One of the initial fears of Bitcoin and Blockchain technology was how to exchange USDT to bank account. Early investors didn’t mind investing in digital assets but feared the possibility of converting such money investments into cash they could spend. Well, this is 2024 – changing USDT to your bank account is an easy procedure.
USDT or Tether is the Cryptocurrency equivalent of the dollar. It's painful to know that you have a lot of it in cryptocurrency but can't share it.
Cryptocurrency is a group of digital currencies that are on blockchain. Most potential users are worried about the possibility of turning that digital currency into real money.
However, it's as easy as a few clicks today. We'll share detailed procedures to change your cryptocurrency into FIAT currency in your bank account in this guide;
Step-by-Step Guide to Exchanging Cryptocurrency to Your Bank Account Using PlasBit
PlasBit is one of the most reliable cryptocurrency exchanges for converting your USDT into your local currency. The process on our platform is simple. Follow these steps;
Step 1: Create A PlasBit Account
The first thing you want to do is create an account on PlasBit and put in cryptocurrency. You can skip this step if you already have an account.
Step 2: Navigate to The Wires Option
The Wires section of the PlasBit account is where you can exchange USDT to your bank account. It is one of the options on the left-side menu.
Look for the left-side menu and click on it.
Click on Wires, and you'll be redirected to where you can make successful bank transfers. On this page, you'll see instructions and details at the top.
Step 3: Fill in the Bank Account Details
The next thing you should do is input the account details you want to receive the funds. You have to be very careful when filling this section.
Ensure that the account details you fill out are correct.
Step 4: Select the Desired type of Fiat and Crypto
The next step to take is to select the desired FIAT and digital asset you want to transact. In this scenario, you’re converting USDT, so you indicate that.
Next, choose the FIAT currency that you want to change it to. You can choose Euro or Dollar.
Step 5: Input the Desired Fiat Amount to Transfer
There are two ways a transfer can go on PlasBit. You can either input the amount and you want to send and our platform will automatically add the corresponding fees to it. On the other hand, you can also type in the amount you want deducted from your balance – fees inclusive, and the amount you get will be that amount minus the required fees.
Confirm that your account already has enough USDT before initiating the transfer.
Step 6: Complete Security Verification
You’ll also receive unique codes on your phone and mail to confirm the bank wire request on our website.
Input these codes received to authorize the transaction.
Step 7: Monitor The Transactions
After you authorize the transaction, you can confirm its status by navigating to the transaction icon on the menu at the top left corner. You’ll have to change the transaction type from cards to wire transactions.
Once you click the wires transactions, you’ll see details of all your wire transfers, with your most recent one at the top. Under the “status” column, you can confirm whether the transaction is successful.
Likewise, you have access to a confirmation document column. Under this column, you can view and download the successful bank confirmation document indicating that the transaction is successful.
Why Choose PlasBit for Cryptocurrency Transactions?
There are numerous platforms where you can exchange USDT and other cryptocurrencies in your bank account. Choosing PlasBit will be a great decision, as you’re assured of transparency in every transaction. At PlasBit, we have a mantra: Financial freedom is available to those who learn about it and work for it.
We’re a completely independent team that believes blockchain technology can give people the financial liberty to control their labor and property.
We have a mission to see a future where people can tokenize their assets on blockchain with enough liberty to transfer these assets. That is why our team has designed each product we offer to be secure, quick, and smooth. Our mission is to help people find an easy way to manage, transfer, and receive crypto funds.
Here are some features you may enjoy with PlasBit;
Worldwide Availability
Each product offered at PlasBit is available at any time you need it. Our standby team is ready to answer any complaints and challenges you may encounter while using our platform.
PlasBit is active in over one hundred countries, and our products are the same in each country. A PlasBit user in the United Kingdom isn't getting a different service from another PlasBit user in Poland. It is the same service, available daily and in any country you are in.
With us, you don't have to bother about your crypto funds when migrating to another country.
People's Trust
Reviews are one of the surest ways to know a standard and reliable cryptocurrency exchange platform. We have recorded more than 100,000 users in only three operational years, And many of our customers can vouch for our products.
Secure Transactions
Security is one of our central values. That's why we follow the strictest banking standards in all operations.
All accounts with us have protection services from the Securities Investor Protection Corporation. Alongside, we comply with all data laws and regulations that apply to blockchain technology. So, you can rest assured that your details are safe with us.
