How to Cash Out & Withdraw Bitcoin to a Bank Account in Australia
While most of us love to HODL all our Bitcoin for as long as possible, sometimes we have to sell to cover expenses. The good news is that cashing out Bitcoin and withdrawing your funds has become easier than ever thanks to paybtc.
Read on for a step-by-step guide on how to sell your BTC and receive your funds in AUD in your personal bank account.
How to Withdraw Bitcoin to Your Bank Account, Step-by-Step
Cashing out Bitcoin to your Australian bank account is very straightforward. Here’s how to go about it:
Step 1: Visit paybtc and enter details
Open your web browser.
In your web browser, go to paybtc.com.au click on the ‘Sell Bitcoin’ tab in the top right hand corner.
Enter your transaction details.
Type in your email address, receiving bank’s BSB number, account number, and the amount you’d like to sell. Then, click ‘Sell’.
Step 2: Enter the email login code
After you click sell, we will send you a login code to the email address you provided. Use this code to access the platform and continue with your sell transaction.
Type in or paste the code into the login code box.
If you don’t receive an email, please check your junk folder.
Step 3: Send the Bitcoin you want to sell & cash out
Send Bitcoin to the Bitcoin address provided.
On the Waiting for Payment page, you'll see paybtc's Bitcoin wallet address. This is where to send the quoted BTC amount in exchange for AUD, which will be deposited directly into your bank account.
To complete the exchange, open the platform where your Bitcoin is stored and navigate to clicking "Send" or "Withdraw Bitcoin".
Then, you can copy and paste paybtc's wallet address into the recipient address box or scan the QR code using your wallet app.
For smooth processing, check that you send the exact BTC amount quoted on paybtc.
When the funds are received by paybtc, you'll be prompted to verify your identity.
Verification is only required once. We manually verify new accounts from 9am to 5pm, 7 days a week (AEST). Manual verification is the most private way to do KYC, allowing you to communicate directly with us and securely send us your identification. We store this information AES-256 encrypted and never share it with third parties.
Once verified, the AUD will be credited to your bank account instantly after 1 confirmation 24/7.
That’s it!
The Takeaway
Selling your Bitcoin when you need to doesn’t have to be complicated. paybtc makes it simple to sell your BTC and cash out directly to your bank account. All you need is your bank’s BSB and account number for the non-custodial platform to facilitate your withdrawal request.
Click here to sell Bitcoin (BTC) and convert it into cash in your bank account.
FAQs
How can you withdraw Bitcoin to a bank account in Australia?
You can withdraw Bitcoin to your bank account in Australia by selling your Bitcoin to receive dollars in your bank account. Start by opening an account with a Bitcoin-friendly bank like ANZ or Westpac. Then, choose a trusted Bitcoin exchange like paybtc to initiate a sell transaction and receive dollars directly to your personal bank account.
How long does it take for Bitcoin to transfer to a bank account?
With paybtc, transactions are instant after 1 block confirmation. The time it takes for a Bitcoin transfer to confirm depends on the fee level you set when sending the payment from your Bitcoin wallet. With a high fee level, Bitcoin network confirmations take about ten minutes on average, this time could be longer if you set a low fee.
Once confirmed, most banks will credit your funds to your account immediately as most support the New Payments Platform (NPP).
Can Bitcoin be withdrawn as cash?
Yes, you can withdraw Bitcoin as cash through platforms like paybtc. Because we’re a self-custody exchange, you can sell Bitcoin and directly receive AUD in your bank account, you can then withdraw physical cash at any ATM.
You can also use P2P platforms or cash out at a Bitcoin ATM, although these could be riskier and very expensive.
Can you cash out Bitcoin for “real money”?
There are several ways to cash out Bitcoin and receive fiat currency, which some people still describe as “real money.” You can use P2P platforms to connect with local buyers in your area or you can sell Bitcoin for cash at Bitcoin ATMs, although these options could be riskier and very expensive. Alternatively, you can use a Bitcoin exchange like paybtc that let’s you sell Bitcoin for dollars instantly 24/7.