How to Send Money From Coinbase To Bank Account

Coinbase can be described as a digital platform that lets you buy and sell cryptocurrencies like bitcoin, Ethereum, and Litecoin. You have the chance to sell your coins for as much as you want. Yes, that’s right. Coinbase does not have any limits on the amount you can sell. Isn’t that great? That’s not all, though. The app also lets you convert cryptocurrencies as per your liking. Other than that, you have the chance to make transactions. You can send or receive cryptocurrencies from people on the platform. In this article, we will focus on how to transfer funds from Coinbase to a bank account.

Here’s an interesting fact for you

A fun fact about Coinbase is that it has no rules on the amount you can sell. You can even send and receive cryptocurrencies from other people on Coinbase. It allows you to buy and sell cryptocurrencies like Ethereum, bitcoin, Litecoin, etc.

As you may already know, you cannot make use of cryptocurrencies just as they are. You will need to convert the coins into your local currency. Thankfully, Coinbase supports various currencies of the world, and thus you will not find it challenging to convert. You can transfer them to a bank account for different transactions, such as bill payments, cash withdrawals, and saving for future use.

Coinbase provides service worldwide. It has customers in over 100 countries. This includes nations like the United States, Australia, and Canada. And you don’t have to worry about the safety of this platform. Coinbase takes security and safety very seriously. That is why they have included a vault feature to protect the coins from hackers and malware. They have taken these thorough safety measures to avoid people losing their earnings. Such prior incidents raised concerns about the safety of the platform. Especially when Vidovics’ Coinbase account is empty. Today, Coinbase has been able to earn the trust of millions of users thanks to its new and enhanced security measures.

What are Coinbase Services?

Coinbase is useful for buying and selling cryptocurrencies. However, before you get the chance to do so, you have to do one thing. That is, to add money to your account to buy a certain amount of cryptocurrency. Once you do that, you will get to sell your available coins at a relatively higher cost. Also, you will meet more buyers selling their coins and wait for a higher price to sell.

To sell cryptocurrency, you can follow the process below:

Click on “Buy” or “Sell” on your web browser.
Tap on the Coinbase mobile app.
Choose the “Sell” button.
Pick the crypto you want to sell.
Choose “Preview and Sell.”
Select “Sell now” to complete this action.

The platform selects a short holding period for the number of funds you want to cash out. Don’t worry, though. Although there is a hold, you are allowed to sell more and more. You just need to keep your balance under control.

Suppose you need money in your bank account. In that case, you can easily send funds to your account and withdraw them. Once you have money in your bank account, you can transfer funds with a checking account number in a matter of seconds. You can perform transactions like sending money to other users or moving it to your savings account. Plus, it allows you to send your coins to other Coinbase account holders and vice versa.

How to Open a Coinbase Account

Before anything, you need to open an account. It’s pretty easy to open an account online, either through the Coinbase app or the web. All you need to do to open an account is follow the steps down below:

Provide your legal name, email address, and state of residence.
Come up with a password for your Coinbase account.
Then you will be asked to verify your email address through a link you receive as soon as you sign up.
Click on that link to get to Coinbase.com.
Then sign back in using the password you chose and the email address you used when registering.
Once you sign in to your Coinbase account, you will be asked to provide your location(your country) and your contact number.
Then, click on Send Code if you are using your computer, or select Continue if you are using your phone.
Type in the code you received to verify your contact number.
Then, choose the submit or continue button to complete the process. Suppose the code didn’t arrive. Then, click on “resend” to get the code.
Now, you are almost done. From now on, you will have to provide some more details about yourself. Make sure that the personal information you provide matches that on your government ID. You need to enter the followings:
Your First and Last Name
Date of Birth
Your Address
Then, go ahead and answer the following questions as well.
What do you use Coinbase for?
What is your source of funding?
Your current occupation
Name of your employer
The last four digits of the SSN

You will also have to submit a photo of your ID. Once you are done, click on the “Continue” button to complete the process. You might get further instructions from Coinbase at your email address as well. Later on, you will be required to verify your identity by signing in to your Coinbase account. Once the ID verification process is complete, link your payment method. You should choose your country to know the available payment options.

How to Send Money From Coinbase to a Bank Account

You may already know that you can transfer money from Coinbase. One of the big questions is how to send money from Coinbase to a bank account. We will let you know all about it. Let us break this down for you. Let’s say you are a trader at Coinbase. In that case, you can have the chance to move money from your Coinbase account to your bank account. This can help you perform various day-to-day transactions. You can always withdraw money with your account number. You just have to present your ID card and sign the relevant documents. It’s that easy.

