You can’t transfer money directly from your Coinbase Wallet to your bank account. You will need to use a crypto exchange as an intermediary or a payment platform like Moonpay. In this step-by-step guide, I will show you how I do it.
How to move money from Coinbase Wallet to Your Bank Account
First of all, when you say money I assume you mean crypto.
You cannot store fiat currencies like dollars, euros, or pesos on crypto wallets.
You can only hold digital assets.
The closest you can hold to fiat is a stablecoin such as USDT, DAI, or USDC which peg the value of their token to that of the US dollar (see What is pegging in crypto for more on this).
To cash in your crypto from the Coinbase Wallet do the following steps:
#1. Open an account on a cryptocurrency exchange
Coinbase wallet allows you to send crypto to the Coinbase exchange at the click of a button so I would recommend you open a Coinbase.com account if you don’t already have one.
Keep in mind that while the same company is behind them Coinbase Wallet and Coinbase Exchange are not the same thing.
Alternatively, you can use any of the other major exchanges.
For those of you who are based in the US, note that Binance.us does not allow you to cash out in dollars at the time of writing.
To open a new account on an exchange you will need to verify your ID and enable two-factor authentication.
#2. Find your crypto address
To send crypto from your digital wallet to the exchange you are going to need to find your account’s receive address on the exchange.
If you have no clue what a crypto address is check out my article What is a Crypto Address first.
I am going to use the Coinbase exchange as an example from here on to show you how I do it.
To find the receive address on your Coinbase exchange account, click on the receive button on Coinbase’s mobile app.
If you are using the Coinbase website click on the send/receive button.
3. Choose your crypto address
When you first click the receive button you will get two prompts
- The first will tell you to make sure you select the right crypto. For example, don’t make the mistake of selecting Bitcoin Cash if you want to send Bitcoin. If you try to send Bitcoin to another blockchain token’s address you will lose your Bitcoin. (see here for more on Bitcoin vs Bitcoin Cash)
- The second prompt will ask you if you want to turn on transfers to other Coinbase account holders for free. This way you can transfer crypto coins to other Coinbase users faster and for free by just inputting their email address or phone number.
Once you accept the prompts select the crypto you want to receive from your wallet.
For example if you have ETH in your wallet select ETH from the dropdown.
When selecting the address you also may be asked to enter the network. Some crypto assets can be sent on more than one network.
For example, if you are sending ERC-20 tokens then you should chose the Ethereum Network but if you are sending USDT you have more than one choice.
The important thing is to select the correct and same network on both the wallet and exchange.
If you select the wrong network or differing networks your transaction won’t go through and you will lose your crypto.
#4. Send your crypto from Coinbase Wallet to the exchange
- Now open the Coinbase Wallet app and click on the “Send” button.
- Next, select the crypto asset that you want to send. It needs to match the crypto asset that you have chosen to receive on Coinbase.
- Enter the amount of crypto you want to send. To send all of it click on max.
- Next, paste the address you copied from Coinbase or if Coinbase is open on your desktop browswer, then you can scan the QR code by clicking on the 4 squares to the left of the address entry field on Coinbase Wallet.
Once you enter the address confirm your transactions.
Your crypto should appear in Coinbase within the next hour depending on what you are sending.
Bitcoin tends to take longer whereas stablecoins like USDT can be instant.
#5. Check your crypto on Coinbase and cash out
- Once you receive your crypto in Coinbase click on the sell button to convert it to USD.
- Choose the amount you want to sell and confirm the transaction after checking the preview.
- To cash out your USD or your local currency click on “My Assets” and where it says United States Dollar, Euro, etc under “My Cash”.
- Next, tap on Cash Out.
- Enter the amount you want to cash out.
- You can select either an instant cash out to your debit card or credit card which will happen immediately for a fee or a standard bank transfer which can take 1-3 business days but is free of charge. If you are based in Europe you can initiate a SEPA transfer whereas US customers can use the ACH bank transfer system.
- Review the details in the preview and click “Cash out now”.
Et Voila! That is how you transfer money from Coinbase Wallet to your bank account.
What are the transaction fees to move money from coinbase wallet to bank account?
You will need to account for the following
- The network fee to move assets from Coinbase Wallet to an exchange
- The Coinbase fees for converting your crypto into fiat
- Any withdrawal fees for withdrawing money from your exchange to your bank account
So that’s the exchange. The other alternative is to use something like Moonpay.
How to use MoonPay to cash out crypto in your Coinbase Wallet
MoonPay is an alternative platform to exchanges and aims to be a fiat onramp and offramp for hot wallets such as Coinbase Wallet, Trust Wallet, MetaMask, Atomic Wallet etc.
MoonPay is currently only available to US customers.
To use MoonPay follow these steps:
- Set up a moonpay account. You will need to KYC and verify yourself (What is KYC).
- Select the crypto and amount you would like to sell for US dollars
- Enter you email address and the IBAN or Visa card where you want to receive your funds.
- Send your crypto from Coinbase Wallet to the address that MoonPay provides you.
- Done. You will now receive your fiat currency in the account you specified in step 3. MoonPay will charge a small fee for their service.
Can you send money from Coinbase wallet?
You cannot cash out directly to a bank account from your Coinbase Wallet. You need to use an intermediary such as a crypto exchange to do so.
Can I transfer my money from Coinbase to my bank account?
Yes you can move your fiat currency such as U.S. dollars from your coinbase exchange account to your bank account instantly for a fee or in 1-3 days for free.
How do I withdraw money from Coinbase wallet to PayPal?
You cannot withdraw money directly from Coinbase Wallet to PayPal. You need to transfer your crypto to an exchange such as Coinbase first and then from there sell your crypto and move it to PayPal or your bank account.
Is the Coinbase wallet safe?
The coinbase wallet is a self-custody wallet. This means you hold the private keys to your cryptocurrency wallet and should Coinbase go bankrupt you still own your crypto. This does not mean the wallet is risk free. It could still get hacked or someone could steal your private key or recovery phrase.
Why can't I withdraw from Coinbase?
You may need to complete your verification in order to be able to withdraw. In addition Coinbase is sometimes forced to place a hold on funds in case you try to withdraw too soon. Finally, you need to check the small print for your jurisdiction.
What's the difference between Coinbase and Coinbase wallet?
Coinbase is an exchange while Coinbase wallet is a decentralized crypto wallet that allows you to hold the private keys to your crypto and with which you can easily plug into DeFi apps. It also does not require that your KYC. You don't need an account with Coinbase to have a Coinbase Wallet account.
Does Coinbase charge to cash out?
In some countries like the US you can choose instant transfer. Coinbase charges 1.5% for instant transfers up to $10,000 and $150 above that. If you are not in a hurry you can opt for a standard bank transfer which will take 1-3 business days. Coinbase does not charge any fees for these types of transfers.
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