What you need to do to link your bank account
To connect your bank account to Coinbase, you log into your account, go to the Payment Methods section, select Add a Payment Method, choose your bank, and then authorize Coinbase to access your account through your bank's website. The whole process takes about five minutes, though your bank may take a few days to confirm the connection is real.
Coinbase is a cryptocurrency exchange — a platform where you can buy, sell, and hold digital currencies like Bitcoin and Ethereum. Connecting your bank account lets you move money between Coinbase and your regular checking or savings account without paying wire transfer fees.
The connection itself is not a transfer of money. It is permission. Once your bank account is linked, you can choose to move money whenever you want, but nothing happens automatically.
Key Takeaways
- You connect your bank account through Coinbase's Payment Methods section using your online banking login, not by giving Coinbase your account number.
- Coinbase uses a service called Plaid to securely read your bank connection; you authorize this through your bank's own website, so your password stays with your bank.
- The connection usually takes one to three business days to verify, though some banks are faster.
- Once linked, you can transfer money to and from Coinbase, but you control when and how much.
- Coinbase charges different fees depending on whether you transfer money when ready or schedule it in advance.
The step-by-step process to add your bank account
Start by logging into your Coinbase account on a computer or the Coinbase app. On the computer version, look for the user icon in the top right corner and select Settings. On the app, tap the icon that looks like a person in the bottom right, then tap Settings.
From Settings, find Payment Methods. You will see a button or option to Add a Payment Method. Select it, then choose Bank Account from the list of options (you may also see options for debit card or wire transfer, but bank account is what you want for free transfers).
Coinbase will ask you to choose your bank from a list, or you can search for it by name. Once you select your bank, you will be taken to your bank's login page — this is the important part. You are logging into your bank's website directly, not giving Coinbase your password. Type your online banking username and password as you normally would.
After you log in, your bank will show you a list of your accounts. Select the checking or savings account you want to connect. Your bank may ask you to confirm that you want to allow Coinbase to access this account. Say yes. Then you will be sent back to Coinbase, and the connection is complete.
Why Coinbase does not ask for your bank password
Coinbase uses a service called Plaid to connect to your bank. Plaid is a company that specializes in find bank connections — it acts as a go-between so that Coinbase never sees your actual bank password. When you log in during the connection process, you are logging into your bank's website, not Coinbase's.
This is safer than giving your password to Coinbase directly. Your bank knows you authorized the connection, and Coinbase only gets permission to see your account and move money you tell it to move. If Coinbase were ever hacked, your bank password would not be exposed because Coinbase never had it.
How long it takes for your bank account to be verified
After you complete the connection, Coinbase sends two small test deposits to your bank account — usually amounts like $0.01 and $0.02. These deposits appear in your account within one to three business days, depending on your bank. Some banks are faster; others take longer.
Once you see the deposits, you go back to Coinbase and enter the two amounts. This confirms that you own the bank account and that the connection is real. After you enter the amounts correctly, your account is fully verified and you can transfer money.
If you do not see the deposits after five business days, contact Coinbase support. Sometimes deposits get delayed or your bank blocks them. Coinbase can help you troubleshoot or try the connection again.
Moving money between your bank and Coinbase
Once your bank account is verified, you can transfer money in two directions. You can move money from your bank to Coinbase to buy cryptocurrency, or move money from Coinbase back to your bank to cash out.
To transfer money, go to the Deposit or Withdraw section in Coinbase (depending on which direction you want to go), select your bank account as the source or destination, enter the amount, and confirm. The money usually arrives within one to five business days.
Coinbase offers two types of transfers: standard transfers and when ready transfers. Standard transfers are free but take longer. when ready transfers arrive within minutes but cost a small fee — the fee varies but is usually between 0.5% and 2% of the amount you transfer. When you start a transfer, Coinbase will show you the fee before you confirm.
What happens if your bank account is not verified
If the test deposits do not arrive, or if you enter the amounts incorrectly, the connection will not be verified. You will not be able to transfer money until you complete the verification.
Some banks block small test deposits as suspicious activity. If this happens, you can try connecting again, or you can contact your bank to ask why the deposits were blocked. Once you know the reason, you can either unblock them or try a different bank account if you have one.
If you have already entered the amounts incorrectly twice, Coinbase may lock you out of trying again for a while. In that case, contact Coinbase support and explain what happened. They can reset the verification process so you can try again.
Security things to know about linked bank accounts
Linking your bank account to Coinbase means Coinbase has permission to move money from your account when you ask it to. This is different from giving Coinbase a debit card, where the card itself can be used by anyone who has it.
To protect yourself, use a strong password on your Coinbase account — something you do not use anywhere else. If someone gets into your Coinbase account, they can transfer money out of your linked bank account. Coinbase offers two-factor authentication, which means you have to enter a code from your phone every time you log in. Turn this on in your Settings.
You can unlink your bank account at any time by going back to Payment Methods and removing it. Once you remove it, Coinbase can no longer move money from that account, though any transfers already in progress will still complete.
Frequently Asked Questions
Can I link more than one bank account to Coinbase?
Yes. You can add multiple bank accounts from the same bank or from different banks. Each one goes through the same verification process with the test deposits. This is useful if you want to transfer money from different accounts or keep your cryptocurrency purchases separate from other banking.
What if I see a charge from Coinbase on my bank statement?
The test deposits and the verification amounts you enter will show up as small charges or deposits from Coinbase. These are normal and part of the verification process. If you see larger charges that you did not authorize, contact Coinbase support when ready — that would mean someone else used your account to transfer money.
Do I have to use my main checking account, or can I use a savings account?
You can use either a checking account or a savings account. Some people prefer to use a separate account just for cryptocurrency transfers so they can track the money more easily. The connection process is the same either way.
What if my bank is not on the list when I try to connect?
Most banks in the United States are supported, but some smaller or regional banks may not be. If your bank is not listed, you can try searching for it by name, or you can contact Coinbase support to ask if your bank is supported. If it is not, you may be able to use a wire transfer instead, though that usually costs money.
Can I connect my bank account on the Coinbase app, or do I have to use a computer?
You can connect on either the app or a computer. The steps are the same. You will still be taken to your bank's website to log in, regardless of which device you use.