Let’s say you want to transfer money from your Coinbase account to your bank account. Then, you just need to follow the simple steps below. The process is pretty similar to how you sell coins on the platform:

Choose to buy or sell on your web browser or click on the Coinbase mobile app.
Select the “Sell” button.
Select and click on the crypto you wish to sell.
Provide the amount you want to cash out.
Choose “Preview” to sell.
Finally, click on “Sell now” and complete the process.

Some Terminologies on Coinbase

Coinbase is very easy to use. One of the reasons why it’s popular among users is how user-friendly the platform is. Even if you’re not an expert when it comes to platforms as such, you will easily find your way around Coinbase. To make things easier, we thought we’d let you know about various aspects of Coinbase. Familiarizing yourself with the most common terminologies used on Coinbase will help you navigate the platform like a pro. Take a look at the following to learn about them:

Funds on hold

You may find the phrase “Funds on hold” on Coinbase. What does it mean? Well, it refers to the local currency value of your most recent cashouts and any crypto you buy with the cashouts. You will notice that this amount is generally represented in the local currency. Whenever you cash out, the platform will notify you when the concerned funds will be available at the destination. The destination could be your bank or another Coinbase customer.

Available balance

What does the phrase “available balance” mean? You can probably guess this one. Basically, your available balance is the total account value without the funds on hold. It means the amount you can cash out of your account. You can cash them out to a bank account or use them to buy more coins. Keep in mind that whatever amount is on hold will not include the available balance. That is because it is supposed to eventually disappear from your account and go to another destination later on. So it doesn’t make sense to take that amount into account when calculating the available balance.

Collateral

Collateral refers to a borrower’s BTC funds that are equal to the USD value of the loan during the loan origination time, which Coinbase “locks up” to secure the loan. Coinbase sells off enough of this BTC collateral. That is done to pay back your missed payment in case you miss a payment due in a month.

How to Add Money to Your Coinbase Account

Upon creating your Coinbase account, you can add money to your account to perform different types of transactions. Suppose you live in the US. If yes, then you will easily be able to fund your Coinbase account with USD through wire or ACH transfers from your bank account. However, before making transactions from your bank to your Coinbase account, you have to do one thing. That is to verify your bank account. There are a few steps to do that, which are written below for you:

First, open the trading view through pro.coinbase.com/trade.
Navigate to the “Deposit” option on the left. It is right under “Wallet Balance.”
Go to the Currency Type field and select USD.
Click on the Bank Account tab and choose “From.”
Then click “Add Account.”
You will be redirected to Coinbase.com. Then, you will be asked to verify your bank account.
At this point, Coinbase should have verified your bank. Then add money to your Coinbase account by following the steps given below:
Go to pro.coinbase.com/trade and open the trading view.
Select the Deposit button, which is right under Wallet Balance.
Choose USD in the Currency Type space.
Click on the “Bank Account” tab. You will notice that your verified bank account will be in the “From” list.
Choose the verified bank account to deposit into.
Enter the amount you want to send.
Double-check the amount to make sure.
Finally, choose the “Deposit USD” option and confirm the transaction.

Can You Transfer Your Money to the Coinbase Account Without Withdrawing to a Bank Account?

Well, let us clear this out for you. You don’t need to withdraw money from your bank account to use it for transactions. It is not a must. Coinbase provides a debit card, which you can use to spend money in your wallet. This works like any other payment card. Basically, you have the chance to buy goods online, at physical stores, or both when you swipe or even withdraw at ATMs whenever you want.

Other than that, you can also send money to other bank accounts online. Note that the card is very convenient. It is the best way to spend your Coinbase balance. Through this method, you get the chance to save so much time by avoiding the long process of transferring money to your bank account. And the best part is that you can use this card internationally as well. That’s what’s special about Coinbase cards. Unlike almost all other debit cards, Coinbase does not limit your card usage to the US.

Wrapping Up

There you have it! Now you know all about Coinbase. Basically, Coinbase is a safe digital platform that provides you with the opportunity to trade in cryptocurrencies. You can join the platform by opening an account online. By joining the platform, you will be able to send and receive money from other Coinbase users. Also, if you want to add money to your Coinbase account, you can use your bank account to do so. Plus, Coinbase offers a debit card, which you can use to make purchases using the money in your balance.