Withdrawing profits from Coinbase to bank?

[JamesDaniel90]

Up till today all I had done up till now was send money from my bank to Coinbase to purchase crypto but I have decided to cash out some profit to my bank for the first time.

I expected there to be a fee to withdraw any profit back to my bank but noticed that is only if I withdraw back to the card I deposit with which is a 2% fee, there is also an option to withdraw directly to my bank account which advises no fee.

Is that correct or am I missing something?

I thought Coinbase was bad for fees but if this option of withdrawing directly to my bank account with no fee then that is great news.

[BitMaxz]

I think for bank withdrawal it depends on what bank you were withdrawing they don't usually ask for a withdrawal fee if you directly withdraw them into the bank but I heard some new accounts if they withdraw to the bank it's not instant sometimes it takes 1 week before Coinbase release it.

Unlike the instant card withdrawal which usually takes 30 minutes or within  24 hours the only problem is it has a 2% fee you can read more from this link below

- https://help.coinbase.com/en-gb/coinbase/getting-started/add-a-payment-method/instant-cashout
- https://help.coinbase.com/en/exchange/funding/withdrawing-with-ach

[EL MOHA]

I expected there to be a fee to withdraw any profit back to my bank but noticed that is only if I withdraw back to the card I deposit with which is a 2% fee, there is also an option to withdraw directly to my bank account which advises no fee.

Is that correct or am I missing something?

I thought Coinbase was bad for fees but if this option of withdrawing directly to my bank account with no fee then that is great news.

It might be true that withdraws to direct bank could attract no fees now because usually it attracts little fees before while that to debit or credit cards are slightly higher. My take is since you must first of all convert your crypto to fiat first on the platform through selling I believe they might have taken their fees there.

Now don’t be too happy about the zero fees to the bank because this method is actually very slow that it even takes days before getting there as I read. The card option is at least faster than it.

The reason why crypto withdrawals to wallet are having charges which is very high is because every cryptocurrency blockchain requires transaction fees to move the crypto from one address to another. Couple with the extra charges of coin base that’s why you use it so high than the rest, although that of coinbase is way too high and if you are given a low priority fee you could have your transactions waiting for too long. So that’s why it is bad for fees

[JamesDaniel90]

I just tested the withdrawal directly to my bank account option with zero fees and I received the money in less than 5 minutes , really quick!

[bitmover]

I just tested the withdrawal directly to my bank account option with zero fees and I received the money in less than 5 minutes , really quick!

Coinbase makes money not in bank account withdrawal fees.

They make money mostly in cryptocurrency withdrawal and trading fees.

[JamesDaniel90]

I just tested the withdrawal directly to my bank account option with zero fees and I received the money in less than 5 minutes , really quick!

Coinbase makes money not in bank account withdrawal fees.

They make money mostly in cryptocurrency withdrawal and trading fees.

I am glad I found this out now and didn’t select the option of withdrawing back to my card.

They are cheeky because when u click on withdraw they automatically set it to withdrawing back to your card but there is a drop down list which u can then click on to select withdraw to bank and there is no fee.

[JamesDaniel90]

Just to confirm for anyone wondering when it comes to withdrawing. I have withdrawn some profits today and there is a way you can do so with no fees.

I went to send it back to an account i used through Revolut and doing so that way I was going to be charged 2%.

I then chose to send it directly back to my main bank account and there was no fee at all and i had the money in my account in less than a minute.

[Cryptohygenic]

I don't know how this can be possible because of all I have know via sending funds from the Coinbase wallet to the banks is usually processed with transaction fees rather there is a regional charge fee difference.
Atleast I have get to know about few transaction system on the Coinbase which are the Sepa, Wire and Ach transaction means but yet they all do charges for related transactions like that which their various charge fees differs.
So how does yours work on zero fee Op?

[JamesDaniel90]

I don't know how this can be possible because of all I have know via sending funds from the Coinbase wallet to the banks is usually processed with transaction fees rather there is a regional charge fee difference.
Atleast I have get to know about few transaction system on the Coinbase which are the Sepa, Wire and Ach transaction means but yet they all do charges for related transactions like that which their various charge fees differs.
So how does yours work on zero fee Op?

I don’t know all the technical stuff but when I tried withdrawing to my Revolut or Monzo account , there was a 2% fee.

So I selected the option of withdrawing directly back to my main bank account and there was no fee.

[boyptc]

I then chose to send it directly back to my main bank account and there was no fee at all and i had the money in my account in less than a minute.

So I selected the option of withdrawing directly back to my main bank account and there was no fee.

These are good to read but are you aware that there are banks that will question you from where your funds come from? As much as possible, this has been the case of many crypto folks that have taken profits and sent directly their profits to their main bank account.

If I were you, if I was able to do it successfully this time. I'll try to find some other ways in the next withdrawals that you make. I think if you did it with smaller amounts, you've got no problem but if this is quite hefty, you have to think and find some other ways soon even if it will cost you some fees.

Yeah, it's free and nice but I hope that there won't be any retaliation for you that withdrawal you've made which might come from that bank to scrutinize your money.

[Publictalk792]

About fees for taking out money on Coinbase it looks like you found cheaper way. When you take out money directly to your bank account Coinbase usually does not charge fee but your bank might charge small fee. On the other hand taking out money to debit card usually costs 2% like you said. So if you can taking out money directly to your bank account is probably best choice. But always make sure to check details and possible fees and taxes from your bank before you take out money.