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Most customers are unsure of how to use Trust Wallet to exchange their crypto tokens for fiat currency. You've come to the right place if you're one of those people who doesn't know how to withdraw money from Trust Wallet.
This guide will show you how to turn the cryptocurrency tokens in your Trust Wallet into fiat currency and deposit it into your bank account.
We must learn everything we can about Trust Wallet before we can understand the main points of this text. Decentralized cryptocurrency wallet Trust Wallet has gained a lot of popularity among both newcomers and seasoned users.
The wallet provides all services related to blockchain, in addition to others. You can store NFTs, trade current assets, buy any cryptocurrency using fiat onramps, and earn cryptocurrency by staking.
It is well known that this decentralized mobile software wallet offers custodial crypto asset storage. You will have complete control over your crypto assets, to put it briefly.
Trust Wallet is renowned for supporting a variety of blockchain networks and coins with 53 blockchains and more than 250,000 assets are currently present in Trust Wallet.
In addition to giving you a secure location to save your cryptocurrency assets, the wallet is renowned for giving users access to its ecosystem.
You can do this via staking, which is one of the most common means of doing the same, and supporting any network.
On Proof of Stake networks, where revenue is produced by lending the investors shares in their assets, staking is characterized as a consensus technique.
We'll try to cover a variety of topics in this blog, such as transferring from your Trust Wallet to your bank account and other steps you need to take before you can move your crypto token from your Trust Wallet to your bank account.
How to Transfer Trust Wallet cash to Bank account easily
What is Trust Wallet?
The cryptocurrency wallet software is called Trust Wallet. Today, there are a great variety of cryptocurrencies available, and Trust Wallet supports most of them. It offers comprehensive cryptocurrency management functions and enables you to buy, sell, and swap various coins, blockchains, and other digital assets.
Through adjustable interest rate staking of your assets, Trust Wallet makes your coins work for you. You receive a verified proof-of-stake certification from the program so you can earn interest on your cryptocurrency holdings. Your cryptocurrencies will continue to generate income on their own thanks to this automated feature.
A number of exchanges for cryptocurrencies make it rather difficult to buy cryptocurrency. On the other hand, Trust Wallet enables you to purchase cryptocurrency using your credit card so that you may start trading right away.
One of the most used software wallets among blockchain and cryptocurrency users is Trust Wallet. The straightforward user interface, quick speed, and adequate security of this wallet have all contributed to its growing popularity.
How do I Withdraw money from my Trust Wallet?
Users using trust wallets occasionally need to remove cryptocurrency from their wallets. A transfer to another wallet or a transfer to an exchange account to convert to fiat cash could be the causes of this procedure.
You cannot exchange cryptocurrency for FIAT or conventional currencies like the USD, EUR, or GBP using Trust Wallet. You will require access to an exchange that supports FIAT markets, like as Binance or Coinbase, in order to withdraw funds from Trust Wallet.
And so, to continue with this process, there are two main steps to follow to withdraw money from your Trust Wallet to your Bank Account. This is done first of all by converting the crypto in question to fiat currency using an exchange platform like Binance or Coinbase, then after withdrawing the cash from your exchange platform to your bank account.
As a matter of fact, many people always do use Binance to do this transfer since Binance is more safe than Coinbase and it's also very much used application.
How to Withdraw Money from Trust Wallet
You must first withdraw your cryptocurrency to an exchange like Binance in order to withdraw funds from Trust Wallet to a bank account. You can withdraw your funds to your bank after your cryptocurrency has been added to the exchange wallet.
And so, let's get started with this method to assist you real quick.
Step I: Convert Trust Wallet Currency to FIAT Currency using Binance.
Because it supports more than 60 fiat currencies, Binance comes the most recommended. Additionally, it accepts cash balances, debit cards, bank transfers, and credit cards.
No matter if you want to withdraw a stablecoin or a regular cryptocurrency from Trust Wallet, the process is the same:
- Go to the "Wallet" tab in the Trust Wallet app's footer.
- Press "Send" after choosing the coin you want to send.
