How to Transfer from Crypto Wallet to Fiat Wallet

Published: April 6, 2024 | Last Updated: April 7, 2024

Hudson Kisia

Hudson Kisia has been researching and writing content for ElementalCrypto since 2022. He has been writing about crypto, blockchains, and mining for more than 5 years now.

In this post, I am going to show you the general procedures for transferring your money from a crypto wallet to a fiat wallet. This applies to any crypto exchange platform of your choice.

However, since crypto platforms differ in terms of design and procedures, I am going to use Crypto.com as an example.

General procedures

Crypto to fiat transfer
Crypto to fiat transfer

These general procedures are common to most crypto companies, except for minor customizations.  

To transfer your crypto assets to your fiat wallet, do the following:

 

1. Login to your crypto exchange account

In case you don’t have a crypto exchange account, or your existing exchange does not support fiat withdrawal methods, do the following:

  1. Choose your preferred crypto exchange – this should be a crypto exchange platform that supports fiat withdrawal methods such as a debit card, credit card, or direct wire transfer.
  2. Create an account on your chosen exchange – for fiat withdrawal, most crypto platforms will require you to verify your identity details such as National ID, phone number, and email address. You may also need to set up a two-factor authentication mechanism.
  3. Add your cryptocurrency wallet – this is the wallet to which you will deposit your crypto digital assets.
  4. Deposit cryptos into your wallet – these are cryptos that you’ve just bought or transferred from a crypto exchange platform that doesn’t support fiat withdrawal methods.

2. Link your online bank account

In case you intend to transfer your fiat money from your crypto exchange to an external wallet in your online bank account, you need to take this step well in advance.

Most cryptocurrency exchanges require you to link your online bank account before using it. This allows advance verification of your online bank account.

The verification is done by sending a small amount of fiat money from your exchange account into your bank account and then asking you to send it back to a designated bank account or to provide a short transaction code of the sent money from your bank statement.

The confirmation window may last up to 2 business days after which your bank account will be linked to your digital wallet. Most exchanges will send you a confirmation email. Once confirmed, you can then proceed to place a sell order.

3. Place a sell order

To convert your crypto assets into fiat currency, you need to make an order to sell cryptocurrency. Visit the crypto market section of your crypto exchange platform to place this order.

After successfully placing an order and making a sale, you will receive your sales proceeds in the form of the fiat currency of your choice.

You can now proceed to use your funds as you desire.

4. Use your funds

Now that you have fiat funds in your fiat currency wallet, you can go ahead and use your fiat money. This includes buying other digital assets or sending the funds to your online bank account to make digital cash withdrawals.

The Crypto.com procedures

Crypto.com exchange wallet to fiat wallet transfer
Crypto.com exchange wallet to fiat wallet transfer

One of the most user-friendly online crypto platforms is Crypto.com. It has become one of the go-to platforms for beginners and experienced traders alike.

The following steps will enable you to successfully transfer your crypto assets from the Crypto.com exchange wallet to the Crypto.com fiat currency wallet:

1. Grasp the Crypto.com rationale

Why did I choose Crypto.com as an example? Crypto.com has a cryptocurrency wallet for storing your crypto assets and a fiat currency wallet for keeping your fiat money. This makes it easy to transfer your money from one type of crypto.com exchange wallet to another. It also supports more than 20 fiat currencies. You can visit the Crypto.com website for a complete list of cryptocurrencies that it supports. By supporting fiat currencies, Crypto.com also makes it easy to make bank transfers to and from your fiat currency wallet.

Crypto.com may be your best choice if your platform does not support:

  • crypto-to-fiat transfers
  • your preferred fiat currency
  • your independent third-party crypto wallet
  • crypto-fiat transactions in your location

Furthermore, Crypto.com charges competitive fees and fair conversion rates. Thus, if your platform charges exorbitant transaction fees, network fees, or withdrawal fees, then Crypto.com could be your ideal choice.

In addition, Crypto.com users have shown greater user experience as evidenced by various online reviews. Apart from a simple user-friendly interface and straightforward process, another thing that boosts user experience is the advanced security features designed to protect users from loss of funds.

