Withdraw to bank account via SEPA transfer(europe):

A way back to fiat:

After being around crypto for quite a bit maybe you thought about withdrawing some money back to fiat, this could be some profit you've got from successful trading crypto, maybe it was a post on steemit or mining revenue which is my case.


For me the usual way back to fiat is via a bitcoin debit card, I got one from wirex(previously E-coin) about two years ago, I have to say I am very happy with the service they provide, I got one of the physical visa card and never ran into a problem paying over the counter or even online. It is a fast easy way out, you just send bitcoin to your wirex account then wait for your bitcoin transaction to confirm(which is be the longest part right now), once this is done you can simply load you bitcoin to your card, the process is instantaneously. It is by fare the fastest way I have found to get from BTC to EUR but there is a cost.

Transaction cost:

  • Firstly wirex takes a monthly fees for SMS notification which is not optional this cost about 1 EUR/per card/per month.

  • There is also some fees for ATM withdraw and paying in a different currency.

  • The cost of a virtual card is $3 and $17 for a physical one (You can find all fees listed on their website at https://wirexapp.com/cards/)

  • But the highest cost is when you are loading your card, when converting bitcoin to euro for example they use their conversion rate which includes their commission. At the time of writing 1 BTC = 2171€ on their application but is around 2257€ on coinmarketcap.com, this is between 4-5% commission.

I think the commission (and overall cost) is a little bit too high at the moment so I decided to look for some cheaper alternatives.


SEPA transfer into crypto:

My only gateway(beside cash) into cryptocurrency is actually using my traditional bank account and a bitcoin exchange. I am using kraken.com as my default exchange to crypto because I can send direct SEPA transfer to their fiat account and they will credit my kraken online account where I will be able to convert EUR to cryptocurrency.

The process if very simple and the money is credited within 1-2 business days. In order to sent money to kraken, there are a few things you have to be careful with like the name of the kraken account needs to match with the name on your bank account and you have to use the reference(identifier) and include it in every transactions otherwise your funds will be frozen. I made this mistake once and I had to contact the customer support to get my funds credited, they are very professional and resolved the issue in a matter of days.

I have only been using kraken.com to get into crypto but this week I wanted to withdraw some profits from my mining operations but didn't want to load it to my debit card due to fees, that is when it hit me, I could try using kraken the other way around and send a SEPA transfer to my bank account.

Kraken.com to bank account via SEPA:

Kraken.com support a wide range of cryptocurrency including BTC, Tether USD, Ripple, LTC, Doge, DASH, ETH,ETC and a few more, they are expending this list every year, unfortunately they don't support BTS or STEEM yet so you would have to convert to another of those crypto to withdraw your steem profit.
So my first step to withdraw to fiat was to send the DASH I mined to kraken.com
then I needed to trade those DASH to EUR and finally start the withdrawing process.

Kraken.com does take a fee for SEPA transfer of about 0.09€ regardless of amount which is a lot cheaper then loading to a debit card, I completed the withdraw procedure today and will edit this post when I get my funds credited on my bank account. I expect the funds to arrive between Saturday and Monday which equals 2-3 business days.

Edit on Friday 30/06/17:

I just received my funds this morning, the SEPA transfer took less than 24hours to complete(1 business day) so now I know I need less than 24 hours to cash out any cryptocurrency at a reasonable price of 0.09€ per SEPA transfer.

I will keep you updated, until then have a good day.