How to withdraw money from Coinbase in Australia

How to withdraw money from Coinbase in Australia

Robert McDougall

August 4, 2022

Cryptocurrency

You have probably found this page because you have some crypto in your Coinbase account, and you are trying to figure out how to sell it and withdraw money to your bank account. The problem you are encountering is that you are unable to find how to sell your crypto and withdraw money. This is because Coinbase users in Australia cannot sell their crypto, and therefore you cannot withdraw AUD from Coinbase. So the next question you have will probably be:

How do I get my money out of Coinbase?

To withdraw your money from your Coinbase account, you will have to send your crypto to a separate crypto exchange, sell it there, and then withdraw your money to your bank account. This may sound complicated, but it's actually very simple, and we will help you through this process using our quick step-by-step guide.

There are six easy steps to withdraw money from Coinbase in Australia. Here is an outline, but if you continue reading, I will go into detail regarding each of the steps, with plenty of screenshots to help you through the entire process.

Step 1: Choose a crypto exchange

Step 2: Create an account

Step 3: Verify your account

Step 4: Send crypto from Coinbase 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 step is to choose a legitimate and safe exchange that is easy to use for selling crypto and withdrawing AUD. Any of the best Australian crypto exchanges are excellent options, as they are secure and allow you to withdraw money in Australia. In this guide, I will include screenshots from my Swyftx account (read review) to show you how to withdraw money from Coinbase. To follow these steps easily, you can also sign up with Swyftx. Take advantage of our special offer, where you receive $20 FREE Bitcoin if you sign up with this link.

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If you want to research more options of how to get money out of Coinbase, this article on the best Australian crypto exchanges may be useful. If you wanted to use a crypto app to help you withdraw money from Coinbase, you can also see our article on the best cryptocurrency apps.

Step 2 - Create an account

Signing up to Swyftx is easy. Click on this link: https://trade.swyftx.com.au/ 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!

Frequently Asked Questions:

How do I get money out of Coinbase?

Coinbase does not support fiat withdrawals in Australia. However, by following the simple steps in this guide, you will learn how to get your money from Coinbase to your bank account in Australia, via another crypto exchange, such as Swyftx.

Why can't I withdraw my money from Coinbase?

Coinbase does not support the sale of cryptocurrencies in Australia, meaning you cannot convert your crypto to AUD, and therefore you cannot withdraw AUD to your bank account. However, there is a workaround solution where you can send your crypto to another exchange like Swyftx, then withdraw your money from there. Read our guide to learn how.

Can you withdraw from Coinbase to bank account?

No, you cannot withdraw from Coinbase to bank account in Australia. If you have already got crypto in Coinbase and now you want to withdraw your money, we have an easy solution detailed above. Simply send your crypto to another crypto exchange that accepts AUD withdrawals, such as Swyftx

Can you sell Bitcoin on Coinbase in Australia?

Australian Coinbase users cannot sell Bitcoin or any crypto on this exchange. This means you won't be able to withdraw AUD to your bank account. The easiest way to get around this is to send your crypto to an Australian crypto exchange like Swyftx, sell it there, and withdraw your money.

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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