Despite all the advantages of cryptocurrencies, they do not yet completely replace real money. Therefore, a situation often arises when you need to withdraw bitcoins to a card in order to make any fiat payment. The editors of Profinvestment.com have compiled an overview of all popular methods for withdrawing BTC to a bank card. They are radically different from each other, and therefore can be convenient in different situations. You don’t have to settle on just one method, but it’s important to be informed about all the options so that you don’t make a mistake at the right time and withdraw your funds as profitably as possible.
Possible difficulties with withdrawing BTC to a card
There are two main issues that you should consider before withdrawing Bitcoin to your bank card:
- Verification may be required. If you plan to work with a crypto exchange, you will need to confirm your identity - provide passport details, full name, residential address, take a selfie, etc. As for exchangers, they do not require you to confirm your identity, but they may ask you to verify the card itself as confirmation that it belongs to you (exchanges without verification).
- Regulation. Recently, increased attention has been paid to operations with cryptocurrencies in Russia. On January 1, 2022, the law on digital financial assets (DFA) came into force, which regulates a number of issues related to cryptocurrency. It is actually equivalent to property. To avoid problems, you need to declare the crypto assets you have, as well as pay 13% taxes on all income (regulated and unregulated exchanges).
The laws of other countries may differ. For example, in Belarus until 2023 it is allowed to carry out activities with cryptocurrencies without paying any taxes. In Ukraine, in December, a law was adopted, in many ways similar to the Russian one, where cryptocurrency is also considered to be property and profits from it are subject to taxation.
All transactions credited to the card are monitored, so if the bank notices suspicious receipts, then questions may arise to you. Dividing large payments into small ones will not help, but will only make things worse. It's better to pay the tax and sleep peacefully.
Online exchangers
Through online exchangers, it is possible to withdraw bitcoins to cards of various banks (VTV, Sberbank, Russian Standard, Alfa Bank, Tinkoff) or to wallets of electronic payment systems. Services allow you to quickly and easily withdraw digital coins in rubles, dollars or euros.
Among the most reliable exchangers that have earned good reviews are:
- BestChange;
- 50cent;
- X-pay ;
- Tytcoin;
- 365cash;
- Belka-pay
- Prostocash.
After choosing a service that has a suitable exchange direction and an appropriate reserve, we proceed to filling out the application, following the instructions. As a rule, you first need to transfer crypto coins to the wallet of an online exchanger. After receiving the funds, the service will credit the money to the specified card or EPS wallet.
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Advantages and disadvantages of withdrawing Bitcoin to a card
pros
- A bank card is the most common and convenient type of fiat payment instrument.
- Cards are supported by a large number of exchangers and other services.
- The only thing that matters is the type of card (Visa, Mastercard) and its currency, and what bank you have usually doesn’t matter.
Minuses
- Increased attention from third parties: banks, governments, law enforcement agencies, tax authorities, etc.
- Often high commissions.
- The need for verification when withdrawing from most exchanges.
Procedure
1. Choose a direction. For example: bitcoins (you give) => to a Sberbank card (you receive).
Or like this:
2. Enter the amount to be withdrawn and indicate personal data (valid E-mail, card number, recipient’s full name). Click on the “Pay” or “Proceed to Payment” button.
Sometimes, to complete the operation, you need to confirm that you are not a robot and check the “I agree to the terms” box. Some services, before withdrawing cryptocurrency in rubles to your card, may require you to confirm the debiting of funds from your BTC wallet (in this case, just follow the instructions). After confirming the transaction, you will receive an SMS notification that the money has been successfully credited. The process takes from 5-20 minutes (usually) to 3 days (rarely).
In the same way, you can withdraw funds to Yandex.Money, WebMoney, QIWI and other electronic payment systems.
Withdrawing cryptocurrency through exchanges
For withdrawal, you can use exchanges where digital coins are traded and exchanged between platform users. First, let’s list the cryptocurrency exchanges with withdrawals in rubles:
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- KUNA;
- bitport;
- CRYPTONIT;
- BTC-E;
- Livecoin;
- Exmo;
- CEX.IO;
- ECOIN.
The algorithm of actions in this case is more complicated:
- Create an account;
- transfer crypto coins to the exchange wallet;
- exchange them for fiat currency (rubles);
- convert into codes and cash out at the exchanger or withdraw in another convenient way offered by the selected exchange.
Step-by-step instruction
Let's take a closer look at how to withdraw bitcoins into rubles, using the example of the well-known EXMO exchange.
Step #1. Registration.
Step #2. Registration confirmation (follow the link from the letter sent by email).
Step #3. Transfer of cryptocurrency to the address of the created wallet on the exchange.
Step #4. Exchange digital coins for fiat currency (rubles).
Step #5. Withdrawal in a convenient way (each option provides for a certain limit and commission).
- Option A – on the card:
- Option B - create EX-CODE,
and then cash it in an online exchanger.
How to withdraw cryptocurrency anonymously?
Bitcoin can be withdrawn anonymously (legally) using the Advanced Cash payment system. Some cryptocurrency exchanges (Livecoin, WEX, EXMO) provide the opportunity to directly withdraw fiat money to the Advanced wallet. The principle of action in this case is quite simple.
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Step #1. After registering in the system, you need to top up your account with bitcoins.
Step #2. Open the “Funds Transfer” tab and select the appropriate option:
- through exchangers;
- to a bank card;
- to ADVcash card;
- between wallets within the system;
- into electronic currency (Payeer, Perfect Money, etc.);
- in cash.
