How to withdraw fiat money from exchange?
What is fiat withdrawal?
Fiat withdrawal is how you withdraw money from your cryptocurrency exchange account to your personal bank account.
Fiat money means the most common form of money, such as EUR, USD, or any other legal currency.
Why should you use fiat withdrawal option
When making a withdrawal from your exchange account, withdrawing fiat money to your bank account is the easiest option.
Otherwise you'd have to first withdraw crypto to some crypto wallet or some other exchange, then convert the crypto into fiat, and then you still need to make the fiat withdrawal to your bank account.
Of course, these days some exchanges also offer you Exchange debit card which can be used as a normal bank card for payments. For example, you can get exchange debit card from Binance.
But if you want cash, fiat withdrawal is the only option for that.
Fiat money withdrawal option availability
Keep in mind that not all crypto exchanges or even crypto wallets offer you the option to withdraw fiat to you bank account.
There are also some exchanges that offer you the option to deposit fiat money, but not withdraw.
And there are also exchanges which don't deal with fiat money at all.
How to make a fiat withdrawal
Before you can make a fiat withdrawal to your bank account, you need to convert your crypto to some fiat currency. Most common ones are USD and EUR.
You can make the conversion from crypto to fiat instantly using the conversion option on the exchange. Or you need to use your crypto to buy fiat first.
Which option to choose depends on the exchange as different exchanges have different options and different fees for that.
Once you have fiat on your account:
- Head over to your account overview page
- Click "Withdraw"
- Select Fiat
- Select payment method
- Choose amount
- And Confirm
Before the withdrawal is processed, you might also need to verify the withdrawal using a password, your email, or your phone.
Keep in mind that this process might vary depending on the exact exchange, but the basics should be the same everywhere.
Possible problems you can have when making a fiat withdrawal
You may come across various issues when trying to make a fiat withdrawal. Let's take a look at just a few of those.
I cannot find fiat withdrawal option
If you can not find a fiat withdrawal option, you should first verify whether that exchange actually offers fiat withdrawals or not. If they do, look around the internet for answers - maybe you're looking for the option in the wrong place? If you still can't find it, contact the exchange customer support. But before you do, read on.
When I try to make a fiat withdrawal, it says I am not verified
Very often your identity needs to be verified in order to make a fiat withdrawal. So if you haven't gone the KYC process yet, you probably need to do that now.
Conclusion
Withdrawing fiat money to your bank account is the easiest way of making a withdrawal from the cryptocurrency exchange.
But you do need to be aware of any restrictions, or guidelines the exchange might have for that.
And keep in mind - before you can withdraw fiat money to your bank account, you actually need to have fiat money on your exchange account.
KYC is mostly needed to make fiat withdrawal as well.
I became interested in cryptocurrencies only a bit more than two years ago. Since then I have been in investing in cryptos using different exchanges. And I also launched Cryptolorium.com when I started trading, just to share my crypto journey and my results.