Damon Mcknight
Coinbase does not support the sale of cryptocurrencies in Australia, meaning that Australian users cannot withdraw fiat currency directly into their bank accounts. However, there is a workaround. To transfer money from Coinbase to a bank account in Australia, users must first send their cryptocurrency to another exchange that supports AUD withdrawals, such as Swyftx, CoinJar, CoinSpot, or CoinSurge. They can then sell their cryptocurrency on this exchange and withdraw the AUD to their bank account.
| Characteristics | Values |
|---|---|
| Transfer method | Transfer crypto funds to a third-party wallet or exchange that supports AUD withdrawals, such as Swyftx, CoinJar, CoinSpot, or CoinBase |
| Coinbase app steps | Go to the menu, navigate to the BTC wallet, click the round button in the bottom corner, select 'Send', enter the BTC address, and convert to AUD if available |
| Third-party wallet/exchange steps | Sign up, verify your account, deposit/send crypto from Coinbase, sell crypto for AUD, and withdraw AUD to your bank account |
| Fees | Vary depending on the third-party service; some users report high fees for certain wallets |
| Security | Only trust verified Coinbase staff and avoid posting personal information on public forums |
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What You'll Learn
Using the Coinbase app
As Coinbase does not support the sale of cryptocurrencies in Australia, you cannot directly transfer money from your Coinbase account to your Australian bank account. However, you can use the Coinbase app to send your cryptocurrency to another exchange and then withdraw your money from there. Here is a step-by-step guide on how to do this:
- Install both the Coinbase mobile app and the Coinbase Wallet app on your device. Ensure that you are logged in to both apps.
- On the Coinbase Wallet app, go to "Settings" and select "Connect to Coinbase". Then, choose "Buy or Transfer from Coinbase".
- You will be redirected to your Coinbase mobile app to authenticate and authorize the connection between the two apps.
- Once the apps are connected, go to the menu in the Coinbase app and navigate to your BTC wallet.
- Click on the round button in the bottom corner and select 'Send'.
- Enter the address you want to send your coins to. Make sure it is a BTC address.
- You should now be able to transfer your coins to another crypto exchange. Swyftx, Digital Surge, and CoinSpot are some of the recommended exchanges that support AUD withdrawals.
- After sending your cryptocurrency to the exchange, sell it for AUD.
- Finally, withdraw the AUD into your bank account.
Please note that the process may vary slightly depending on the crypto exchange you choose, and there may be additional verification steps required. Additionally, keep in mind that there may be fees associated with transferring and selling your cryptocurrency.
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Transferring to another exchange
As Coinbase does not allow selling in Australia, you cannot withdraw AUD directly from your Coinbase account. To withdraw your money, you will need to transfer your cryptocurrency to a separate crypto exchange, sell it there, and then withdraw your money to your bank account. Here is a step-by-step guide to help you through the process:
- Choose a Crypto Exchange: Select a legitimate and secure crypto exchange that is easy to use, allows selling crypto, and supports AUD withdrawals. Popular options include Swyftx, Digital Surge, and CoinSpot.
- Create an Account: Sign up for an account on your chosen crypto exchange.
- Verify Your Account: Complete any necessary verification steps to ensure your account is fully set up and operational.
- Send Crypto from Coinbase: Go to your Coinbase app or website and select the crypto asset you wish to transfer. Click on the "Send" function and enter the recipient address. Double-check the recipient address before confirming the transaction.
- Receive Crypto on the New Exchange: Ensure that the crypto you sent from Coinbase is successfully received and available in your new crypto exchange account.
- Sell Crypto for AUD: Once your crypto is in the new exchange, sell it for AUD.
By following these steps, you will be able to transfer your crypto assets from Coinbase to another exchange, sell them for AUD, and then withdraw the funds to your bank account. Remember to always exercise caution and conduct your own research when choosing a crypto exchange and transferring funds.
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Converting to AUD
As Coinbase does not support the sale of cryptocurrencies in Australia, users cannot convert their crypto to AUD and withdraw it to their bank accounts. However, there is a workaround. You can convert your crypto to AUD by sending it to another exchange that supports AUD withdrawals, such as Swyftx, CoinJar, CoinSpot, or CoinSwap. Here is a step-by-step guide:
- Choose a crypto exchange that supports AUD withdrawals, such as Swyftx, CoinJar, CoinSpot, or CoinSwap.
