How to Withdraw from Zengo Wallet to Bank Account 

Published: 29th June, 2024 | Last Updated: 21st June, 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 guide, I will walk you through all the steps you need to take to withdraw your digital assets from Zengo Wallet to your bank account using the Zengo App.  

Also see how to sell your crypto on Trust wallet.

Get your cash from Zengo Wallet in 6 easy steps 

Zengo Wallet App
Zengo Wallet App

Whether you want to withdraw your crypto earnings or cryptocurrency holdings, cashing your crypto assets into your bank account is just a few steps away. Here is a simple crypto withdrawal process that involves the following 6 steps: 

Step 1: Select “Sell to your bank account” 

First, to transfer your cryptos to your bank account, you need to convert them into your preferred form of fiat currency such as the United States dollars, British Pounds, Euros, or other supported fiat currencies. You achieve this by selling the respective crypto assets and then receiving fiat currencies in return.  

To sell your crypto: 

  • Go to your Zengo Wallet App 
  • Tap on the Action button located at the bottom center. 
  • Press “Sell to your bank account” 

Step 2: Choose your offramp swap provider 

Zengo is just a secure non-custodial crypto wallet. As such, it does not directly process crypto-to-fiat transactions. This makes it imperative to have a crypto-to-fiat offramp swap provider.  

The work of this offramp provider is two-fold: 

  • Convert crypto assets into fiat currencies 
  • Transmit the converted fiat money into the provided bank account 

Zengo has 5 major offramp transaction providers that you can choose from:  

  • MoonPay 
  • Coinify 
  • Banxa 
  • Ramp 
  • Bits of Gold 

Your choice will depend on the provider’s availability in your bank location and the type of crypto assets and fiat currencies the provider supports. You may need to convert your cryptocurrency into a stablecoin to minimize compatibility issues.   

Step3: Complete KYC verification with your provider 

Once you’ve chosen your provider, you will be redirected to the provider’s transaction interface.  

On this interface, you will be required to undergo KYC verification. The KYC requirement depends on your chosen offramp provider. Thus, it is important to acquaint yourself with the KYC requirements of each provider before choosing your preferred one. 

Step 4: Enter the transaction details on your provider’s interface 

Zengo transaction interface
Zengo transaction interface

After a successful verification process, you are now ready to enter your transaction details. These include: 

  • The cryptocurrency that you want to sell e.g., BTC, ETH, etc. 
  • The amount of crypto asset you want to sell 
  • The bank account details 

Once you are done entering these details, you will be shown the amount of fiat money that you will receive in your bank account plus the transaction fee.  

Most importantly, you will be given the provider’s receiving address to send your crypto assets to. You can scan the QR Code of this wallet address. 

Step 5: Transfer crypto to your provider’s wallet address 

Go back to the Zengo Wallet App: 

  • Tap on “Send” 
  • Enter the exact amount of crypto that you were instructed by your provider 
  • Paste the provider’s wallet address (captured in Step 4 above) in the provided space 

Step 6: Send to bank 

To send your money to your bank: 

  • Verify the correctness of your transaction details in Step (5) above. 
  • Send the amount, after the traction confirmation 
  • Confirm receipt of the same in your bank account 

What makes Zengo Wallet stand out from the rest? 

Zengo Wallet dashboard
Zengo Wallet dashboard

Why would you choose the Zengo wallet over other cryptocurrency wallets? Well, let’s explore some of the reasons that make Zengo Wallet stand out from the rest. 

These are: 

1. Self-custodial 

Unlike a centralized cryptocurrency exchange wallet, the Zengo wallet is a secure non-custodial wallet that lets you take charge of your private keys. Your private keys are strictly private! You don’t have to surrender them to anyone else for safekeeping.  

2. Seedless 

Zengo Wallet is a seedless non-custodial crypto wallet. This is the main difference that sets Zengo Wallet apart from the rest. Why would this matter? Imagine, over $100 billion worth of bitcoins remains unclaimed just because the owners lost their seed phrase! That’s just Bitcoin alone.  

So far, Zengo Wallet is the only wallet that doesn’t require you to keep difficult seed phrases just to recover your private keys. This makes it a very reliable wallet.  

