Transfer money between bank accounts and bitcoin wallets
There are Bitcoin trading platforms that permit people to withdraw bitcoins to their bank accounts. Coinbase is the largest bitcoin broker which allows transactions to people in Europe or the United States.
Many different payment methods can be linked to your Coinbase account:
- Bank Account (ACH)
- Debit Card
- Wire Transfer
Normally for people in the US, it will take 5 days to withdraw the crypto currencies using an ACH transfer and either you use a Visa debit card or MasterCard to speed up the transaction process. For those in Europe, with SEPA you can transfer money to the bank account. It takes 2 days which is faster than the transfer services of traditional banks.
The following are some of the benefits of using Coinbase:
- It has high liquidity and provides high buying limits.
- The transaction is fast in the US and Europe with lower fees.
- It is definitely the best service for small and huge withdrawals of bitcoins.
- All payments of credit cards and debit cards are processed through it.
- This is the easiest method for the beginners to get digital currencies.
- Based on the payment method you use, it discounts a portion of the digital currency transaction fee.
The coinbase fees vary based on the location and payment methods. It charges a flat 1.49% fee on all transactions. For people residing in Australia and Canada, it charges 3.99% and in the US, the base rate for every purchase and sale transactions is 4%.