2. Understand the nature of Crypto.com fiat wallets

Fiat currency wallet interface
Fiat currency wallet interface

Crypto.com supports the following fiat currency wallets:

USD wallet

This wallet is used to hold the United States Dollar (US Dollar). To learn more about Crypto.com’s USD fiat wallet, click on the following links:

EUR wallet

To learn more about Crypto.com’s EUR wallet, click on the following links:

CAD wallet 

To learn more about Crypto.com’s CAD wallet, click on the following links:

GBP wallet

To learn more about Crypto.com’s GBP wallet, click on the following links:

AUD wallet 

  To learn more about Crypto.com’s AUD wallet, click on the following links:

SGD wallet

To learn more about Crypto.com’s SGD wallet, click on the following links:

TRY wallet

To learn more about Crypto.com’s TRY wallet, click on the following links:

BRL wallet 

To learn more about Crypto.com’s BRL wallet, click on the following links:

3. Follow the Crypto.com transfer procedures

The following steps will enable you to successfully transfer your fiat funds from Crypto.com:

  1. On the Crypto.com app home page, select ‘Accounts’
  2. Then, select ‘Fiat Wallet’
  3. Next, select ‘Sell Crypto’
  4. Afterward, select the crypto assets you would like to sell to receive the USD
  5. Then, select ‘Cash’
  6. In the dialog box, enter the amount of crypto you wish to convert
  7. Verify the transaction details on the Confirmation window that will pop up
  8. Complete the sell transaction to receive your USD funds

What if your crypto exchange does not support crypto-to-fiat transfers?

In this case, you will need to transfer your money to a crypto exchange or wallet that supports fiat transactions.

Let’s take an example of transferring your cryptos from an external crypto wallet to a Crypto.com exchange wallet. You will need to do the following:

  1. Implement step (1) of the ‘General procedures’ above, including steps 1(a), (b), and (c). In this case, let Crypto.com be your preferred crypto exchange platform.
  2. Login to your Crypto.com app
  3. Once in your Crypto.com Account, navigate to the Home screen and then select ‘Accounts’
  4. Tap on ‘Crypto Wallet’
  5. Choose the crypto digital asset you want to deposit
  6. Select ‘Deposit’
  7. Capture the deposit address or QR Code from the popup that comes up
  8. Go to your external wallet
  9. Enter the captured Crypto.com deposit address into your external wallet
  10. Enter the amount of crypto you wish to deposit
  11. Submit the transaction
  12. Confirm the deposit into your Crypto.com deposit account after the waiting period

What if you want to transfer from Crypto.com to an external fiat wallet?

Cryto.com fiat wallet setup
Cryto.com fiat wallet setup

In case you need to transfer from Crypto.com to an external fiat wallet, go to your fiat wallet app and do the following:

  1. Log in to your Crypto.com account and head to the ‘Wallet’ page
  2. Click/Tap on the ‘Transfer’ tab
  3. Next, select ‘Withdrawal’
  4. Then, choose ‘External Wallet’
  5. On the ‘Withdrawal Address Allowlisting’ that comes up, click/tap on the ‘+’ button
  6. Choose ‘Wallet Address’ and insert your external wallet address. If available, take advantage of the QR Code scanner to scan your external wallet address.
  7.  If you are going to make recurrent transfers, then, it is ideal to save your external wallet address under a name so that you won’t have to scan the address every other time that you want to make such a transfer.
  8. Press ‘Continue’ to complete the crypto transfer process
  9. Wait for the confirmation email from Crypto.com
  10. Check to make sure that your external fiat wallet has received the funds

Why the need to make a transfer?

While cryptocurrencies are gaining wider acceptance as a means of payment, they are still far from being used in day-to-day transactions. This means that if you want to carry out day-to-day transactions, you will need to convert them into fiat currencies. This necessitates transferring your crypto assets from the crypto wallet to the fiat currency wallet.

Over time, as the crypto economy grows, transferring your crypto assets directly to crypto-friendly banks via ACH transfers without the need to convert to government-issued currency will be possible. Already, there is a widespread Bitcoin ATMs that allow direct withdrawal of crypto funds while some coffee shops accept crypto payment directly from your crypto wallet. The rise of Central Bank Digital Currency (CBDC) is another positive step towards formalizing the use of cryptocurrency.

Transfer guides

Hudson Kisia has been researching and writing content for ElementalCrypto since 2022. He has been writing about crypto, blockchains, and mining for more than 5 years now.

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