How do you cash out your crypto to your bank account? There are currently many ways to do that but there are usually some hidden fees and limits.
Today, I’m going to show you how to withdraw any amount from your crypto exchange or wallet, directly to your bank in Canada.
This is probably the most straightforward and easy way to cash out.
Cashing Out
The first thing you need to do is swap your crypto for a stablecoin like USDC or USDT. So for example, if you have SHIBA on an exchange like Binance. First, you would need to exchange SHIBA for a stablecoin. Once you have the stablecoin, you can head over to PayTrie to submit an order.
PayTrie offers a direct off-ramp from stablecoins to fiat. All you do is send the stablecoins (e.g. USDC, USDT, BUSD) to PayTrie, and once PayTrie receives the stablecoins, they send you an eTransfer. eTransfers arrive in your wallet within 60 minutes, sometimes even quicker.
They charge a flat 0.6% fee with a minimum of $5 per transaction.
This is one of the quickest ways to receive your money since a lot of exchanges and wallets don’t have an eTransfer option.
There is a maximum of $10,000 per order, but I’ve heard that they can help cash out more than $10,000 through their OTC services. I’ve never used the service yet, but I’ve seen some positive responses from some users on their Discord.
Which Stablecoins Do They Accept?
They currently support stablecoins on the Ethereum (ERC20), Binance (BEP20) and Polygon Network. I took a screenshot of the stablecoins that they accept below.