As an additional security measure, we utilize two-factor authentication whenever you want to exchange crypto to bank account. Also, we have a dedicated anti-fraud team working round the clock. This team aims to ensure maximum fraud prevention as much as possible.
With our exchange, your funds and transactions are safe.
Swift Transactions
Behind the scenes, exchanging USDT to fiat is complex. However, we ensure that your process takes less than 72 hours.
Usually, bank transfer transactions occur within the same or the next day at best. But you'll get it the third day if it doesn't go through before the next day.
This assured speed of transactions is faster than other exchanges.
Government Regulated
PlasBit is present in more than 130 countries, and we abide by the cryptocurrency regulations in those nations. Our platform strictly follows the regulatory guidelines of the Polish government.
We're registered in Poland as PLASBIT SPÓŁKA Z OGRANICZONĄ, and our regulatory reference number is (REFERENCE NO. RDWW-533). The Finance Ministry in Poland ensures that our processes are secure and regulated.
No Hidden Fees
Transparency is our mantra regarding transactions. That's why the first thing you'll see on the Wires is our 5% transactional fee and the confirmation fee.
After these charges, there's no additional charge on our services. More so, we'll include it in the transfer details before you confirm the transfer.
Dedicated 24/7 Support
Cryptocurrency works with blockchain and is available every time and day. In the same vein, we have dedicated staff working 24/7.
If you have any complaints or issues, contact our team. We're sure to fix the problem quickly.
Real-time Tracking
PlasBit takes transparency very seriously. As such, you can monitor the progress of your transaction in real time.
You can check the transaction details by logging in to your account. You'll then know if the transaction is pending, confirmed, or successful.
What Is The Importance of an Exchange of USDT to Bank Account?
There are many reasons to exchange USDT to bank account. Cryptocurrency assets are a way of investing, but the market trends can be volatile. Exchanging your crypto assets to FIAT currencies can save you from the volatile nature of the cryptocurrency industry.
Let's explore some reasons you may want to exchange crypto to bank account;
Easy and Swift Transactions
Cryptocurrency has become popular across the globe. However, the world has yet to accept cryptocurrency as the primary avenue for everyday activity. You and I still rely on our FIAT currencies for routine transactions.
Money in digital assets is great, but not every grocery store or business accepts cryptocurrency as payment. However, you can use the currency when you exchange USDT to bank account.
One of the drawbacks hindering crypto's global acceptance is the market trends. The value of digital assets can change at any moment. No entrepreneur wants to receive a $100 payment and have access to about $90—although it can also increase.
Stable Currency
The volatile nature of cryptocurrency has made many millionaires and caused many to lose money. As an investor, having FIAT currency is a more stable form of investment. You get to escape the volatility of the crypto market and hold a more stable currency.
Economic reforms, government regulations, and other factors can affect the stability of FIAT currencies. However, it's still more stable than a digital currency on the blockchain.
Government Regulations
Governments worldwide try their best to regulate cryptocurrency transactions as much as possible. They do this because of cryptocurrency traders who evade taxes.
As such, most governments require you to pay taxes on capital gains from cryptocurrency. Although some governments have started accepting cryptocurrency, it's not still in vogue for tax payments.
As a crypto trader, you'll need to pay taxes to the government based on your transactions and do it in cash. More so, KYC and AML regulations are adhered to when you exchange USDT to a bank account. You must fill out an identity page to own a bank account.
Diverse Investments
A good investor knows that putting all eggs in one basket isn't the best business decision. That's why there are different digital assets like Bitcoin, Ethereum, and other altcoins that you can invest in.
However, you may fancy investments like foreign exchange, stocks, etc. You must change your digital assets to accept such investments.
Security
Cryptocurrency scams target anyone — individuals and companies alike. These scammers continue to terrorize the cryptocurrency world.
At PlasBit, we store your digital assets in offline cold storage. Not to worry, all of your funds have full insurance coverage.
Financial Planning
Cryptocurrency is constantly changing, with multiple activities occurring at the same time. This situation makes it hard to plan finances indeed.
Instead, you can exchange some of your digital assets into your bank account and plan better.
