Cryptocurrency Exchange Coinbase is Adding a New Way to Withdraw Funds from Your Coinbase account. If you have added a compatible debit card to your account, you can transfer USD, EUR or GBP to your bank account almost instantly.
There are some drawbacks and the main one is that you will pay a lot of commissions. In the United States, Coinbase deducts 1.5% from the transaction or a minimum of $ 0.55 if it is a small transaction. In the UK and Europe, you pay 2% commission or a minimum commission of £ 0.45 / € 0.52, respectively.
You must also have a compatible card. Not all debit cards support inbound transfers. You must have a Visa card that supports Visa Fast Funds. In the US, you can also use a Mastercard card with Mastercard Send.
It is difficult to know if your bank or card issuer supports these features. The best way to figure this out is probably to add your card to Coinbase and see what Coinbase says.
Coinbase does not remove other withdrawal methods. For example, if you are looking for a cheaper way to withdraw your funds in Europe, a SEPA bank transfer costs € 0.15 per transfer. And Coinbase supports instant SEPA transfers if your bank has enabled it.
The company also allows you to link your PayPal account with your Coinbase account. Your funds should arrive in your PayPal account within seconds and there are no commissions from Coinbase.
As you can see, there are many ways to transfer money from your bank account to your Coinbase account. Some of them are slower than others, some are more expensive than others. Crypto-to-crypto transactions are a bit simpler in comparison, as only the recipient's wallet address is needed to send tokens.
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