The basic path: exchange to bank account takes three to five business days
To move cryptocurrency to your bank account, you sell the crypto on an exchange, request a withdrawal to your bank, and wait for the money to land. The exchange converts your crypto to dollars (or your local currency), holds it briefly while they verify the transaction, then sends it through the banking system to your account. The whole process normally takes three to five business days, though some exchanges are faster and some banks are slower.
The speed depends on which exchange you use, which bank you use, and whether you're withdrawing during a weekend or holiday. Weekday withdrawals during business hours move faster. Weekend requests sit in a queue until Monday morning.
You cannot move crypto directly into a bank account. The exchange has to convert it first. This conversion happens at the moment you initiate the withdrawal, so the dollar amount you receive depends on the price at that moment, not the price when you bought.
Key Takeaways
- You must sell your cryptocurrency on the exchange before you can withdraw money to your bank—crypto itself cannot move into a bank account.
- The exchange converts your crypto to dollars at the current market price, so the amount you receive varies with price movements between sale and withdrawal.
- Withdrawals take three to five business days on average, but weekends and holidays add delay because banks do not process transfers outside business hours.
- Your bank account must be verified with the exchange before you can withdraw, and the name on the exchange account must match the name on your bank account.
- Some exchanges charge withdrawal fees (typically $5 to $25), and your bank may charge a fee as well, so check both before you withdraw.
Verifying your bank account with the exchange
Before you can withdraw, the exchange needs to confirm that the bank account is actually yours. Most exchanges require you to add your bank account through their website or app, then verify it by one of two methods: micro-deposits or when ready verification.
With micro-deposits, the exchange sends two small deposits (usually under $1 each) to your bank account within one to two business days. You then log back into the exchange, enter the exact amounts of those deposits, and the account is verified. This method takes the longest but works with any bank.
when ready verification connects the exchange to your bank through a service like Plaid or a similar verification tool. You enter your bank login credentials into the exchange's system, it confirms the account is real and in your name, and you can withdraw when ready. This is faster but requires you to share your bank login temporarily. The exchange does not store your password—the verification service handles it and then disconnects.
The name on your bank account must match the name on your exchange account exactly. If your exchange account is under "John Smith" but your bank account is under "John Michael Smith," the withdrawal will be rejected or delayed. Contact the exchange support if the names do not match.
Selling your crypto and requesting the withdrawal
Once your bank account is verified, you sell your cryptocurrency on the exchange. Navigate to your holdings, select the coin you want to sell, enter the amount, and confirm the sale. The exchange converts it to dollars at the current market price and adds the balance to your exchange account as cash.
Next, find the withdrawal or transfer section of the exchange (usually labeled "Withdraw," "Send Money," or "Transfer to Bank"). Select your verified bank account from the list, enter the dollar amount you want to withdraw, and confirm. Double-check the bank account number and routing number before you submit—a mistake here means the money goes to the wrong account.
Some exchanges let you withdraw when ready; others place a hold on new bank accounts for a few days as a fraud prevention measure. If your account is new, you may see a message saying withdrawals are available after a waiting period. This is normal and varies by exchange.
After you submit the withdrawal request, the exchange sends it to the banking system. You will receive a confirmation email with a reference number. Save this number in case you need to contact the exchange or your bank about the transfer.
How the money moves through the banking system
Once the exchange submits your withdrawal, it travels through the Automated Clearing House (ACH), which is the system that moves money between banks in the United States. ACH transfers batch up throughout the day and process in cycles. A withdrawal submitted early in the morning on a Tuesday might arrive by Thursday; one submitted late Friday afternoon will not start moving until Monday.
The exchange's bank initiates the transfer to your bank. Your bank receives it, verifies the account number and routing number, and deposits the money. This whole journey normally takes two to three business days, but can stretch to five if the exchange is slow to submit or if your bank is slow to process.
International withdrawals are slower. If your exchange is outside the United States, the money moves through international wire transfer systems, which can take five to ten business days and may involve currency conversion fees.
You can track the status in your exchange account. Most exchanges show whether the withdrawal is "pending," "processing," or "completed." Once it shows completed, check your bank account—the money should arrive within one to two business days, though it may take longer depending on your bank's processing speed.
Fees you will encounter
Exchanges charge withdrawal fees, which vary widely. Some charge a flat fee ($5 to $25), some charge a percentage of the amount you withdraw (0.5% to 2%), and some charge nothing. Check your exchange's fee schedule before you withdraw—it is usually listed under "Fees" or "Pricing" on their website.
Your bank may also charge a fee for receiving an ACH transfer from a non-bank source. Most banks do not, but some charge $1 to $3 per incoming transfer. Call your bank or check your account agreement if you are unsure.
The exchange rate also matters. If you bought Bitcoin at $40,000 and it is now $45,000, you receive more dollars when you sell. If it has dropped to $35,000, you receive fewer. This is not a fee, but it affects how much money actually lands in your account.
What to do if the withdrawal is delayed or fails
If your withdrawal does not arrive within five business days, log into your exchange account and check the status. If it shows "completed," the money is on its way to your bank and should arrive within one to two more days. If it shows "pending" or "processing," it is still in the exchange's queue.
If it shows "failed" or "rejected," the most common reasons are a mismatch between the account name and the name on your exchange account, an incorrect routing number, or a closed or frozen bank account. The exchange will usually send you an email explaining why. Contact your bank to confirm your account is active and the routing number is correct, then try the withdrawal again.
If the withdrawal shows completed but the money never arrives after seven business days, contact your bank's customer service with the reference number from the exchange. Your bank can trace the transfer and find out where it stopped. This is rare but can happen if the routing number was slightly wrong or if your bank's system had a processing error.
Contact the exchange support if you cannot figure out what went wrong. Provide them with the reference number, the amount, the date you requested it, and the bank account you withdrew to. They can see exactly what happened on their end.
Frequently Asked Questions
Can I withdraw crypto directly to my bank account without selling it first?
No. Banks do not accept cryptocurrency deposits. You must sell your crypto on the exchange for dollars first, then withdraw the dollars to your bank. Some exchanges offer debit cards that let you spend crypto directly, but that is different from a bank withdrawal.
Why does my withdrawal take longer than the exchange says?
The exchange's timeline usually covers only the time it takes them to process and submit the transfer. Your bank's processing time is separate. If the exchange says two to three business days and your bank takes an additional one to two days, the total is three to five days. Weekends and holidays add extra delay because banks do not process transfers outside business hours.
What if the bank account name does not match my exchange account name exactly?
The withdrawal will likely be rejected or delayed. Contact your exchange support to update your account name, or contact your bank to confirm what name is registered on your account. The names must match for the transfer to go through.
Do I have to pay taxes on the money I withdraw?
Withdrawing money to your bank account is not a taxable event by itself. However, selling the crypto is. When you sell crypto for a profit, that profit is taxable income. You owe taxes on the gain, not on the withdrawal itself. Keep records of what you paid for the crypto and what you sold it for.
Can I withdraw to someone else's bank account?
No. The bank account name must match the exchange account name. Exchanges have strict rules against this to prevent fraud and money laundering. If you need to move money to someone else, withdraw to your own account first, then transfer it from your bank to theirs.