[Guide] How to Cash Out & Transfer Your Money to Your Bank Account

For whatever reason you want to sell off your digital assets for cash, it is always wise to know the steps, however easy they may be. This is a universal step in many people’s journey when it comes to crypto investing. To start, you need to understand what “cashing out” entails ─ it means selling your crypto in exchange for fiat money then withdrawing the money to your bank account.

Is there a best way to cash out your crypto? Well, it largely depends on where you are currently storing it. One of the easiest ways to convert your crypto into fiat money is to sell it from an exchange. This step-by-step guide will be using crypto.com, a centralised cryptocurrency exchange, as an example.

How do I Cash Out my Crypto?

In order to withdraw money to your bank account, you first need to convert your crypto into cash.

A) Select Crypto.com.

B) Key in your password.

C) Select "Accounts".

D) Select "Crypto Wallet" and choose which crypto you want to convert to cash. In this guide, I have chosen Ethereum (ETH) as an example.

E) Click on "Sell ETH".

F) When you see the screen below, click on "Cash".

G) Key in the desired amount to convert. At the time of writing, the minimum amount of ETH that can be converted is 0.0005 ETH. Then select "Sell 0.0005 ETH".

H) Ensure all the information is correct before clicking on "Confirm".

I) Enter your password to confirm the sale.

J) There you have it ─ you have officially sold your ETH for cash!

Then how do I Withdraw the Money to my Bank Account?

Once you are done with converting your crypto into cash, the final step is to transfer them into your bank account.

1) Repeat steps A, B and C, then select "Fiat Wallet" this time round.

2) Select "Transfer".

3) Click on "Withdraw".

4) If you have not added a currency, do so. Once you are done, click on your chosen currency. In this guide, the currency used is Singapore Dollar.

5) Once you have read through the information, select "Withdraw Now". Ensure the amount you intend to withdraw is within the withdrawal limits.

6) Key in the amount you want to withdraw. Ensure the bank account you intend to transfer the money to is the correct one before clicking on "Withdraw $50 SGD". If you have not added your bank account, check out this article's steps 7 to 8e on how to deposit your SGD (or other fiat currencies) by adding your bank account: https://www.coinlive.com/news/detail/?id=12282.

7) Check to make sure all the details are correct. Note the processing time then click on "Confirm".

8) Enter your password to confirm the withdrawal.

9) You will be prompted to enter the verification code generated by your authenticator app.

10) Click on your authenticator app.

11) Copy the verification code.

12) Paste it in the "2FA code" section then click on "Confirm".

13) Viola! Your withdrawal request is pending.

14) You will receive an email that indicates the success of your withdrawal to your bank account.

There you have it, fairly fool-proof and simple steps. Now you know how to cash out your crypto funds and transfer the fiat money to your bank account.