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, bank’s BSB number, account number, and the amount you’d like to transfer. Then, click ‘Sell’.
Input the Email login code
After you click sell, we will send you a login code to the email address you provided. Input this code and proceed with the trade.
Step 2: Send the bitcoin you want to sell & cash out
Send Bitcoin to the Bitcoin address provided
The platform will display a Bitcoin wallet address for you to send the funds to. You can either copy and paste the address into your wallet or scan the QR code displayed with your phone using your wallet app.
Paybtc will also display the amount you are sending and the corresponding BTC value. To avoid any delays, check that you send the exact amount quoted in BTC.
Once you’ve sent the bitcoin, you will instantly recieve your funds after 1 block confirmation.
That’s it!
The Takeaway
Selling your bitcoin when you need to doesn’t have to be difficult. paybtc makes it easier to sell your BTC and cash out directly to your bank account. All you need is your bank’s BSB number 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?
Transactions are instant after 1 block confirmation. The time it takes for a bitcoin transfer to confirm depends on the fee you set when sending the payment in your wallet. Bitcoin network confirmations take about ten minutes on average with a high fee, 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. Becasue we’re a self-custody exchange, we let you sell bitcoin and directly receive AUD in your bank account, you can then withdraw phisycal 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, you can sell bitcoin for cash at Bitcoin ATMs, or use a Bitcoin exchange like paybtc that let’s you sell bitcoin for dollars.