Cryptocurrencies are the future of transactions. It provides more privacy, security, and speed over conventional financial transaction mediums. According to a survey, cryptocurrency will be mainstream in the next few years.
With the rising popularity of cryptocurrency, many people are looking to invest in a digital currency that they can make money from.
Trust Wallet offers an easy way for users with crypto assets – like Bitcoin or Ethereum-to safely withdraw them at any time and convert them into FIAT currencies such as USD using our partner exchange service providers.
How to Withdraw Money From Trust Wallet to Bank Account
When you need to withdraw your cryptocurrencies from the Trust Wallet, there are two options available. The first option is a transfer out into another cryptocurrency wallet or an exchange account so that they can later be converted back into fiat currency at any time in circulation with no loss of value involved.
Now that you have your Trust wallet set up and ready to do business, it’s time to withdraw money into a bank account in 8 Easy Steps :
Step #1: Gathering the Information
Gathering the core information about your trust wallets and bank accounts should be handy as it holds great importance in your financial transactions but managing all at once, might be hectic so the basic information that is needed for withdrawing money from a trusted wallet is :
- Accessibility to your digital wallet account.
- The latest version of the Trust Wallet app and a potential Internet connection.
- Your bank account number and routing number information
- The amount of money you want to withdraw.
Step #2: Sign In to your Trust Wallet Account
Consider this to be the initial step for any transaction of money from your trust wallet to your bank account. Sign in with the key provided by the wallet and manage your transactions by going through the following steps.
Step #3: Tap on the three lines in the top left corner of the app to open the menu.
Once you are on the homepage of your Wallet Tap on the above three lines to lead yourself to the Menu for different options that might put you a step closer to withdrawing or transferring your funds.
Step #4: Tap on “WALLET.”
Click on the options that best suit you but for the prevailing situation click on “WALLET” for further leading yourself in withdrawing your funds from the trust wallet to your bank accounts.
Step #5: Tap on “RECEIVE MONEY.”
Click on the “RECEIVE MONEY” option and further select the category that you want to transfer your wallet funds into, it can be in your bank accounts, exchanging cryptocurrencies, or getting FIAT currencies. Select Bank Transfer as your option.
Step #6: Enter your bank account number and routing number.
Add the banking credentials to your website in which you wish to transfer your wallet funds. All it needs is your banking account number and routing number to trace your bank and wire transfer the funds.
Step #7: Tap on the “SEND” button.
Click on the Send button and the bank will send you a confirmation notification on your email, Confirm the financial activity from your wallet and wait for the transfer.
Step #8: Wait for the Funds
Once your bank has confirmed the transfer, the money will be deposited into your account. Depending on your bank, it may take 1-3 business days for the money to be deposited.
1. Create a Binance account & copy the token’s address
Binance Trust Wallet is by far the most beneficial wallet for storing your coins and tokens. It’s easy to use, highly secure, and supports all major cryptocurrencies. So if you’re looking for a safe and easy way to store or transfer your tokens, Binance’s Trust Wallet is the right choice for you.
To transfer tokens from one address to another, open your Binance Trust Wallet and click on “Token Transfer”. Then enter the recipient’s address, the number of tokens you want to transfer, and the gas limit.
The gas limit is the maximum amount of gas that can be used to execute a transaction. The recipient address should be an ERC20 token compatible address such as Tronix(TRX), Bitcoin(BTC), and Ethereum(ETH).
Press “Send” and you’re done. Your tokens will be transferred to the recipient’s address in a few minutes.
2. Transfer token from Trust Wallet to Binance
Trust Wallet allows you to import your private key so that you can take full control over your funds.
This is important since it means that you do not need any other wallet than the one on your device. However, this also implies that you need to take serious security measures, especially since the key is stored on your phone or tablet.
For Instance, consider Binance as your primary wallet, you would need to select the number of tokens you wish to transfer using the recipient address you copied into your trust wallet account, which further allows you to sell cryptocurrency for FIAT money.