3. Tight security 

Zengo’s unparalleled security is made possible thanks to advanced security features such as Multi-Party Computation (MPC), Three-Factor Authentication (3FA), and others that protect your crypto assets from unwarranted intrusion. These two features, plus others, make Zengo a more secure wallet.  

4. Feature-rich 

Zengo Wallet features
Zengo Wallet featured

Zengo boasts a host of rich features that make it stand out from the rest. These include: 

(a) Multi-Party Computation (MPC) 

This is the key difference that makes Zengo the most reliable cryptocurrency wallet in the crypto world. Indeed, Zengo is the first wallet to employ the use of industry-leading MPC technology.  

Zengo leverages the power of MPC security to overcome both the private key vulnerability and the seed phrase vulnerability.  

The art of MPC technology involves breaking up private keys into several chunks each of which is then algorithmically distributed and stored by the Zengo server in a separate Zengo address location. Thus, even if one location is hacked, a complete private key cannot be found. These chunks are then automatically pulled and algorithmically joined together by the Zengo server at the time of use. This joining process is automatically triggered by the successful completion of the 3FA verification.  

Thus, there is no need for Zengo users to have a secure seed phrase just to verify authenticity.  

(b) Three-factor Authentication (3FA) 

Zengo Wallet - three-factor authentication
Zengo Wallet – three-factor authentication

To protect your digital assets, the Zengo Wallet app adds a third layer of authentication. This is in addition to the usual Two-factor authentication. This extra layer of security is Facial Identification (Facial ID).  

Zengo Wallet app has an advanced mechanism that captures the 3D features of your face and turns them into biometric identity. This biometric identity becomes your Facial ID, which is then recorded in the app’s registry and is secured with a 3D Facelock.  

Thus, whenever you want to recover your private keys or wallet, you are prompted to turn on the face camera. The App scans your face and compares its features with the recorded ones. If they match, your Face ID is verified. Hence, this Face ID can be used for biometric login when you want to carry out a financial transaction 

Furthermore, you can improve your level of security by adding the Face ID of a trusted family member or close friend to your security profile. In the traditional sense, this is like adding extra signatories to your bank account which allows beneficiary access. 

This advanced Three-factor authentication mechanism makes Zengo wallet the most secure 3-ready non-custodial wallet in the crypto space today. 

(c) WalletConnect Integration 

Your most secure crypto wallet – Zengo, employs the WalletConnect protocol. By this protocol, Zengo Wallet connects both the hot wallets such as Trust Wallet, and hardware wallets such as Ledger Wallet.  

WalletConnect integration allows you to easily transfer your crypto assets from Zengo to any of the many other secure crypto wallets to meet your needs at the moment.  

(d) Ease of use 

No doubt Zengo team has done great work to craft a user-friendly interface that promotes ease of use. Apart from the simple process of crypto withdrawal, this ease of use is enhanced further by allowing Zengo users to use a legible (and short) wallet domain provided by Ethereum Naming Service (ENS) as a receiving address instead of the rather long and immemorable wallet address. Furthermore, this wallet app is easily accessible on both Android and iOS mobile devices. 

(e) Zengo Trade 

Zengo cryptocurrency trading interface
Zengo cryptocurrency trading interface

Thanks to Zengo Trade, you don’t have to visit crypto exchanges to buy or sell crypto tokens. Zengo has a built-in web interface that is accessible via the main menu from where you can carry out cryptocurrency trading.  

(f) Zengo NFT 

Apart from being a cryptocurrency wallet, Zengo is also an NFT wallet. This means that you can also store your NFT collections on your Zengo wallet.  

(g) Zengo Pro 

Zengo Pro
Zengo Pro

While the main app meets the needs of most retail users today, a seasoned trader would want more advanced features. Zengo Pro. Zengo Pro offers customized solutions that serve the needs of a seasoned trader. 

(h) Multiple payment methods 

For purchases of Bitcoin, USD Coin, and other supported cryptos (except Binance Coin), Zengo supports multiple payment methods. These include: 

  • Debit card 
  • Credit cards 
  • Bank wire transfers 
  • GBP/EU bank transfer 
  • Google Pay 
  • Apple Pay 

Disclaimer 

The information provided herein is for educational purposes only. Thus, it should not be construed as professional financial advice. You should consult the guidance of qualified financial professionals, carry out your own research, and exercise due diligence before making any investment decision.  

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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