How to withdraw money from Bybit to bank account in Australia

How to withdraw money from Bybit to bank account in Australia

Robert McDougall

January 9, 2024

Cryptocurrency

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 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

CoinSpot

Best for Security

Rating

4.6

#3

Digital Surge

Lowest Spreads and Fees

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

Creating an account with Swyftx is a straightforward process. To get started, you can visit the registration page by clicking on the following link: https://trade.swyftx.com/. When you arrive at the registration page, you'll notice that your promo code is automatically applied, entitling you to receive $20 FREE Bitcoin upon signing up, without requiring an initial deposit.

Simply provide your name, phone number, email address, and proceed to follow the steps outlined for signing up with Swyftx.

Step 3 - Verify your account

Upon creating your account on Swyftx, you should be guided through the verification process automatically. This verification process typically involves verifying your email address, phone number, and identity, which is essential for gaining access to the platform's full range of features, including the ability to withdraw funds from your Swyftx account.

If you inadvertently skipped the verification process during account creation or need to verify your account at a later stage, you can do so by following these steps:

  1. Click on your initials, located in the top right corner of the Swyftx platform (indicated by the arrow in the screenshot below).

  2. From the drop-down menu that appears, select 'Verification.'

  3. This action will direct you to a verification screen, similar to the one depicted in the screenshot below. Here, you can initiate the verification process for your email, phone, and identity as needed.

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

Once you have successfully verified your Swyftx account, you can proceed to send cryptocurrency from your Bybit account to your Swyftx account. Here are the steps to follow:

  1. Click on the 'Deposit/Receive' button, which should be clearly visible on the Swyftx platform (indicated by the arrow in the screenshot below).

  2. Upon clicking this button, a pop-up window will appear, similar to the one depicted in the screenshot below.

  3. In the pop-up window, you can select the specific cryptocurrency you wish to transfer from your Bybit account to Swyftx. For this guide, let's use USDT (Tether) as an example.

Once you've selected the cryptocurrency you want to send to your Swyftx account, a different pop-up window should appear, as shown in the screenshot below. In this pop-up, you'll have the option to select the network you wish to use for the transfer.

For USDT (Tether), it is recommended to use the Tron (TRC20) network, as it typically incurs lower withdrawal fees on Bybit, such as just 0.5 USDT.

Inside this pop-up, you will also find the wallet address you need for the transfer, indicated by the blue rectangle in the screenshot below. To proceed, copy this wallet 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 2,500 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 1,000 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

To withdraw your money from Swyftx to your bank account, follow these steps:

  1. Click on the "Withdraw/Send" button, as indicated by the red arrow in the screenshot below.
  2. In the pop-up window, enter the amount in Australian dollars (AUD) that you wish to withdraw.
  3. Click "Select an account."
  4. Since this is your first withdrawal, you will need to click "Add a new account" to add your bank details.
  5. After adding your bank account, choose the withdrawal amount, select the reason for withdrawal, and click "Continue" at the bottom.
  6. 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 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, a specialised cryptocurrency trading platform, does not offer direct fiat withdrawals to your bank account. Fortunately, there's a straightforward solution. Follow the steps outlined above to discover how to withdraw your funds from Bybit via Swyftx, a leading Australian cryptocurrency exchange.

Can I withdraw fiat from Bybit?

Unfortunately, Bybit doesn't facilitate fiat withdrawals directly. However, you can find a simple solution in the article above, which involves transferring your cryptocurrency from your Bybit account to another cryptocurrency exchange (e.g. Swyftx), and then proceeding to withdraw fiat currency 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. 

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