Factors to Consider Before Transferring Crypto to Bank Account
It would be best to consider certain things before exchanging USDT to a bank account. Here are some of them;
Tax Regulations
Changing cryptocurrency to FIAT currencies may require you to pay tax, depending on the law of your resident country. It's always better to speak with a tax consultant to get a professional view before making any transaction.
A professional will provide the best advice and advise you on the best ways to stay on the right side of tax. This will enable you to make educated decisions and ensure your financial goals and activities align with governmental regulations.
Market Behaviors and Stability
Digital assets on blockchain are usually very unstable, and their value may be affected by different market behaviors. However, USDT is a very stable currency, hardly affected by regulatory changes or market activities.
However, you must do your due diligence by checking the market trends and current behaviours. USDT may be stable, but the cryptocurrency market isn’t so stable.
Transaction Fees and Levies
Depending on your chosen exchange, changing crypto to bank account may involve different platforms. Some exchanges charge outrageous amounts, which may not be the best financial decision.
As mentioned, PlasBit is very transparent about the fees we charge to exchange USDT to bank account. There are no hidden fees to worry about.
Understanding these financial costs will also save you some money.
Country Regulations
How cryptocurrency works in every country differs based on government regulations. You must stay compliant with the rules of your government.
Again, a legal solicitor is the best professional to meet to ensure you comply with every regulation possible.
We’ll never share your transaction details with any third party or government. Hence, it's your point of duty to abide by government regulations.
Investment Opportunities
Some investment platforms allow direct deposit of specific cryptocurrencies like stocks. However, if you're cashing out USDT to invest in another asset, you must be sure of the investment.
You must understand the risks, financial targets, and other parameters involved with the investment.
Financial Goals
If you have an immediate financial obligation like rent, groceries, and others — you must budget before you cash out. Write out the needs you want to solve and make a corresponding budget — including miscellaneous.
By analyzing your needs and withdrawing the corresponding digital assets, you can create a better financial plan without damaging your investment.
Alternative Ways to Convert USDT to Fiat
Using PlasBit to exchange USDT in a bank account is one of the best ways. However, there are other ways to xhange your USDT to Fiat currency without a wire transfer. These include;
Crypto Debit Card
Many innovations like bitcoin ATMs and cryptocurrency cards have come into the crypto world, fostering the availability of your digital assets. Today, crypto debit cards are one of the most popular and easiest ways to convert digital currencies and use it in your day to day lives.
A crypto debit card works like a regular debit card. The only difference is that it is loaded with fiat money converted from any cryptocurrency to the equivalent amount.
PlasBit offers one of the most effective debit cards. Depending on your preference, the debit card can be virtual, plastic, or metal. You can use this debit card to pay in diverse countries. Likewise, you can lock or unlock your debit card whenever you need to control spending.
Crypo ATMs
Another easy way to convert your cryptocurrency to fiat is to use a cryptocurrency ATM. Cryptocurrency ATMs are now available in different countries. You can use applications or a Google search to find the closest ATM to you.
Using the crypto ATM is relatively simple. Follow this process;
- Verify your identity. Most cryptocurrency ATMs require you to verify identity before performing any transaction.
- Select the cryptocurrency you want to transact with
- Indicate the preferred transaction type. In this case, you want to sell the selected cryptocurrency for its fiat equivalent.
- Confirm the transaction. You’ll usually get a summary showing the transaction details, including the fees. You need to confirm if you’re okay with these details.
Peer-to-peer Trade
Peer-to-peer trade is a type of trade where you exchange your digital assets for fiat currency. To exchange USDT to a bank account, you must first send the USDT to another trader, who transfers the equivalent fiat currency to your account.
This method isn't very advisable because of the risks involved in the process. Many scammers disguise themselves as legitimate peer traders and run off once they receive the digital asset.
Over-the-counter Exchange
If you're trading large amounts of a digital asset, the transaction fees may be too high for you to pay. Over-the-counter trading is a trade type that allows you to negotiate transaction fees and other charges.
The OTC platform is the middleman between the seller and the cryptocurrency buyer.
Cashing Out Cryptocurrency: Conclusion
Exchanging digital assets for regular currencies used to be daunting. But with the emergence of platforms like PlasBit, the process is now simple.
All you need to do is get an account, and this process will be seamless. Trust us to exchange USDT to bank account seamlessly. The process will help you.
As always, remember to handle anything related to cryptocurrency patiently. Many scammers are waiting for a small window of opportunity to take your assets.
