How To Send Money To Any Bank Account Using Bitcoin Amid Crypto Ban

bank account

With the rise in the number of people that want to buy Bitcoin, exchanges are putting things in place to make trading of bitcoin easy for their users.

In fact, exchanges like Remitano now allow users to sell their bitcoin and transfer the equivalent to their bank account.

Sending cash to families, business partners, and friends all over the world is almost inevitable.

However, the fee charged to send cash through financial institutions is always high, with an average of 10% per transaction.

Digital assets have proven to be useful tools for seamless international remittances, promoting fast transactions at reduced costs.

Cryptocurrencies have reduced transaction fees for local and international payments by about 90%.

Digital assets such as bitcoin can be used to transfer funds around the globe in seconds.

This gives customers numerous advantages over native cash transfer systems and financial institutions.

A few years back, transferring bitcoin into your bank account was almost impossible.

Bitcoin holders couldn’t cash their bitcoin and transfer the money into their bank account easily.

The only possible way was to go through the local P2P exchangers, which is very risky.

Recent innovations by exchanges have now made it possible to link your crypto wallet to your bank account to make it easy to cash out your bitcoin.

For example, you can buy BTC on Remitano, convert it to Naira, and send it straight to your bank account easily.


What Are The Steps Involved In Sending Bitcoin To A Bank Account?

Most cryptocurrency exchanges are only ideal for crypto to crypto transactions, which means that you can’t convert your bitcoin into fiat and vice versa.

However, few exchanges allow you to buy bitcoin with fiat and convert your bitcoin fiat. But they are rare.

Typically, users will need to send bitcoin from their wallet to exchanges that allow fiat-to-crypto transactions, sell it to naira and then transfer the naira equivalent to their bank account.

The process can be broken down into these steps.

  • Move BTC from personal wallet to exchange
  • Sell the cryptocurrency for naira
  • Send to a supported bank account

Keeping that in mind, let review some of the exchanges that allow you to send your bitcoin straight into your bank account.


Remitano

Remitano P2P is the ultimate exchange for sending bitcoin funds into your bank account.

The exchange offers an easy and secure feature that allows users to send their crypto assets into local bank accounts.

The Remitano fiat wallet feature is used to store your local fiat. For instance, the Naira NGN wallet stores Naira, and the SA wallet stores the South African Rand.

This fiat wallet allows you to instantly sell your bitcoin for any currencies supported by Remitano, and then transfer it into your local bank account.

How to use Remitano fiat wallet

Step 1 –  Sell your bitcoin

Once you transfer bitcoin from your personal wallet to your Remitano bitcoin wallet, go to the P2P section of the exchange to sell your bitcoin.

Sell to the buyer of your choice from the ads that are displayed on the page.

The completion time of 0s shows that the transaction will be processed instantly and the naira equivalent will be credited to your fiat wallet immediately.

Step 2 –  Transfer to  your bank account

Go to your wallets in the dashboard section. You will see your Naira balance in your  Nigeria Naira wallet.

Click on the withdraw button to enter the amount you want to withdraw and add the details of the bank account you want to send the money to.

Once you create the account, click on the confirm button to initiate the withdrawal. Confirm the account details and click on withdraw. 

After submitting the withdrawal, you can check the status of the withdrawal in your NGN wallet transaction history.

The withdrawal process is seamless and intuitive on Remitano, thanks to the easy-to-use interface.

It doesn’t require any prolonged documentation or verification, you only need to do your KYC to have access to this feature.

You can also deposit Naira into your fiat wallet to buy bitcoin on Remitano.


What Other Options Are Out There?

Binance

Binance is one of the few exchanges that allow you to send your crypto funds straight into your local bank account.

Binance exchange has been in the crypto market for over 4 years now and they are arguably the biggest exchange.

The platform allows users to buy and sell cryptocurrencies with their local currency.

Binance supports over 50 fiat currencies, which means that you can send money to any country of your choice. 

However, this is no longer possible in Nigeria due to the newly implemented crypto ban in the country.

Bitstamp

This is another trusted cryptocurrency trading platform that permits you to buy Bitcoin and send funds to a financial institution account.

If you reside in Europe, you can utilize SEPA, or utilize wire transfer if you reside outside of Europe.

You are charged a transaction cost of about 5% – 8%. Although, this cost reduces with bigger transactions.

OKEx Exchange

OKEx is a renowned spot crypto exchange like Binance.

They also allow users to send their bitcoin funds into their bank account with the Funding Account feature.

The Funding Account acts as a bank account where you can store your bitcoin funds after exchanging the BTC to naira and then send the funds out to your local bank account.

Just like Binance, the crypto ban in Nigeria has also affected the ability to withdraw money directly from OKEx into local Nigerian banks.


Conclusion

Bitcoin is an inexpensive way to transfer money to people around the world, which is one of the reasons why people are rushing to buy bitcoin.

But we are faced with the difficulty of sending the funds into bank accounts for basic daily transactions.

There are many ways to exchange bitcoin into Naira and send it to a local bank account.

Some of them are easy, some faster and some are quite technical.

Of all the exchanges mentioned in the article, only Remitano P2P (peer-to-peer) has not been affected by the crypto ban in the country.

The good news is that innovations like the Remitano P2P wallet are making it easier to do so.

In fact, you can complete the process in less than 3 minutes.

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