- Create an account on the chosen platform and verify your identity. This process may take a day or more.
- Send your cryptocurrency from Coinbase to the new crypto exchange.
- Sell your cryptocurrency for AUD on the new platform.
- Withdraw your AUD to your bank account.
It is important to note that each platform may have different processes and requirements for selling and withdrawing AUD. For example, CoinSpot only does AUD bank deposits twice a week. Therefore, it is essential to follow the specific instructions provided by the platform you choose.
Additionally, when transferring crypto between platforms, ensure that you are sending the correct cryptocurrency to the correct address. For example, if you are sending Bitcoin, ensure that the receiving address is also a Bitcoin address.
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Withdrawing to your bank account
As Coinbase does not support the sale of cryptocurrencies in Australia, you cannot directly convert your crypto to AUD and withdraw it to your bank account. However, there is a workaround. You can transfer your crypto from Coinbase to another exchange, sell it there, and then withdraw your money to your bank account. Here is a step-by-step guide:
- Choose a legitimate and secure crypto exchange that is easy to use, allows selling crypto, and supports AUD withdrawals. Popular options include Swyftx, Digital Surge, and CoinSpot.
- Create an account on your chosen crypto exchange and complete the verification process.
- Send your crypto from Coinbase to your new crypto exchange account. Ensure that you are sending the correct cryptocurrency to the correct address. For example, send Bitcoin (BTC) to a BTC address.
- Sell your crypto for AUD on the new crypto exchange.
- Withdraw your AUD to your bank account by following the exchange's withdrawal process. This typically involves adding your bank account details and specifying the amount you wish to withdraw.
It is important to note that each crypto exchange may have slightly different processes and requirements for verification, depositing, selling, and withdrawing. Always review and follow the instructions provided by your chosen exchange. Additionally, keep in mind that there may be fees and transaction processing times associated with transferring and selling your crypto, so be sure to understand the potential costs and timing before initiating any transactions.
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Recommended exchanges
As Coinbase does not support fiat withdrawals or the sale of cryptocurrencies in Australia, you will need to use a separate crypto exchange to transfer your money to a bank account. Here are some recommended exchanges:
Swyftx
Swyftx is a popular choice for Australian Coinbase users as it allows for free withdrawals. It is a legitimate and safe exchange that is easy to use for selling crypto and withdrawing AUD.
CoinSpot
CoinSpot is another recommended crypto exchange. It is a secure platform that allows for the withdrawal of money in Australia. However, it is worth noting that CoinSpot only processes AUD bank deposits twice a week.
CoinJar
CoinJar is an app-based crypto exchange. It allows you to deposit from another wallet and then transfer funds to your bank account.
Digital Surge
Digital Surge is also listed as one of the top three recommended crypto exchanges for Australian Coinbase users, but no additional information was found in the sources provided.
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Frequently asked questions
Coinbase does not support the sale of cryptocurrencies in Australia, so you cannot withdraw AUD from Coinbase directly to your bank account. You will need to send your cryptocurrency to a separate crypto exchange, sell it there, and then withdraw your money to your bank account.
Swyftx, Digital Surge, and CoinSpot are the top three recommended crypto exchanges. CoinJar and Coinspot are also good options, as they deposit/withdraw in AUD.
Ensure you've installed both the Coinbase mobile app and the Coinbase Wallet app on your device. Make sure you're logged in to both apps. On your Coinbase Wallet app, go to "Settings" and select "Connect to Coinbase". Select "Buy or Transfer from Coinbase". You'll be redirected to your Coinbase mobile app to authenticate and authorize the process.
Click on the 'Withdraw/Send' icon, and a pop-up will appear. Choose 'Australian Dollars' in the field at the top, then click on 'Select an account'. If this is your first withdrawal on Swyftx, click on 'Add a new account'. Follow the instructions to add the bank details that you want to withdraw to. Once this is done, choose how much you wish to withdraw, the reason for doing so, and finally, the 'Continue' button.
Create a CoinJar account. There, you can deposit from another wallet, which will give you a code. Go onto Coinbase and click the arrows going both ways at the center of the bottom. Click "Transfer funds to another wallet". Select Bitcoin (BTC) and the amount, then enter your code from CoinJar. Preview, maybe do a test minimum amount, then send. Once sent, you can withdraw from CoinJar once you have verified your account/payment details.
