There are many reasons why you might want to liquidate your digital assets in fiat money, whether to pay a bill, buy a meal, or cover an emergency. When needs must, speed is essential; no one has time to wait three days for a bank transfer. For those occasions where a quick exchange is essential, here are four quick crypto-fiat options.
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Cut and Execute: Quick Removal Considerations
“Withdrawal” can mean different things to different people. For some, cashing means bypassing the banking system (and invasive KYC) by discreetly exchanging cryptocurrencies that they can hold in their hands. Of course, the seller must first manage the procedures necessary to find a buyer in cash against crypto that he can meet in person. And then there are security issues: what measures have you put in place to make sure you don’t get ripped off?
Even if you just accept digital funds transfer, you will need to decide in which currency you want to be paid, how much you are willing to lose in fees, and if you prefer bank transfer, Paypal or other online payment option. . If you are in the midst of a major cash crisis, you should also take into account the time required for the funds to be cleared: while domestic bank transfers are reasonably quick, international bank transfers can take 3 to 5 days working hours. Here are some of the fastest crypto withdrawal options currently available.
Founded in 2017, Metal Pay is a money transfer app that acts as a sweet entry into the world of virtual currencies – while allowing crypto holders to withdraw money. The process is simple: users download the app, which links to their mobile phone number, then fill in KYC before entering their bank details. From there, they can buy, sell, send, receive and convert between 24 cryptocurrencies, including BTC and ETH, directly from their device. This week, TRX was added to this list, allowing Tron’s native token to be purchased in fiat money by debit card or linked bank account.
Insured by the Federal Deposit Insurance Corporation, Metal Pay imposes withdrawal limits of $ 10,000 per day, $ 100,000 per month and $ 1.2 million per year, but converting crypto to cash is simple. Just be aware that transfers made before 7 p.m. ET on business days usually appear in your bank the next business day (although they can take up to three business days), and debit card withdrawals are normally made on same day (but theoretically can take one working day to complete). Modest withdrawal fees are denominated in crypto and detailed here.
The main attraction of Localcryptos (formerly Localethereum) is that it allows users to cash their crypto-to-peer, minus the headache of drastic KYC / AML processes. A reputation system keeps buyers and sellers in check, while the non-depositary escrow service means that shysters can’t get away with your BTC or ETH without paying you.
Using Localcryptos couldn’t be simpler. At the top of the home page, click “Browse”, then select the crypto you buy / sell with your preferred method of payment (bank transfer, cash in person, Paypal, Revolut, etc.), location and currency. You will see a list of buyers / sellers along with their profile descriptions and prices. All you have to do is open a dialogue with one of them (the cats are encrypted), agree to an exchange and – if you are the only one to cash – finance the escrow account. When the stipulated amount reaches your account, click on “Release commitment” to seal the agreement. By the way, the platform charges fees of 0.25% to the “manufacturers” (the person placing the ad) and 0.75% to the taker (the person who responds to the offer).
Like Metal Pay, Wirex is a mobile money app, only the company is based in London, not San Francisco. As for the setup process, it is practically identical to Metal Pay and there are 10 cryptocurrencies supported at the time of writing, including a native MTL-esque token called WXT.
If you want to withdraw crypto using the app, it’s easy to do so: just go to your crypto account and press “Exchange” to convert your balance to the fiat currency of your choice. You can convert up to $ 50,000 a day and spend the money using your Wirex card; you can also withdraw from an ATM. If you prefer to withdraw directly to a bank account, Wirex automatically claims a fee of 1% and a fee of $ 15 for SWIFT transfers. If you have a Coinbase card, you can now finance your Google Pay using the crypto card, allowing contactless payments at the touch of a smartphone.
Revolut is a popular mobile banking platform in Europe and a direct competitor of Wirex. One of the reasons why you can choose Revolut rather than Wirex when you want to withdraw money is the number of fiat currencies supported: well over 100 compared to the three of Wirex. Revolut requires a single payment of $ 9.99 for prepaid debit cards (Premium), while Wirex cards incur a monthly cost of $ 1.50. One drawback of Revolut is that it does not allow you to deposit cryptocurrency from an external source; you can only cash in the crypto that you have already purchased in the application or received from another Revolut user.
To cash your crypto, you will need to exchange it for fiat in-app (there is a 1% fee outside of currency market hours; it’s free if not), then use the app to send funds to a bank account. Transfers in GBP to a UK bank normally take a few seconds but can theoretically take up to three working days; Transfers in EUR to accounts domiciled in SEPA generally take up to two working days; and international transfers can take up to five days. As for the fees for this service, you are notified in the application at the time of the transfer. In the UK, it’s 20p for a local transfer beyond your plan allowance, and £ 3 for international transfers.
Whether you use a crypto-fiat banking service like Wirex, Metal Pay or Revolut, a P2P market such as Localcryptos, a wallet with integrated two-way fiat-crypto capacity like Trastra, or a cryptographic exchange such as Coinbase, there are many ways to turn your cryptocurrency into dirty fiat. You can even have your cake and eat it by getting a cash loan while using digital assets as collateral. Whichever option you choose, be aware of withdrawal limits, fees and waiting times. When you need cash quickly, concessions on the rate you receive are likely.
What options do you recommend for quickly switching from crypto to fiat? Let us know in the comments section below.
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