Key Takeaways
- If you are from Australia and want to withdraw money from Bybit, you will need to transfer your crypto to another exchange and sell it there, then withdraw AUD to your bank account.
- There are six easy steps that you need to follow, which are: (1) choose a crypto exchange, (2) create an account, (3) verify your account, (4) send crypto from Bybit to new crypto exchange, (5) sell crypto for AUD, and (6) withdraw your AUD to your bank account.
- Swyftx is one of the recommended crypto exchanges since it is trusted, secure, and simple to use.
- You can use this link to receive $20 Bitcoin for free when signing up with Swyftx.
So, you've made some profits on Bybit—nice work. Now it's time to cash out, but you're probably wondering why there's no option to withdraw directly to your bank account. That’s because Bybit doesn’t support fiat withdrawals like AUD. But don’t worry, there’s a simple workaround.
How do you get your money out of Bybit?
To withdraw funds from Bybit, you’ll need to first transfer your crypto to another exchange that supports AUD withdrawals, sell your crypto there, and then withdraw the AUD to your bank account. It might sound a bit complicated, but it’s actually a quick and easy process once you’ve done it once.
This guide is specifically for Australian users. If you're not in Australia, check out my other article: How to withdraw money from Bybit.
There are six easy steps to withdraw money from Bybit to your bank account in Australia. I’ll walk you through each step in detail, with screenshots included, so everything’s crystal clear. Let’s get started.
Step 1: Choose a crypto exchange
Step 2: Create an account
Step 3: Verify your account
Step 4: Send crypto from Bybit into your new crypto exchange
Step 5: Sell crypto for AUD
Step 1 - Choose a crypto exchange
The first step is to choose a trusted and beginner-friendly crypto exchange that supports AUD withdrawals to your bank account. Any of the top crypto exchanges will do the job, as they’re all legitimate and allow you to cash out directly in AUD.
For this guide, I’ll be using Swyftx to walk you through the process, since it’s easy to use and well-suited for Aussie users. The screenshots and instructions will be based on my own Swyftx account, so if you want to follow along smoothly, I recommend sign up with Swyftx.
As a bonus, if you sign up with this link, you’ll receive $20 Bitcoin for FREE —just a little extra reward to get you started.
Top 3 Recommendations
Swyftx
Best Overall
Rating
4.9
CoinSpot
Best for Security
Rating
4.6
Digital Surge
Lowest Spreads and Fees
Rating
4.4
If you want to use a crypto exchange that isn’t listed here, you can check out our post on the best Australian crypto exchanges for more options. And if you’re planning to withdraw your money from Bybit using your phone, you might also find our article on the best cryptocurrency apps helpful. It covers the top mobile platforms for trading, tracking, and managing your crypto on the go.
Step 2 - Create an account
Creating an account with Swyftx is quick and easy. To begin, head over to the registration page using this link: https://trade.swyftx.com/. When you arrive, you’ll see that the promo code has already been applied, which means you’ll receive $20 FREE Bitcoin just for signing up—no deposit required.
All you need to do is enter your name, phone number, and email address, then follow the steps to complete your registration. It only takes a few minutes to get started.
Step 3 - Verify your account
Once you’ve created your Swyftx account, you’ll usually be taken straight into the verification process. This involves confirming your email address, phone number, and verifying your identity. It’s an important step because you won’t be able to access features like withdrawing funds until your account is verified.
If you accidentally skipped verification or want to complete it later, you can do it manually by following these steps:
Click on your initials in the top right corner of the Swyftx dashboard (you’ll see an icon with your initials).
From the drop-down menu, choose the option labeled 'Verification.'
You’ll be taken to the verification page, where you can complete any of the pending steps—whether that’s verifying your email, phone number, or submitting your ID.
Once that’s done, your account will be fully set up and ready to use.
Step 4 - Send crypto from Bybit to your new crypto exchange
Once your Swyftx account is fully verified, you're ready to transfer crypto from your Bybit account. Here's how to do it step by step:
On the Swyftx platform, click the 'Deposit/Receive' button. This should be easy to spot on your dashboard.
A pop-up window will appear showing a list of cryptocurrencies you can deposit.
From the list, choose the cryptocurrency you want to send from Bybit. For this guide, we'll use USDT (Tether) as the example.
After selecting USDT, Swyftx will provide you with a wallet address that you'll need to use in your Bybit account when making the transfer. Just make sure to choose the correct network (like TRC20 or ERC20), as it needs to match what you select on Bybit.