For those who plan to use the service to withdraw cash regularly, it is better to order an ADVcash/MasterCard card (EUR or USD). This will make it possible to withdraw crypto coins at the right time, since money can be cashed out at any ATM, in any fiat currency (an additional commission is charged for exchanging euros or dollars for rubles).
What difficulties may arise
Cryptocurrency does not currently have a proper situation, so problems often arise when withdrawing funds. You should know about all these points in advance:
- You are unlikely to be able to withdraw a very small amount from your wallet, since all exchanges set minimum limits, for example, 0.005 Bitcoin or more.
- Sometimes there are difficulties in finding an exchanger that transfers cryptocurrency. Be prepared to spend a lot of time searching.
- If you do not use special services, but the services of intermediaries, then you need to take into account that the transfer procedure will be long. Such an exchange does not occur automatically, which means it cannot be done quickly.
You will receive money on your card including commission. In addition, the conversion will take place at the exchange rate, which is usually a little lower there. In some cases, you should wait a little and get more money. The fact is that Bitcoin is constantly rising in price, and in a month you can get twice as much money. However, do not forget about the risks that, of course, exist if you store money in cryptocurrency. You should not store too large amounts of money in Bitcoins, which you will be sorry to lose later.
Withdrawing funds from a Bitcoin wallet to a card is also possible in Ukraine. To do this, you will need to use a Privatbank account. Here it should be clarified that you can, in principle, withdraw money to a card of any bank. The commission amount does not change depending on the selected bank. You can transfer funds to bank accounts in Russia, Ukraine, Belarus or Kazakhstan.
How not to cash out Bitcoin
Cashing out Bitcoin comes with certain risks and issues that should be considered. The main mistakes made by beginners:
- Withdrawal of large amounts at once. This may raise questions from the tax authorities.
- Conclusion without realizing that you need to pay income tax of 13% on registered income.
- Selling BTC for cash when meeting a stranger.
- Using “black” methods, compromised cards or dummies.
Any money laundering scheme violates the law. You shouldn’t search Google or telegram channels for various cunning operations, since the likelihood of their success tends to zero, but the chance of getting caught and breaking the law is very high.
Reliable ways to store cryptocurrencies
To store private and public keys that provide access to and use of cryptocurrency, special services are used - cryptocurrency wallets. Their main varieties:
- Desktop, installed on a computer/laptop.
- Mobile, for phones and tablets.
- Online, work from a browser. This also includes accounts of custodial cryptocurrency exchanges.
- Hardware ones are considered the most reliable. Suitable for long-term storage of assets in complete safety without access to the Internet.
- Paper ones are simply a private and public key printed on paper. To withdraw money from such a wallet, you will need to activate it through a software wallet that supports such a function.
Details about crypto wallets with examples
Crypterium
Multifunctional cryptocurrency wallet. Allows you to store, buy, invest, cash out and spend cryptocurrency. Supports Bitcoin, Ethereum, Litecoin, Crypterium's native token (CRPT) and other coins. The Crypterium wallet can be used as a mobile application for Android and iOS.
To cash out cryptocurrency, you can apply for a free virtual or purchase a plastic Visa bank card. It will allow you not only to make purchases in stores around the world, but also to withdraw money from ATMs. With a monthly top-up of €299, you will not pay any service fee. The daily cash withdrawal limit is 500 euros, the monthly limit is 2,500 euros.
What to pay attention to when exchanging
When exchanging cryptocurrency for real money, it is important to pay attention not only to the profitability of this operation (for example, rate and commissions), but also to security. The resources that deserve the most attention are those with a good reputation, those with many positive reviews on trusted sites, forums - where real people communicate.
When choosing an exchanger, you should pay attention to the reserves - the larger they are, the larger amounts can be changed at a time. In addition, this is a sign of the reliability and responsibility of the service.
Another significant criterion is the need to provide your confidential data, as required by many exchanges and payment systems. For some users this is acceptable, others absolutely do not want to violate their anonymity. Verification also takes time (platforms sometimes take weeks to check data), and this option is not very suitable if you need to sell Bitcoin urgently.
General recommendations
Withdrawing Bitcoin from a blockchain wallet is a task that is feasible for any user. The main thing is to take care of safety and find good exchange conditions. To do this, follow the following rules:
- To avoid paying “draconian” fees, choose the “Custom” method of withdrawing coins. There have been cases when, when using “Fast Sending”, the penalty was several times higher than the transfer amount.
- Do not trade with unverified services and people.
- When using monitoring sites, do not be lazy to look through all the ways to withdraw bitcoins. Often, in the “Double Exchange” item you can find more profitable transaction schemes (don’t forget to take into account commissions).
By applying these tips, you can transfer your hard-earned coins to electronic means of payment and fiat with minimal losses. It is usually convenient to do this through exchange office monitoring sites, where you can find the most favorable rate.
Security measures
Withdrawing Bitcoins from a wallet to a card is always risky. To avoid becoming a victim of scammers or your own carelessness, you need to follow at least basic security measures. In particular:
Trust only those exchange resources that have a good reputation;- Read reviews about exchanges and exchangers. If there is a lot of negativity there, it is better to refuse cooperation with such platforms;
- Do not carry out complex exchange schemes if you are not sure that you can cope with their implementation;
- If possible, try not to use direct Bitcoin exchange;
- Please carefully check the details provided so as not to send money to the wrong place.
After the money is withdrawn from your Bitcoin wallet and transferred to the card, it is advisable to leave a review about the resource where you did it. Other users will be grateful for the shared experience.
As for situations where a problem occurred on a good resource and the money was not credited to the account, you cannot sit idly by. There are support services where you need to urgently write. The sooner you do this, the higher the chances that you will be helped or compensated for your losses. Of course, provided that the problem is their fault.
