How to withdraw money from KuCoin to bank account in Australia

How to withdraw money from KuCoin to bank account in Australia

Daniel Chan

August 10, 2022

Cryptocurrency

You are most likely reading this page because you have crypto in your KuCoin account, and you want to sell it and withdraw money to your bank account. The issue is you cannot find how to do this, and the reason is because you cannot withdraw fiat currencies, such as AUD from KuCoin. The next question you might ask is:

How do I get my money out of KuCoin?

To get your money out of KuCoin, you will need to transfer your cryptocurrency to another crypto exchange, sell it there, and withdraw your AUD to your bank account. This is easy to do, 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 KuCoin.

There are six easy steps to withdraw money from KuCoin to your bank account in Australia. I will describe each of these steps in more detail below, with screenshots included, to make it extremely simple:

Step 1: Choose a crypto exchange

Step 2: Create an account

Step 3: Verify your account

Step 4: Send crypto from KuCoin 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

Your first step is to decide on a reputable and trusted exchange that is easy for you to use. I recommend any of the best crypto exchanges; they are all legitimate and allow withdrawals of AUD to your bank account. In this how-to guide, I will be using screenshots from my Swyftx account (read review) to show you how to withdraw money from KuCoin. If you want to follow my steps, you can also sign up with Swyftx. With our special offer, you will also receive $20 FREE Bitcoin when you sign up here.

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If you are considering all your options of how to get money out of KuCoin, our article on the best Australian crypto exchanges may be useful. If you wanted to use your phone to withdraw money from KuCoin, you can also read our article on the top cryptocurrency apps.

Step 2 - Create an account

The process is easy to create an account with Swyftx. Click on the following link: https://trade.swyftx.com.au/ and you will be taken to Swyftx's registration page, as shown below. You will notice a promo code automatically applied. This will give you $20 FREE Bitcoin when you create your account, even before you make a deposit.

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

Step 3 - Verify your account

When you create your account, Swyftx should have automatic prompts for you to verify your account. You will need to verify your email, phone, and identity. If you skipped this part, and you need to verify your account now, click on your initials in the top right corner (as shown by the arrow in screenshot below), then click 'Verification'. You will be taken to a screen like the one below, and you can verify your email, phone, and identity there.

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

Once your account has been verified, you can send the crypto from your KuCoin 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 KuCoin, 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 KuCoin (just 1 USDT). You will see the wallet address (covered by the blue rectangle in screenshot below). Copy that address, and sign into your KuCoin account.

In your KuCoin account, click on the Wallet icon (shown by the first red arrow), then click on 'Main Account' (shown by second red arrow).

Next, click on the 'Withdraw' button, as shown by the arrow in the screenshot below. Select the coin you wish to transfer to Swyftx (in this example, we use USDT). Paste the Wallet Address that you copied from Swyftx in the appropriate field (shown by the blue rectangle below), and select the appropriate network (TRX if you followed my instructions from above). Type in the amount you wish to send to Swyftx, and then click the large green Withdraw button underneath.

Step 5 - Sell crypto for AUD

Your cryptocurrency can take up to 30 minutes to arrive in your Swyftx account. You can check whether it has arrived, by clicking on the Wallet icon (shown by the arrow in screenshot below), and looking at the Wallets list at the bottom of the screen. In the screenshot below, you can see there is 499 USDT that has arrived in my Swyftx account. Once your cryptocurrency has arrived, you can 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.

If you return to your 'Wallets' page, you should see that your Australian Dollars wallet now has money in it.

Step 6 - Withdraw your AUD into your bank account

Now that you have successfully sold your crypto, you need to withdraw your money from Swyftx into your bank account. Click on the 'Withdraw/Send' button (shown by the red arrow below), and then a pop-up will appear. Enter Australian dollars in the field at the top, then click 'Select an account'. You will need to click 'Add a new account' to add your bank details. After you have added a bank account, select the amount to withdraw, and the reason, then click 'Continue' at the bottom. The best part of this is that Swyftx does not charge any fees for withdrawing AUD to your bank. Congratulations, you have managed to withdraw money from KuCoin to your bank account (via Swyftx)!

Frequently Asked Questions:

Can you withdraw from KuCoin to bank account?

KuCoin does not support fiat withdrawals from the exchange to your bank account. However, if you follow the steps in this guide, you will learn an easy way to get your money from KuCoin into your bank account, via another crypto exchange, like Swyftx.

Why is KuCoin not allowing me to withdraw money?

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

Can I withdraw fiat from KuCoin?

No, KuCoin does not support fiat withdrawals. If you want to withdraw your fiat currency from KuCoin, there is an easy solution detailed above, involving sending your crypto to another crypto exchange (eg: Swyftx), then withdrawing fiat from there, to your bank account. 

How do I withdraw from crypto to cash on KuCoin?

Since KuCoin does not accept fiat withdrawals, you won't be able to withdraw your crypto to cash. The best way to get around this is to follow the steps in this guide. You just need to send your crypto from KuCoin to another crypto exchange that accepts cash withdrawals (eg: Swyftx), then withdraw your fiat currency from there.

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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