How to Withdraw Bitcoin to Your Bank Account
Selling bitcoin and getting the money into your bank account is straightforward once you know the steps. Here's a complete walkthrough — from wherever your bitcoin currently sits, to cash in your account.
The General Process
- Send your bitcoin to an exchange that supports your currency
- Sell the bitcoin for your local currency
- Withdraw the fiat currency to your bank account
Step 1: Get Your Bitcoin to an Exchange
If your bitcoin is in a hardware wallet, transfer it to an exchange first:
- Log into your exchange and find your Bitcoin deposit address
- In your hardware wallet app (Ledger Live or Trezor Suite), go to Send
- Paste the deposit address, enter the amount, confirm on the device
- Wait for the transaction to confirm (usually 10-60 minutes)
Step 2: Sell Bitcoin for Fiat
On Coinbase: Go to Buy/Sell → Sell, select Bitcoin, enter amount, choose cash account, confirm.
On Kraken: Go to Trade → Spot, select BTC/USD pair, place a market order for immediate execution or limit order for a specific price.
Step 3: Withdraw to Bank Account
On Coinbase: Portfolio → Cash balance → Withdraw → select bank account → confirm. Standard transfers take 1-3 business days.
On Kraken: Funding → Withdraw → select currency and bank → enter amount → confirm. Processing: 0-5 business days.
Fees to Expect
- Bitcoin network fee: $1-$10 to send to exchange
- Trading fee: 0.1-1.5% on the sale
- Withdrawal fee: Usually free for bank transfers
How Long Does It Take?
- Bitcoin transaction to exchange: 10-60 minutes
- Selling: instant for market orders
- Bank withdrawal: 1-5 business days
Tax Considerations
Selling bitcoin is a taxable event in most countries. Record the date, amount, and price. See our bitcoin taxes guide.
One Final Tip
For large amounts, send a small test transaction first and confirm it arrives before sending the rest. Bitcoin transactions are irreversible. There's no support line to recover funds sent to the wrong address.