Key Takeaways

• Coinbase users in Australia cannot sell their cryptocurrency, and therefore cannot withdraw AUD from Coinbase.
• To withdraw your money from your Coinbase account, you will have to send your cryptocurrency to a separate crypto exchange, sell it there, and then withdraw your money to your bank account.
• Six easy steps to withdraw money from Coinbase in Australia: (1) Choose a crypto exchange, (2) Create an account, (3) Verify your account, (4) Send crypto from Coinbase into your new crypto exchange, (5) Sell crypto for AUD, and (6) Withdraw your AUD into your bank account.
• Swyftx, Digital Surge, and CoinSpot are the top three recommended crypto exchanges.

Step 2 - Create an account

Signing up to Swyftx is easy. Click on this link: https://trade.swyftx.com/ and you will be taken to Swyftx's registration page, as shown below. You should see a promo code has been automatically applied, which gives you $20 FREE Bitcoin once you verify your identity, even before you make a deposit.

Enter your name, phone number, email, and then continue with the steps to create your Swyftx account.

Step 3 - Verify your account

After you create your account, you should be automatically guided through Swyftx's verification process, to confirm your identity, phone, and email. If you skipped this part, and you need to verify your account now, click on your initials in the top right corner (shown by red arrow in screenshot below), and 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 Coinbase to your new crypto exchange

Once you have verified your Swyftx account, you can send the crypto you want to sell from your Coinbase account into your Swyftx account. In your Swyftx account, click on the 'Deposit/Receive' button (shown by green arrow in screenshot below), then a pop-up will appear, as in the screenshot below. Choose which crypto you want to send from Coinbase, in this guide, I am going to send USD Tether as an example. 

After you choose which cryptocurrency you want to send to Swyftx, another pop-up will appear (shown below). For USDT, you will need to select the Ethereum (ERC20) network, since that is what Coinbase uses. You will see your USDT wallet address (covered by the red rectangle in screenshot below). Copy that address, then sign into your Coinbase account in a separate tab.

In your Coinbase account, click on 'Pay' in the menu on the left, then your screen should look like the screenshot below. Choose the crypto you want to send, in the 'Pay with' field, and the amount you want to send. In the 'To' field, paste the address you copied from Swyftx. Then click the blue 'Continue' button and follow any prompts to finalise the transaction.

Step 5 - Sell crypto for AUD

Your cryptocurrency may take up to 30 minutes to appear in your Swyftx account. To check if it has arrived in your Swyftx account, click on the 'Wallet' icon (shown by the arrow in screenshot below), and look at your list of 'All Wallets' at the bottom of the screen. In the screenshot below, you can see there is a USDT balance, which means it has arrived in my Swyftx account. Once your cryptocurrency has arrived, you can sell it for AUD. 

Click on the 'Trade' icon (shown by the red arrow in the screenshot below), and your screen should look like the screenshot below. On the right side you can select the coin you want to Trade From (in our example here, we choose USD Tether). Underneath that, choose what you want to Trade To (which is Australian Dollars). Choose how much you want to trade to AUD, then click 'Review order details' at the bottom. A confirmation screen will appear, so click 'Place Order' to complete the transaction.

When you return to your 'Wallets' page in Swyftx, you will see that you now have a balance in your Australian Dollars wallet.

Step 6 - Withdraw your AUD into your bank account

The final step is to withdraw your money to your bank account. Click on the 'Withdraw/Send' icon (indicated by arrow in screenshot below), and a pop-up will appear. Choose 'Australian Dollars' in the field at the top, then click on 'Select an account'. Since this is your first withdrawal on Swyftx, you need to click on 'Add a new account'. Follow the instructions to add the bank details that you want to withdraw to. Once this is done, choose how much you wish to withdraw, the reason for doing so, and finally the 'Continue' button. 

Swyftx withdrawals are free of charge, so you won't lose any of the money you are transferring to your bank account. Congratulations, you have successfully withdrawn your money from Coinbase to your bank account!