- Go to the wallet or exchange where you are sending your cryptocurrency. Find the "Receive" (or "Deposit") address and "Copy" it.
- Reopen Trust Wallet and "Paste" the address into the "Recipient Address" field.
- You can either enter the "Amount" you want to send or click "Max."
- Select "Next."
- Review the information, then "Confirm" the transaction.
Depending on the blockchain (or network) you're sending this on, you may have to pay a transaction fee when sending your transaction if you want to withdraw money.
You can deposit USDT or ETH into your Coinbase account, and then you can withdraw those funds immediately from the exchange you are currently using. Additionally, Coinbase is a fantastic platform if you want to save money or sell coins.
When your crypto has already been sent to your Binance, then you can simply turn it to FIAT currency. Use the steps below;
- To begin, click HERE to go to Binance's "Buy and Sell Cryptocurrency" page.
- You can exchange your bitcoins for fiat money on the page. Choose the cryptocurrency you wish to sell from the "I want to sell" section (e.g. BNB).
- After that, enter the quantity of BNB you want to sell. Then, in the "You will get" area, choose the fiat cash that you want to receive (e.g., USD, EUR).
- The confirmation page will then appear after tapping next. You must validate the sale on the confirmation page.
By swapping your cryptocurrency for a stablecoin, you can take advantage of the current market price and capture the price that’s available without having to wait to send these transactions out of the Trust Wallet first.
Step II: How to Transfer Funds from Binance to Bank Account
And so, now that you have transferred the currency to your Binance, the next thing will be to withdraw the money from your Binance or your exchange platform to your Bank Account.
The steps below should be followed if you want to withdraw money directly into your bank account. This approach is available on the desktop only—not the Android app.
- Log into your Binance account and exchange your BNB (or any other coin) for USD.
- Select Wallet, then click Fiat & Spot.
- Verify that your funds are available in USD if you converted your cryptocurrency to USD before clicking Withdraw.
- Click Fiat, choose USD from the currency drop-down menu, and then choose the bank you wish to send the money to. Add the amount as well, then click Continue.
- Type the Beneficiary address, Bank Name, Bank Code, and Beneficiary Account Number in the new tab and then click Confirm Withdrawal.
With this, you should get your money in your bank account really quick. This process can take up to 45 minutes to be completed. And so, just wait until the money reaches your bank account and then you can withdraw and use it from there.
Using Yellow Money
Well, there are some countries that will not be able to go through this process and get their funds in their Bank account.
This is simply because Binance surely does not support their Bank account and can't be transferred. And so, you will have to use another platform called Yellow Money to send the money to your yellow card before sending from there to your Bank account. (Yellow Money works for African Countries)
Yellow card is also a wallet that you can just send money to and from there. All you have to do is to create your Yellow money account and then using your wallet address to receive funds from Binance.
First of all go to Yellow Money and then signup and get an account there. Once your account has been created, then you will have to copy your wallet address to receive money. To copy your wallet address, click on "Select Wallet" and choose your wallet from the list of wallets. Supports mostly Bitcoin and USDT.
Also know that, you can change your currency in your Binance before transfer from ETH or any other currency to USDT or BTC first before sending it to your Yellow Money.
After copying your wallet address, you can then go to your Binance account and go to the send tab and paste your copied address to send money to your yellow Money.
Once the crypto currency is in your Yellow Money, you can withdraw it to your currency in any country in Africa. You should also know that Yellow money supports Mobile Money and you can send money directly to your Mobile Money from Yellow Money.
Final Thoughts on how to send Money from Trust Wallet to Bank Account
Trust Wallet is an excellent cryptocurrency wallet for beginners. However, withdrawing money from the mobile app can occasionally be annoying. In the future, hopefully, they will be able to provide a withdrawal feature. You must currently use a number of platforms in order to transfer money from Trust Wallet to a bank account.
And in the mean time, we have this method provided in this article that you can use and withdraw money from your Trust Wallet account. Just learn how to do that and thank us later. And we hope this article will be nourishing to you.