How To Withdraw To a Bank Account in the Kraken Exchange
Kraken is one of the most trusted cryptocurrency exchanges where you can buy and sell over 120 different coins. However, when it’s time to reap the fruit of your labor, you’ll need to withdraw some of your hard-earned assets.
Here’s a step-by-step guide on withdrawing funds from Kraken to your bank account. The process may differ slightly depending on your place of residence and the platform you use. You might also need to convert your crypto before you can withdraw it directly. Read on to learn what to expect.
How to Withdraw to a Bank in Kraken on a PC
If you use Kraken on your PC, follow these steps to withdraw funds to your bank account:
- Go to the Kraken website and sign in.
- Switch to the “Funding” tab at the top.
- Find the “Withdraw” button Under the “Account Balances.”
- Select the currency you want to withdraw. You’ll be taken to a new page.
- Choose a withdrawal type from the dropdown menu in the left-side section. Note that some states might only have one option here.
Next, you’ll need to add your bank account if you haven’t done so already:
- Still in the left-side section, click “Add account.”
- Add a description to your bank account, then enter its details. Make sure you fill in all the fields accurately.
Note: The name on the bank account needs to correspond to your verified name on Kraken. You can only withdraw funds to your own bank account.
With your bank account added, you can proceed to withdraw your funds:
- Enter the amount you want to withdraw.
- Click “Review Withdraw.”
- If two-factor authentication is turned on, enter your code in the appropriate field.
- Authorize the withdrawal, and you’re done.
Remember that it might take several days for the funds to land in your account, depending on your withdrawal method.
How to Withdraw to Bank in Kraken on an iPhone
You can also withdraw funds to your bank account using the Kraken app on your iPhone. However, the mobile app has some limitations; for instance, you won’t be able to make ACH withdrawals through the app. Considering that this is the cheapest way to withdraw funds for eligible U.S. citizens, choose your platform wisely before withdrawing.
Follow these steps in the app to send funds from Kraken to your bank account:
- Launch the Kraken app for iPhone and make sure you log in.
- Tap the arrows button in the bottom right corner.
- Choose the last option, “Withdraw.”
- Pick the fiat currency you want to withdraw and enter the amount.
- Select your bank account and hit “Review.”
You’ll be prompted to enter your information if you haven’t yet added your bank account to Kraken. Give a description to your bank account, then enter your account number, address, bank name, the name on the account, and the sort code to proceed. The necessary info may vary slightly based on the funding provider you chose.
How to Withdraw to Bank in Kraken on an Android
If you use the Android app, follow these steps to withdraw your funds to your bank:
- Open the Kraken Android app and log in.
- Press the arrows button at the bottom to find the “Withdraw” option.
- Pick the currency.
- Enter the amount you want to withdraw.
- Select your bank account and review the transaction.
If you’re doing this for the first time, you’ll need to add your bank to Kraken. The app will prompt you to enter the necessary information which can vary depending on the funding provider.
You will notice that ACH withdrawal isn’t available in the Kraken app. If you’re otherwise eligible for ACH withdrawals, you’ll need to use your PC for the transfer to save some money on fees.
How to Convert Crypto to Fiat Currency on Kraken
You’ll need to convert any crypto you wish to withdraw since you can only withdraw fiat currencies to your bank account. If you withdraw crypto, you would send the cryptocurrency in its current form to another wallet. While this is good for safekeeping, it doesn’t create dollars you can use directly. Here’s how to convert cryptocurrencies into the fiat currency of your account before heading for the Withdraw page.
Follow these steps to convert crypto on your PC:
- Open the Kraken website and make sure you’re logged in.
- Click the “Trade” tab at the top.
- Select “Sell” under “Order.”
- Pick the currency you want to convert and enter the amount.
- Hit the “Sell” button and submit your order.
These are the steps to convert crypto using the mobile app:
- Open the Kraken iOS or Android app and log in.
- Tap the arrows button at the bottom.
- Hit “Convert.”
- Select the currencies you want to exchange.
- Enter the amount and tap “Review.”
- Swipe to confirm the conversion, and you’re done.
You can also convert currencies using the “Convert” option to achieve the same result.
Why can’t I withdraw from Kraken to my bank account?
Unless your bank allows withdrawals from cryptocurrency exchanges, you won’t be able to use it with your Kraken account. In addition, be aware that Kraken doesn’t allow third-party payment processors (TPPPs). If you made a withdrawal through a TPPP, you might need to contact Kraken support.
Another reason you might not be able to withdraw from Kraken is a withdrawal hold. This usually happens after certain transactions, like first-time ACH or digital wallet purchases. The amount you spent on the purchase will be locked for 72 hours. All you have to do is wait until the hold expires, and you’ll be able to withdraw from Kraken again.
How long will my transaction take?
The time your transaction will take depends on the withdrawal type. Fedwire transfers (through MVB, Signature, or SIlvergate Bank) typically take up to one business day. ACH transfers may take up to two business days. Fedwire through Etana Custody and Synapse can vary. It’s best to check ahead of time and learn about the cutoff times as well.
Are there any transaction fees when withdrawing from Kraken to my bank?
Typically, yes. Your withdrawal fee will depend on your withdrawal type. Most types have a set withdrawal fee, though there are exceptions. ACH withdrawals are free. Besides withdrawal fees, other fees charged by intermediary institutions are also possible along the way.
Bank Your Kraken
Withdrawing your funds from Kraken is a user-friendly experience. To make the process even smoother in the future, convert your crypto to your fiat currency in advance, and add your bank accounts to your Kraken profile. Just keep withdrawal limitations and processing times in mind so everything goes according to plan.
Have you withdrawn from Kraken to your bank before? How was your experience? Let us know in the comments below.