After choosing the cryptocurrency you want to transfer to your Swyftx account, you’ll see another pop-up window, similar to what’s shown in the screenshot below. Here, you’ll need to select the network for your transfer.
If you’re transferring USDT (Tether), it’s usually best to use the Tron (TRC20) network, as it has much lower withdrawal fees on Bybit—typically around 0.5 USDT.
In this pop-up, you’ll also see your unique wallet address for the selected crypto and network, highlighted in the blue rectangle. Copy this wallet address, then head over to your Bybit account to start the transfer.
In your Bybit account, click on 'Assets' in the top right corner, then go to your 'Spot' account. This is the wallet you'll use to withdraw your crypto to Swyftx.
If your funds are stored in a different account—like Derivatives, Earn, or Funding—you’ll need to move them to your Spot wallet first. To do this, click the 'Transfer' button next to the crypto you want to move and select the correct direction (for example, from Derivatives to Spot).
In this example, you can see that I have 2,500 USDT available in my Spot wallet, which is now ready to be withdrawn.
Next, find the coin you want to withdraw—USDT in this case—and click the 'Withdraw' button next to it. A pop-up window will appear, similar to the screenshot below.
In this window, you’ll need to select the Chain Type. Since we copied the TRC20 wallet address from Swyftx earlier, make sure you also choose TRC20 here to match. This ensures the funds go to the correct wallet and helps you avoid any transfer issues or loss of funds.
Now enter the amount of crypto you want to withdraw—in this example, I chose 1,000 USDT.
Then paste the Swyftx wallet address you copied earlier into the field labeled 'Wallet Address'.
Once everything looks good, go ahead and click Submit to finalise the transfer. Bybit may ask you to complete a quick security verification (like entering a code from your email or authenticator app) before the withdrawal is processed.
Step 5 - Sell crypto for AUD
Your crypto transfer might take up to 30 minutes to show up in your Swyftx account, depending on network congestion. To check if it’s arrived, click on the Wallet icon (as shown by the arrow in the screenshot below), then scroll down to All Wallets.
If your crypto wallet displays the amount you just sent from Bybit, that means your funds have landed safely in your Swyftx account.
Now that the crypto is in your account, you're ready for the next step—selling it for AUD.
Click on the 'Trade' button (shown by the red arrow in the screenshot below), and you will see a screen similar to the one below. On the right hand side you can choose which coin you want to Trade From (in this example, USD Tether), and Trade To (select Australian Dollars). Select the amount you wish to trade, and then click 'Review order details' at the bottom. You will see a confirmation screen, where you can click 'Place Order' to finalise the trade.
When you return to the 'Wallets' page in Swyftx, you should see your 'Australian Dollars' wallet now has funds in it.
Step 6 - Withdraw your AUD into your bank account
To withdraw your money from Swyftx to your bank account, follow these steps:
- Click on the "Withdraw/Send" button, as indicated by the red arrow in the screenshot below.
- In the pop-up window, enter the amount in Australian dollars (AUD) that you wish to withdraw.
- Click "Select an account."
- Since this is your first withdrawal, you will need to click "Add a new account" to add your bank details.
- After adding your bank account, choose the withdrawal amount, select the reason for withdrawal, and click "Continue" at the bottom.
- Swyftx does not charge withdrawal fees, so the amount of AUD you see in your Swyftx account is the amount you will receive in your bank account.
Frequently Asked Questions:
Can you withdraw from Bybit to a bank account?
Bybit doesn’t support direct fiat withdrawals to your bank account. But that doesn’t mean you’re stuck. As shown in this guide, the easiest way to cash out is by sending your crypto from Bybit to another exchange like Swyftx, where you can sell it for AUD and withdraw it straight to your bank.
Why is Bybit not allowing me to withdraw money?
Bybit is a crypto-only platform and doesn’t offer fiat withdrawal options. That’s why you won’t see an option to send money directly to your bank account. The solution is simple—transfer your crypto to an exchange like Swyftx that does support AUD withdrawals.
Can I withdraw fiat from Bybit?
No, Bybit doesn’t offer fiat withdrawals. But you can work around this by sending your crypto to another exchange (for example, Swyftx), where you can convert it to AUD and withdraw it to your bank account. The process is quick and easy once you’ve done it once.
How do I withdraw from crypto to cash on Bybit?
You can’t withdraw your crypto to cash directly through Bybit, since they don’t support fiat withdrawals. The workaround is to transfer your crypto to an exchange that does—like Swyftx—sell it for AUD, and then withdraw the funds to your bank account from there. This guide walks you through the whole process step by step.
Keyword: Coin
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