How to withdraw money from KuCoin to bank account

Key Takeaways

• KuCoin does not allow fiat withdrawals, so you need to withdraw your crypto from KuCoin to another crypto exchange, sell it there, then withdraw money to your bank account.
• Follow the six steps: (1) choose a trusted crypto exchange that accepts fiat withdrawals, (2) create an account, (3) verify account, (4) transfer crypto from KuCoin to new crypto exchange, (5) sell crypto for fiat currency, and (6) withdraw money to your bank account.
• The article provides detailed instructions on how to complete each step, with screenshots from Kraken, a recommended crypto exchange.

Step 2 - Create an account

The process is easy to create an account with Kraken. Click on the following link: www.kraken.com which will take you to the Kraken homepage. Click on 'Sign Up' in the middle of the page, and you will see a screen like the image below. Enter your email, choose a username and password, select your country details, then click 'Create Account' underneath.

Step 3 - Verify your account

Once you've set up your account on Kraken, the next step is to complete the account verification process. To deposit cryptocurrency, sell it, and withdraw funds, you'll need to verify your account to at least the 'Intermediate' level. This verification involves providing and confirming your personal information and identity.

If you didn't complete the verification during the initial account setup or if you bypassed the verification prompts, you can initiate the process at any time. To do this, click on your name in the top right corner of the Kraken interface. Then, select 'Get Verified' – this option should be clearly visible, as illustrated in the provided screenshot. After clicking on 'Get Verified', you will see the option to 'Verify'. Click on this to start the verification process.

Verification is a critical step in ensuring the security and legitimacy of your transactions on Kraken. The process is designed to comply with regulatory requirements and to safeguard your account against unauthorized access or fraudulent activities. Once your account reaches the Intermediate verification level, you'll be able to proceed with depositing crypto, selling it, and withdrawing fiat currency to your bank account.

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

After your Kraken account has been successfully verified, you're ready to transfer cryptocurrency from your KuCoin account to Kraken. To do this, navigate to the 'Funding' option in the Kraken interface, which you can find in the menu at the top of the screen. This option is usually highlighted for easy access and will be shown in the provided screenshot (circled in red for clarity).

Once you click on 'Funding', look for the 'Deposit' button (circled in yellow in the screenshot). Clicking this will open a pop-up window. In this window, there will be a search field where you can type in the specific cryptocurrency you intend to deposit from your KuCoin account. For the purposes of this guide, let's take USDT (Tether) as an example.

This process involves selecting USDT (or your chosen cryptocurrency) in Kraken, and then you will be provided with a deposit address or a QR code. This is the address to which you will send your crypto from KuCoin. Ensuring you correctly enter or scan this address is crucial, as mistakes in transferring to the wrong address can lead to irreversible losses. Once you have the Kraken deposit address, you can proceed to send the USDT from your KuCoin account to this address.

Click on the crypto asset you wish to transfer from KuCoin into Kraken, and you will be taken to the deposit screen, as shown below. For USDT, choose TRC20 as the withdrawal fees are much lower (only 1 USDT). Click on 'Generate deposit address' below that, to create an address for your first transfer.

You will be provided with a deposit address, which is a unique string of letters and numbers, (for privacy and security, it is covered in a red rectangle below). 

To proceed with the transfer, you need to copy this deposit address. Kraken simplifies this step by offering a large blue 'Copy deposit address' button. Clicking this button will copy the address to your clipboard, ensuring you have the exact address for the transfer. It's essential to use this feature to avoid any errors in typing the address manually, as sending crypto to the wrong address can result in permanent loss of funds.

In your KuCoin account, click on the Wallet icon in the top right corner. When the dropdown menu appears, click on 'Main Account' (see screenshot below).

Next, click on the 'Withdraw' button (see arrow in screenshot below), and your screen should now look like the one below. Choose which coin you want to send to Kraken. In our example, I am withdrawing USDT, so I have selected that. In the Wallet Address field, paste the address that you copied from Kraken (covered by the blue rectangle below), and select the Network below. As mentioned above, if you use TRC20 the fees are lower, at only 1 USDT, so select TRX (Tron). 

Choose the amount you wish to send (in our example, 500 USDT), then click the green 'Withdraw' button at the bottom. A confirmation pop-up will appear. Check your details, and click 'Confirm Withdrawal'.

Note: KuCoin has daily withdrawal limits, which vary based on your verification level.

Step 5 - Sell crypto for fiat currency

Once you've initiated the transfer of your cryptocurrency from KuCoin to Kraken, the transaction may take up to 30 minutes to complete, though it can often be quicker. You can check whether it has arrived, by clicking on 'Funding' in the top menu, then scrolling down to your list of Crypto Assets. In the example provided, the transfer of USDT from KuCoin to Kraken was completed in less than 10 minutes. You can verify the arrival of your funds by looking at the updated balance, as shown in the screenshot. Now we can sell it for fiat currency.

Click on the 'Buy Crypto' button in the menu at the top. Yes, we are trying to sell crypto, but hold tight, we can do that easily from here. You will see a screen like the one below; click the 'Sell' button.

The screen will now look like the one below. You can choose how much crypto you wish to sell. In our example, we select the 'Max' button, then click 'Review'.

A confirmation screen will now appear, with the details of your transaction, including the total amount of fiat currency you will receive. Once you are happy with that, click the purple 'Confirm' button.

You will now see a new screen that confirms that you have successfully sold your crypto for fiat currency. 

Step 6 - Withdraw your money into your bank account

Now that you've successfully converted your cryptocurrency into fiat currency on Kraken, the final step is to withdraw these funds to your bank account. Click on 'Funding' in the menu at the top of the screen, and then next to your fiat currency (in our case, US Dollar), click the Withdraw icon (shown by the red arrow in the screenshot below).

You will be taken to a screen like the one below. Select the withdrawal type from the dropdown box, and then click 'Continue' to add the bank account details you wish to withdraw to. After you have added the bank details you will be able to process the withdrawal of money straight to your bank account. Congratulations, you have managed to send money from KuCoin to your bank account, via Kraken!

If you get lost at any point in this process, the great thing is that Kraken has 24/7 live chat support available, so you can easily get assistance, no matter what time of day or night.