If you want to withdraw your money from the Trust wallet and don’t want to make a mistake while doing so, you came to the right place. This is the only guide you will be needing to withdraw money from the Trust wallet to your bank account.
Table of Contents
Introduction
The first thing you need to know is that you cannot withdraw money to your bank account directly from the Trust wallet. The same applies to every crypto wallet out there. The purpose of a wallet is to keep the cryptocurrencies in your possession and have the maximum security possible. On the other hand, crypto exchanges such as Coinbase or Binance are there to help you transfer your cryptocurrencies to your bank account and vice versa.
Step-by-step guide
Now that we got this clear, let’s move to the step-by-step guide for withdrawing money from Trust wallet to your bank account.
Since we need to use crypto exchange for this process you will have to choose one that you find reliable and easy to use. For this example, I will use Binance exchange because it is the most commonly used crypto exchange and is well integrated with the Trust wallet since it accepts Binance Coin (BNB).
4 steps to withdraw money from Trust wallet to your bank account:
- Swap coins to BNB to avoid enormous network fees
- Send your coins to Binance
- Sell your coins to fiat
- Withdraw fiat to your bank account
Swap coins to BNB to avoid enormous network fees
Firstly, I would suggest you swap coins you have on Trust Wallet to Binance Coin (BNB) because you will save money on network fees. I wrote an entire article on how to pay minimum fees using Trust wallet which you can read here.
However, you will not be able to swap coins that are native on another network such as Ethereum or Bitcoin because they run on another chain. But if you are withdrawing different cryptocurrencies I would still suggest swapping them to only one cryptocurrency. That way you will pay only one transaction fee.
Send your coins to Binance
Now you are going to send your coins to the Binance exchange.
In your Trust wallet app choose Send.
You will have to enter your Binance Recipient Address and Memo which you will find in your Binance app.
In your Binance account choose “Deposit” on your spot wallet and select Binance Chain (BEP2) network.
Your deposit address and memo will be shown here. I strongly advise you to use QR codes if possible. It is the most certain way for you to avoid any mistakes.
Now you just need to accept the transfer. As you can see, the network fee will be insignificant compared to most other networks.
Sell your coins to fiat
Now that you have your cryptocurrency on the Binance exchange you just need to sell it to fiat so you can withdraw it to your bank account.
Withdraw fiat to your bank account
And the last step is to send fiat to your bank account. You will do so by going back to your spot wallet and choosing withdraw. From then on, just choose the fiat amount you got by selling your crypto. Depending on where you live and which currency you are withdrawing from, you will be able to choose between a few types of transfers such as Bank Transfer (SEPA), Bank Card (Visa), or Bank Transfer (SWIFT). If SEPA is available in your country of residence, that would be the most optimal option considering transfer fees.
And that’s it. Your money will be in your bank account shortly. Just don’t immediately rush to check your bank account balance because, in some cases, it might take up to 4 business days for your money to reach your bank account. That will mostly depend on the type of transfer you chose.