Binance is showered with additional features among other cryptocurrencies and with great ROI, turning your trust wallet cash to Binance would be a great deal. For which it’s important to convert your tokens in BNB using decentralized exchanges.
BNB wallet will cash out for another cryptocurrency other than trust wallets for which it is advisable to opt for Binance as the option due to high ROI. “SEND” your BNB wallet token in Binance, by pasting recipient address, BNB Amount, and MEMO and tap Next.
Such a process will successfully transfer your trust wallet tokens into Binance within 24 to 48 hours.
3. Sell the token on Binance
As mentioned earlier Binance holds the maximum amount of advantages when getting your cash onto your bank accounts, this is the reason it is regarded to be the topmost cryptocurrency wallet. Well, there are multiple options to cash out your tokens from Binance selling them to Binance.
The process demands great attention on the steps, which include
- Going on the “sell and Buy cryptocurrency” options on the landing page of Binance wallet.
- Move ahead by selling your cryptocurrencies for FIAT currency.
- Tap for the option “I WANT TO SELL “ for the cryptocurrency you wish to sell your tokens to (BNB in this case ).
- Enter the amount of BNB you want to sell.
- Select the type of Fiat currency you like to cash out your tokens in for (e.g USD, CAD,GBP), etc . by clicking onto the “YOU WILL RECEIVE” column
- Confirm the details that are added and tap next and lead yourself in further processing for withdrawing FIAT money for the tokens sold.
4. Withdraw fiat money from Binance to a bank account
Conversion of your cryptocurrency tokens does not end here if you select to make a wire transaction through Binance itself. as it demands you to select among the options you want to cash in your tokens and the options you get in the BINANCE wallet landing page will be FIAT and SPOT.
This Option is led by clicking on the Wallet option on the top navigation bar, after clicking on FIAT and SPOT, click on the Withdraw at the top page and lead yourself to the withdrawal option that occurs soon after you click the withdrawal option.
To make your Fiat currency conversion smooth and efficient it’s important to go through the following steps.
- Selection of currency and payment method
- For Currency, you would be given options that best suit you (e.g USD, CAD, GBP, or EUR).
- Further, move to Payment method for which you are restricted with two options either Bank transfer(SEPA) or Bank Visa
- The following process demands withdrawal information by adding the amount in the “ Enter the Amount “ section and sending the amount you want to transfer to your bank account
- Select the bank you want your FIAT money to be dropped by filling the “Withdraw to “ section and clicking on “Continue” to proceed with the transaction
- This might take minutes or an hour for the complete process.
And you successfully managed to transfer your Trust wallet tokens to your bank account by going through the above process.
Trust Wallet Fees
When withdrawing tokens from a trusted wallet, there are usually fees associated with the conversion of those tokens into fiat currency. The fee amount can vary depending on the exchange rate at the time of withdrawal, as well as the type of token being converted.
Some exchanges offer discounts for customers who convert their tokens into fiat currency within the exchange’s trust wallet. Others do not, and may even charge a higher fee for withdrawals that occur outside of the exchange’s trust wallet.
It is important to be aware of these fees before making any conversions, as they can quickly add up. To get the most accurate information on fees, it is best to consult the exchange’s website or customer service, team.
The conversion of tokens from one wallet to another might take 0.1 % of the amount transferred and per withdrawal falls from 0.3% to 0.5%. But withdrawing through Binance might be beneficial at some points.
Conclusion
When it comes to converting money from a trusted wallet into fiat currency, several things need to be taken into consideration. The first is the impact on the market. When large sums of money are converted at once, it can have a significant impact on the market as a whole.
This is because it can create an artificial demand for the currency, which can then drive the price up. Another consideration is the impact on the individual.
When converting money from a trusted wallet into fiat currency, the individual stands to gain or lose depending on the current market conditions.
If the price of the currency is high, they will gain more money if they convert it into fiat currency. However, if the price is low, they will lose money. This risk needs to be considered when deciding to convert money from a trusted wallet into fiat currency.
