten this time period. As these banks support digital currencies they will offer faster and easier transactions. Also these options offer better exchange rates which is quite beneficial for your budget.
How to choose the right Crypto/Bitcoin friendly bank?
As cryptocurrency use became more common these days, most online banks adapted their systems to offer best solutions to its clients. If you want to know how to choose the best crypto friendly bank for your needs here are some recommendations for you.
Go for a trusted and popular online provider. Do research and read the opinions of other users to have an idea of their experiences.
An established and licensed financial institution will give you confidence that your funds are protected by the same regulatory safeguards as traditional bank deposits.
Look for a provider that offers a multicurrency account option. As you can manage all your currencies from a single account, this will facilitate your transactions without a need to have separate accounts for each currency that you would like to manage.
Check if the service provider integrated digital asset exchange functionality. This functionality will enable the sell and buy cryptos without leaving your banking interface so you can complete all processes within your account.
External wallet transactions are important and make sure that your service provider is compatible with transactions through other wallets or hardware/software wallets.
Time is money, a good provider should offer instant transfers for your exchange transactions between digital and fiat currencies and you don’t need to wait for hours or days to get your fiat money into your account.
For all your transactions whether its crypto or fiat money look for advanced security and customer support. Encryption, 2-factor authentication and personalized account protection measures are very important. This will ensure that your data stays completely safeguarded at all times.
An app with personalised settings will help you along the way. With exchange settings to modify things like language, currency displays, order types you can accelerate your operations from your smartphone or tablet.
Jeton offers several financial services that you need for all your transactions with cryptocurrencies or fiat money. Visit our homepage or blog to get more detailed information that you need to know about crypto/bitcoin transactions.
