Yes, you can transfer money from BitPay to a bank account, but the path depends on what you hold in BitPay
BitPay is a cryptocurrency payment processor, not a bank. Money sits in your BitPay account as either cryptocurrency (Bitcoin, Ethereum, stablecoins) or USD that BitPay is holding for you. To reach your actual bank account, you need to convert cryptocurrency to USD first (if you haven't already), then initiate a withdrawal. The process takes different routes depending on your account type and what you're trying to move.
If you received cryptocurrency through BitPay and want it in your bank account, you'll sell the crypto for USD within BitPay, then request a bank transfer. If you already have USD sitting in BitPay, you skip the conversion step. Either way, BitPay charges fees for the withdrawal, and your bank may take 1 to 3 business days to receive the funds.
Key Takeaways
- Cryptocurrency in your BitPay account must be converted to USD before you can send it to a bank account.
- BitPay charges a withdrawal fee (typically 1% to 2% of the amount) when you move money to your bank, plus any network fees if you're withdrawing crypto directly.
- Bank transfers from BitPay usually arrive within 1 to 3 business days, though timing depends on your bank's processing speed.
- You'll need your bank account details (routing number and account number) and must verify your identity before BitPay will process a withdrawal.
- BitPay's Visa debit card is an alternative if you want to spend the money without waiting for a bank transfer.
Converting cryptocurrency to USD within BitPay
If you hold Bitcoin, Ethereum, or another cryptocurrency in BitPay, you cannot send it directly to a traditional bank account. Banks do not accept cryptocurrency. You must first convert it to US dollars (or your local currency) inside BitPay's platform.
Log into your BitPay account, find the cryptocurrency balance you want to convert, and select "Sell" or "Convert to USD." BitPay will show you the current exchange rate and the fee (usually 1% to 2% of the amount). Confirm the conversion. The USD will appear in your BitPay USD wallet when ready. This step costs money—the fee is deducted from what you convert—so the amount available to withdraw is less than what you started with.
If the crypto price is volatile and you're waiting for a better rate, you can hold the cryptocurrency in BitPay and convert later. There is no time limit on holding crypto in your account, but the value will fluctuate with the market.
Requesting a bank transfer from your BitPay USD balance
Once you have USD in your BitPay account, you can request a withdrawal to your bank. Go to your account settings, select "Withdraw" or "Bank Transfer," and choose your linked bank account. BitPay will ask you to confirm the amount and will show the withdrawal fee (typically 1% to 2% again, though some transfers may be flat-fee).
You must have already linked a bank account to your BitPay profile before you can withdraw. If you haven't done this, BitPay will walk you through adding your bank details—you'll need your routing number and account number. BitPay will verify the account by depositing two small test amounts (usually under $1 each) to your bank, which you then confirm in your BitPay settings. This verification step can take 1 to 2 business days.
After you request the withdrawal, BitPay sends the money to your bank. Arrival time is typically 1 to 3 business days, depending on your bank's processing speed. Some banks are slower than others. You can check the status of your withdrawal in your BitPay transaction history.
Understanding BitPay's withdrawal fees and limits
BitPay charges a percentage fee on most withdrawals—usually 1% to 2% of the amount you're moving. This fee is taken from your balance before the money leaves BitPay. If you're withdrawing $1,000 and the fee is 2%, you'll receive $980 in your bank account.
BitPay does not publicly advertise a maximum withdrawal amount, but your bank may have its own limits on how much can be deposited in a single transfer. If you're moving a very large sum, contact your bank first to confirm they'll accept it. Some banks flag large deposits for review, which can delay the transfer by a day or two.
There is usually a minimum withdrawal amount (often $10 to $20), below which BitPay will not process the transfer because the fee would be too large relative to the amount.
Using BitPay's Visa debit card as an alternative
If you don't want to wait for a bank transfer, BitPay offers a Visa debit card that you can load with your USD balance. You can then use the card to withdraw cash from ATMs or spend it at merchants. This is faster than a bank transfer—you can use the card within hours of loading it—but it comes with its own fees: ATM withdrawal fees (usually $2 to $3 per transaction) and sometimes a monthly card fee.
The debit card is useful if you need the money quickly or prefer to spend it directly rather than move it to your bank. However, if your goal is to consolidate the money into your main bank account, a direct transfer is usually cheaper over time.
What to do if your withdrawal is delayed or rejected
If your bank transfer doesn't arrive within 3 business days, check your BitPay transaction history first. Look for the withdrawal request and its status. If BitPay shows the transfer as "completed" or "sent," the delay is on your bank's side—contact your bank's customer service with the transfer details and ask them to locate it.
If BitPay shows the transfer as "pending" or "failed," the issue is on BitPay's end. Common reasons for rejection include a mismatch between the name on your BitPay account and the name on your bank account, insufficient funds in your BitPay balance (if fees were higher than expected), or your bank declining the deposit. BitPay will usually send you an email explaining why the transfer failed. Fix the issue (correct the name, add more funds, or contact your bank to allow the deposit) and request the withdrawal again.
If you've verified everything and the transfer still isn't working, contact BitPay support through your account dashboard. Response times vary, but BitPay typically replies within 24 to 48 hours.
Frequently Asked Questions
How long does it take to get money from BitPay to my bank account?
BitPay processes the withdrawal request when ready, but your bank takes 1 to 3 business days to receive and post the funds. Weekends and holidays don't count as business days, so a request made on Friday may not arrive until Tuesday. Some banks are slower than others.
Can I withdraw directly to a different bank account than the one I linked?
No. BitPay only allows withdrawals to bank accounts you've already verified and linked to your profile. If you want to move money to a different account, you'll need to add that account to your BitPay settings first, verify it with the test deposits, and then request the withdrawal.
What happens if I convert crypto to USD but then the price goes up?
Once you've converted cryptocurrency to USD, you've locked in that price. If the crypto price rises after your conversion, you don't benefit from the increase—you've already sold. If the price falls, you've avoided the loss. This is why some people wait to convert, hoping for a better rate, but timing the market is difficult.
Does BitPay report my withdrawal to the IRS or other tax authorities?
BitPay reports transactions to the IRS if you meet certain thresholds (generally $20,000 in volume and 200 or more transactions in a year, though rules vary). You are responsible for reporting all cryptocurrency gains and losses on your tax return, regardless of whether BitPay reports it. Keep records of your conversion prices and withdrawal dates for tax purposes.
Can I transfer money from BitPay to a PayPal account or other payment app instead of a bank?
BitPay does not offer direct transfers to PayPal, Venmo, or other payment apps. Your only options are bank transfer, the BitPay debit card, or keeping the money in your BitPay account. If you need the money in PayPal, transfer it to your bank first, then move it from your bank to PayPal.