How to withdraw money from Bybit to bank account in Australia

How to withdraw money from Bybit to bank account in Australia

Robert McDougall

August 19, 2022

Cryptocurrency

So you have made some profits trading on Bybit and now it is time to cash in on your rewards, but you can't figure out how to withdraw money to your bank account. This is because Bybit does not offer withdrawals of fiat currencies (eg: AUD). I guess the next question you will ask is:

How do I get my money out of Bybit?

To withdraw your money out of Bybit, you will need to transfer your cryptocurrency to another crypto exchange, sell it there, then withdraw AUD to your bank account. This is a simple process, and we will run you through it step-by-step in this guide. 

Please note that this article is specific for Australian readers. If you are not from Australia, you can read 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 will go into each of these steps in more detail below, with screenshots every step of the way, to make it extremely straightforward:

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 6: Withdraw your AUD into your bank account

Step 1 - Choose a crypto exchange

The first thing you need to do is select a trusted and secure crypto exchange that is simple to use. We recommend any of the top crypto exchanges since they are all legitimate and allow withdrawals of AUD directly to your bank account. In this how-to guide, I will use screenshots from my Swyftx account (read review) to show you how to withdraw money from Bybit. If you want to follow along easily, I suggest you sign up with Swyftx. We also have a unique offer, where you will receive $20 Bitcoin for FREE when you sign up with this link.

Top 3 Recommendations

#1

Swyftx

   Best Overall  

Rating

4.9

#2

Digital Surge

Lowest Spreads and Fees

Rating

4.6

#3

CoinSpot

Best for Security

Rating

4.4

If you want to use a crypto exchange that isn't listed here, you can also consult our post on the best Australian crypto exchanges. If you plan to use your phone to withdraw money from Bybit, our article on the best cryptocurrency apps is a useful resource.

Step 2 - Create an account

To open an account with Swyftx is very simple. Click on the following link: https://trade.swyftx.com.au/ and you will be taken to Swyftx's registration page, shown below. You can see that your promo code is automatically applied. This gives you $20 FREE Bitcoin when you sign up, even without making a deposit.

Enter your name, phone number, email, and then follow the steps to sign up to Swyftx.

Step 3 - Verify your account

When you create your account on Swyftx, you should be taken through the verification process automatically. You need to verify your email, phone, and identity to be able to access the full features, such as withdrawing money from Swyftx. If you skipped this part earlier, and need to verify your account now, click on your initials in the top right corner (shown by the arrow in screenshot below), then click 'Verification'. You will be taken to a screen like the one below, where you can verify your email, phone, and identity.

Step 4 - Send crypto from Bybit to your new crypto exchange

After verifying your Swyftx account, you can send crypto from your Bybit account into your Swyftx account. Click on the 'Deposit/Receive' button (as shown by arrow in screenshot below), then a pop-up will appear, as shown in the screenshot below. Select what crypto you want to send from Bybit, in this guide, I will use USDT as an example. 

After you select the crypto you want to send to Swyftx, a different pop-up will appear (shown below). Select the network you wish to use. For USDT, I recommend using Tron (TRC20) as it incurs the lowest withdrawal fees on Bybit (just 0.5 USDT). You will see the wallet address (covered by the blue rectangle in screenshot below). Copy that address, and sign into your Bybit account.

In your Bybit account, click on 'Assets' in the top right corner, and access your 'Spot' account, which is where you can withdraw your crypto to Swyftx. If your crypto is in the other accounts (e.g. Derivatives), you need to click the 'Transfer' button to send them to your Spot account first. You can see in my screenshot below, I have 2500 USDT in my Spot wallet.

Next, you need to click on the 'Withdraw' button next to the coin you wish to withdraw. A pop-up will appear, similar to the screenshot below. For USDT, we want to select TRC20 as the Chain Type, as that is the address we copied from Swyftx in the step above.

Enter the amount you wish to withdraw (in my example, I chose 1000 USDT), and paste the Swyftx wallet address that you copied earlier in the field that says 'Wallet Address'. Once that is done, you can click Submit to finalise the transfer.

Step 5 - Sell crypto for AUD

Your cryptocurrency may take up to 30 minutes to arrive in your Swyftx account. To check whether it has arrived, click on the Wallet icon (shown by the arrow in screenshot below), and scroll down to 'All Wallets'. If your crypto wallet shows the amount you just sent from Bybit, then it has safely arrived in your Swyftx account. Now that your cryptocurrency has arrived, it's time to sell 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

So you have managed to sell your crypto to AUD, now the final step is to withdraw your money from Swyftx to your bank. Click on the 'Withdraw/Send' button (shown by the red arrow below), and a pop-up will appear. Enter Australian dollars in the field at the top, then 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 you have added your bank account, choose how much you want to withdraw, select the reason, and then click 'Continue' at the bottom. An excellent thing about Swyftx is there are no withdrawal fees, so the amount of AUD you see in your Swyftx account is how much you will receive in your bank account. There you go, you have successfully withdrawn money from Bybit to your bank account (via Swyftx)!

Frequently Asked Questions:

Can you withdraw from Bybit to bank account?

Bybit does not support fiat withdrawals directly to your bank account. However, that doesn't mean you can't get your money out. By following the steps in this guide, you will learn the easiest way to get your money from Bybit into your bank account, via another crypto exchange, like Swyftx.

Why is Bybit not allowing me to withdraw money?

Bybit is a dedicated crypto trading platform, and does not support fiat withdrawals to your bank account. The good news is that there is a simple workaround solution. Follow the steps above to learn how to withdraw your money from Bybit, using Swyftx, a top Australian crypto exchange.

Can I withdraw fiat from Bybit?

Unfortunately, Bybit does not support fiat withdrawals. To withdraw your money from your Bybit account, there is an easy solution in this article above, which requires you to send your crypto to another crypto exchange (eg: Swyftx), then withdraw fiat from there, to your bank account. 

How do I withdraw from crypto to cash on Bybit?

Bybit does not accept fiat withdrawals, so you cannot withdraw your crypto to cash. However, there is a quick and easy way to get your money out, when you follow the steps in this guide. Send your crypto from Bybit to another crypto exchange that supports cash withdrawals (such as Swyftx), then withdraw your AUD from there to your bank account.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

To view our privacy policy read this breakdown.


You may also like

Swyftx vs CoinSpot

Swyftx vs CoinSpot

Stay up to date with vital crypto news!

Sign up to hear about the latest updates, market trends, and special offers.

>