Withdrawing profits from Coinbase to bank?
Withdrawing profits from Coinbase to bank?
Up till today all I had done up till now was send money from my bank to Coinbase to purchase crypto but I have decided to cash out some profit to my bank for the first time.
I expected there to be a fee to withdraw any profit back to my bank but noticed that is only if I withdraw back to the card I deposit with which is a 2% fee, there is also an option to withdraw directly to my bank account which advises no fee.
Is that correct or am I missing something?
I thought Coinbase was bad for fees but if this option of withdrawing directly to my bank account with no fee then that is great news.
I just tested the withdrawal directly to my bank account option with zero fees and I received the money in less than 5 minutes , really quick!
Coinbase makes money not in bank account withdrawal fees.
They make money mostly in cryptocurrency withdrawal and trading fees.
It might be true that withdraws to direct bank could attract no fees now because usually it attracts little fees before while that to debit or credit cards are slightly higher. My take is since you must first of all convert your crypto to fiat first on the platform through selling I believe they might have taken their fees there.
Now don’t be too happy about the zero fees to the bank because this method is actually very slow that it even takes days before getting there as I read. The card option is at least faster than it.
I think for bank withdrawal it depends on what bank you were withdrawing they don’t usually ask for a withdrawal fee if you directly withdraw them into the bank but I heard some new accounts if they withdraw to the bank it’s not instant sometimes it takes 1 week before Coinbase release it.
Unlike the instant card withdrawal which usually takes 30 minutes or within 24 hours the only problem is it has a 2% fee you can read more from this link below
– https://help.coinbase.com/en-gb/coinbase/getting-started/add-a-payment-method/instant-cashout
– https://help.coinbase.com/en/exchange/funding/withdrawing-with-ach