If you are trying to transfer crypto from your Coinbase Wallet to your Coinbase Account and ultimately into your bank account, don’t worry, I’ve been in the same situation. Although it’s not difficult, there is a strict process you need to follow to ensure you transfer your crypto safely.
Below is a step-by-step guide on how to transfer your crypto from your Coinbase Wallet to your Coinbase Account, and ultimately into your bank account.
How to Withdraw From Coinbase Wallet to Your Account (Quick Method)
1. Link Your Coinbase Wallet and Coinbase Account
The quickest method for withdrawing crypto from your Coinbase Wallet to your Coinbase Account is by linking the two together. Follow the steps below to link them together.
- Open your Coinbase Wallet on your mobile device.
- Go to your Settings.
- Tap Connect to Coinbase.
- Follow the steps on-screen to connect your accounts.
2. Transfer Crypto from Coinbase Wallet to your Coinbase Account
- Open Coinbase Wallet on your mobile device
- Tap Send.
- Enter the amount you’d like to transfer.
- Select the supported coin and tap Next.
- When prompted to enter the address you would like to send to, tap Coinbase.
- Follow the remaining steps to complete your transfer.
It’s as easy as that! Now, if you don’t want to link your wallet to your account, you can also do a manual transfer.
How to Transfer Crypto from Coinbase Wallet to Coinbase Account (Manual Method)
1. Copy your Coinbase Account Address
Before you can withdraw your crypto from your Coinbase Wallet to the Coinbase App, you need to get your Coinbase address. To do this, follow these five simple steps below:
- Sign in to your Coinbase account.
- Go to Send/Receive.
- Select Receive.
- Choose the asset that you are sending to Coinbase (ETH, BTC, etc.)
- Copy the address provided by Coinbase.
Copying your Coinbase wallet address is one of the most important steps. Always make sure you choose the correct asset before trying to send any crypto to your Coinbase account from your Coinbase Wallet.
For example, if you are trying to send ETH from your Coinbase Wallet to your Coinbase Account, make sure to choose Ethereum (ETH) as the asset you are receiving in your Coinbase account, otherwise, you risk sending your crypto to the wrong address.
2. Paste Your Coinbase Accoun Address Into Your Coinbase Wallet
After verifying that you have the correct address for the crypto you are sending from your Coinbase Wallet to the Coinbase Account, you are going to paste that address into your Coinbase Wallet. Follow the steps below:
- Sign in to your Coinbase Wallet.
- Go to the Wallet tab.
- Select Send.
- Paste your Coinbase wallet address (double-check you have the correct address and asset).
- Choose the amount you want to send.
- Hit Next and then confirm the transaction fees.
Note, when choosing your gas fee, I always recommend going with the quickest option. Not only will the transaction get to your Coinbase account quicker, but it is less likely that the transaction will fail if you choose the High gas fee option. Also, it doesn’t cost too much extra.
Congratulations! Your transaction should now be pending and your crypto should be on its’ way to your Coinbase Account.
Depending on the gas speed you chose, your crypto can take several seconds to a few minutes to reach your Coinbase account.
If you would like to view and verify your transaction on the blockchain, you can do so by clicking on the transaction and then tapping the arrow which will take you to the transaction on Etherscan.io.
If your transaction does not appear immediately, don’t panic. Wait a few seconds and then refresh the page. If your transaction is still pending, Etherscan will say so. If the transaction is complete, Etherscan will display Success with a checkmark next to it in the Status section.
3. Wait for Coinbase to Process Your Transaction
Now that you have verified your transaction is successful using Etherscan, you will have to wait several minutes for Coinbase to process your transaction.
Even if Etherscan says your transaction is successful, it still takes Coinbase a while to process the transaction on their end. It can take up to 15 minutes for your crypto to appear in your Coinbase account.
You can check to see if you have received your crypto by going to the Assets tab in your Coinbase Account and locating the asset that you transferred from your Coinbase Wallet to your Coinbase Account.
From there, select your crypto, then go to Wallet where you are able to view all your transactions. If you don’t see your most recent transaction or if it is still pending, check back in a few minutes.
How to Transfer Crypto from Coinbase to Your Bank Account
So you have successfully transferred crypto from your Coinbase Wallet to Coinbase, but what if you want to take things a step further and transfer crypto from Coinbase to your bank account?
Follow these steps to transfer crypto from Coinbase to your Bank Account.
- Log into your Coinbase account.
- Tap the Buy/Sell button.
- Choose Sell.
- Pick the crypto you want to cash out and the amount.
- Choose your fiat (USD, GBP, etc.)
- Select Sell Now (Coinbase fee will apply.)
- Choose Cash Out and the amount.
- Select a destination (bank account, debit card, etc.,).
- Hit Cash Out.
- Select a bank account or debit card.
That’s it! If you already have a bank account or debit card connected to your Coinbase Account, your funds will appear in your bank account instantly.
If you have to add a new bank account or debit card, then you are subject to Coinbase’s terms and conditions, and your funds can take up to a couple of weeks to arrive in your bank account.