Exchanges like Coinbase, Bitstamp, Kraken, and many others require a good amount of verification to revert bitcoins to fiat or vice versa. And just because you are approved it doesn’t mean you’ll be able to throw US $100,000 worth of BTC down on an exchange and expect to have the funds sent to your bank account without issue. The exchange may cancel the process even after the sale has been made. Furthermore, on the bank side, your financial institution may also stop you from cashing out large sums or freeze your account.
To deposit or withdraw fiat currency at Kraken, please navigate to Funding > Deposit or Withdrawal and then choose the fiat currency you want to deposit or withdraw. Follow the instructions displayed closely.
Deposits:
USD: United States domestic wire transfers
USD: SWIFT international wire transfers
EUR: SEPA bank transfers
EUR: SWIFT international wire transfers
GBP: SWIFT international wire transfers
JPY: Japan domestic bank transfers
CAD: Canada domestic wire transfers
Withdrawals:
USD: United States domestic wire transfers
USD: SWIFT international wire transfers
EUR: SEPA bank transfers
EUR: SWIFT international wire transfers
GBP: SWIFT international wire transfers
JPY: Japan domestic bank transfers
CAD: Canada domestic EFT
To cash out at Coinbase, please do the following:
- Open a Coinbase wallet.
- Link Coinbase to your bank account.
- Withdraw your USD or even Bitcoin / Ethereum / Litecoin from Poloniex and send it to your Coinbase wallet.
- From your Coinbase wallet, you can transfer your USD directly to your bank account.
To cash out at Poloniex, please do the following:
- STEP 1: You can withdraw coins from your account via the desktop or the mobile site using the ‘Withdraw’ option.
- STEP 2: Open your desktop or mobile wallet to generate the deposit address.
- STEP 3: Copy and paste the correct address. Enter the amount of coins you want to withdraw.
- STEP 4: It takes several minutes for a transaction to be complete as several confirmations are required. Depending on network congestion, it can take 30 minutes or up to an hour. Finally, a user confirmation is needed to complete the step. Users with two-factor authentication do not receive email confirmations.
- STEP 5: You may also look at 'Withdrawal History' to view transaction details.