Withdrawing USDT to Bank Account: A Detailed Tutorial

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You have been into cryptocurrency for a while and have some USDTransient Tether. Moreover, USDT belongs to the class of stablecoins pegged against the U.S. dollar. Due to this, it gets significant attention for trade and cryptocurrency holding purposes, as its price is less volatile than other cryptocurrencies. But most of the time, you eventually may sell your USDT for your local currency and want to withdraw it to a bank account. This is a step-by-step and easy-to-follow guide regarding how to withdraw USDT to bank account.

There are two major factors to consider prior to initiating a USDT withdrawal:

  • Choose a Platform That Supports USDT Withdrawals: Not all cryptocurrency exchanges/wallets will allow you to withdraw your USDT balance directly into your bank account. You’ll have to choose one that does. Popular choices include Coinbase, Binance, Kraken, and some peer-to-peer marketplaces.
  • Understand Fees and Processing Times: Most of the time, some fees are required to withdraw USDT. The costs will depend upon the platform in use and the method used to make the withdrawal. Finally, it may take a few hours or business days to process.

Here’s a detailed breakdown of the steps involved in withdrawing USDT to your bank account:

Step 1: Transfer your USDT to Any of the Supported Platforms

First, if your USDT is sitting in a wallet or an exchange that does not support direct USDT to bank account withdrawals, then you will have to transfer it to a platform that does. Here’s how:

  • Identify the receiving address: On your chosen platform to be used for withdrawal, locate the USDT deposit address. It is a unique string of characters that identifies you on the platform.
  • For Transfer Initiation Follow These Steps: Log in to your current wallet or exchange that contains USDT. On the dashboard, hit “Send” or “Transfer.” Change the cryptocurrency you want to send to USDT. In the receiver field, paste the receiving address from the withdrawal platform. Recheck the address and electronically execute the transaction.

Step 2: Sell Your USDT Optional

While some platforms may allow you to withdraw USDT directly, most would want you to exchange your USDT for a fiat currency like USD or EUR and then initiate a transfer to a bank. Here’s how you can sell your USDT:

  • Find the trading section: On the platform from which you want to withdraw, go to the “Trade” or “Exchange” part.
  • Select the trading pair: Be sure to pick the USDT trading pair you want to sell, usually USDT/USD.
  • Amount: Enter the amount in USDT for conversion.
  • Place order: Confirm the details of your order, including the exchange rate and estimated fees, before trading.

Step 3: Process Bank Withdrawal

Once you have your funds changed into fiat currency, or if your platform allows direct USDT withdrawal, you can start the bank transfer as follows:

  • Withdraw Section: Go to the “Withdraw” or “Fiat Wallet” section of your favorite platform.
  • Bank Transfer: Select “Bank Transfer” as the withdrawal method. 
  • Link Bank Account: If you are withdrawing for the very first time, you will be asked to link your bank account details. It usually requires one to fill in their bank account number, routing number, and, in some cases, the name of the account holder. Ensure all information is accurate.
  • Enter the Withdrawal Amount: Specify the amount you want to transfer to your bank account.
  • Review and Confirm: Review the details of the withdrawal regarding the amount, bank details, and any other fees associated with it. Once confirmed, the withdrawal process will be initiated.

Step 4: Status of Withdrawal

The periods taken to process a USDT withdrawal command differ between platforms and the chosen method for completing the transaction. You will mainly be allowed to trace your withdrawal status within your account on the platform. This may include being in waiting status for confirmation of the transaction by the platform, then by the bank, and lastly, showing in your bank account.

Conclusion

You can easily withdraw USDT to a bank account, but the real point is to choose the right platform and know the fees and processing time required. Following the steps above, anyone can convert their USDT holdings into traditional currency and then send them to a bank account.

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