How to Withdraw from Metamask to Your Bank Account
Looking to withdraw from your meta mask wallet to your bank account?
Then you are in the right place!
In this article, I will walk you through the guide on how to withdraw your funds from your metamask to your bank account in a few minutes.
Having 30 million users worldwide, and 10 million monthly active users, Metamask is the no. 1 wallet to buy, store, send and swap Ethereum-based tokens.
The wallet is available on iOS and Android operating systems. However, you can use it as a browser extension on your desktop as well to manage your portfolio.
For 30 million users, there is a question about how to withdraw funds from metamask to your bank account?
The answer is, that you can not do it directly. But there is a simple way you can use to withdraw your funds and get cash into your bank account.
However, there are a few things that you should keep in mind metamask does not allow you to directly withdraw your funds to your bank account. Because it has not included this feature yet in their wallet.
To get cash in return for your crypto, you need a third-party app exchange like Binance, coinbase, ftx, etc.
How to withdraw from metamask to your bank account
The first step is to withdraw your funds from metamask and send them to another exchange like Binance. Because Binance is an exchange available in most countries and supports multiple payments and withdrawal methods.
Plus, charges with low fees.
That is why most new crypto users use it because of the user-friendly interface and extra options.
Step 1- Create a Binance account
If you do not have an account on Binance, you can create one by following the steps mentioned below.
Yes, Binance gives you multiple options to register, and continue using their exchange like:
- Continue their exchange using your Gmail account
- use your Apple ID to continue
- Sign-up with your email
- Sign-up with your email
If you are using your email to register your account on Binance, follow the following steps.
Firstly, go to Binance.com and click on [Register].
After clicking on the register button, a new window will open asking you to provide your email address. On this page, enter your active email address and create a strong password.
Now enter the referral ID if you have any, otherwise, leave it blank. Read and agree to the terms and conditions and click on [create account].
The next step is to verify your Binance account. For verification, Binance will send a verification code to your email.
Enter the verification code in under 30 minutes to complete the verification of your account.
Congratulations! You have created an account on Binance.
To use all the services and features provided by Binance, you will need to complete your KYC by uploading the government-issued ID card and your photo.
Step 2- Find and copy the Ethereum address on Binance
Cryptocurrencies are deposited from one wallet and exchanged in another via a polite address. It is very important and crucial to find the correct deposit address for the crypto that you want to deposit to Binance.
Go to your wallet and select the “fiat and spot’ option. Here you will find all the cryptocurrencies and fiat currencies that you have.
Click on ‘deposit’ and search for Ethereum by typing ‘eth’ in the search box.
You will find the deposit address for Ethereum. However, it is really important to select the right network to deposit your funds successfully.
In the network section, select “ERC20” and copy the address now by clicking on the duplicate icon next to the address.
Step 3- Send your crypto from Metamask to Binance
Once you have copied the Ethereum address from Binance, now go back to your metamask wallet.
Enter your password to log in to your metamask wallet.
Select the Ethereum main net network to see the Ethereum coins you have in your wallet.
You will find 3 options under your Ethereum balance buy, send, and swap. Looks similar to trust wallet.
Click on send to go to the next page. Metamask asks you to ‘add the recipient’
Now paste the Ethereum address that you copied earlier from Binance. You will see a green ‘tick’ sign if the address is valid.
Enter the amount of eth you want to send and click on next.
Now once again click on send and wait for about 30 minutes. Your funds will arrive in your Binance account.
Step 4- Sell your Ethereum on Binance
This will take a few minutes so you do not have to worry about it. Once you received the Ethereum and confirmed it, then you must sell Ethereum for USD, EUR, GBP AUD, or another fiat currency supported on Binance.
For example, you want to convert your crypto into USD. To do it, select the USD/ETH pair.
Now enter the amount of Ethereum you want to sell and convert into US dollars.
Step 5- Send your funds from Binance to your Bank Account via SWIFT
After selling Ethereum on Binance, you can now withdraw your USD to your bank account via swift.
Go to your wallet on Binance and select the ‘fiat and spot’ section.
Click on withdraw. Select the fiat tab and select USD-Bank Transfer [Swift].
Enter the withdrawal amount and click on continue to create a withdrawal request.
Enter the bank account details.
Check the details and confirm the withdrawal. Once confirmed, please wait patiently. It might take up to 4 business days for your withdrawal to reach your bank account.
Step 6- Send your funds from Binance to your credit/debit card
To be able to withdraw your fiat money from your fiat wallets directly to your credit and debit cards, you need to have:
- A verified debit/ credit card
- The card must be linked to your Binance account
- credit /debit card should have Visa fast funds [visa direct] enabled.
If you have these, then go to the wallet, and click on withdraw fiat.
Select the withdrawal method and click on [bank card Visa]. Now choose your linked card or add a new card to complete your withdrawal.
Select the amount of fiat currency you want to withdraw. and click on continue.
The next step is to complete a security verification to proceed with your withdrawal. A 6-digit code will be sent to your phone email that you would need to enter.
After completing the security verification, a pop-up window about successful submission will open.
You have successfully withdrawn your fiat money from Binance to your bank account.
Card withdrawal is the fastest way to withdraw your money as it takes only 5 minutes for the money to arrive in your bank account.
You can check the withdrawal status by clicking on the ‘transaction history on the sidebar of fiat and spot wallet.
Can you cash out from MetaMask?
No, you can not cash out on metamask. Metamask is only to store your Ethereum funds.
To cash out your cryptocurrencies like bitcoin, or Shiba Inu, and convert them to fiat currency, you need to transfer them to an exchange like Binance, or Coinbase, and sell your crypto there for fiat.