How Long Does it Take to Transfer Ethereum?
by Kamil S
How long does it take to transfer Ethereum to my bank account? Here’s a spoiler: it depends.
Before we get to the point of it in more detail, let’s briefly introduce Ethereum to those new to the crypto market.
Ethereum has been on the list of the best cryptocurrencies to buy for a while now. It’s the native coin of a decentralized, open-source blockchain. Both the blockchain technology and the coin are often called Ethereum, but in fact, there’s a difference – Ethereum is the blockchain and Ether (ETH) – the cryptocurrency.
Ethereum was officially launched in July 2015 and is considered one of the foremost public blockchains, with a market cap second only to Wrapped Bitcoin and Bitcoin.
How Long Does it Take to Transfer ETH to My Bank Account?
How long does Ethereum transfer to my bank account take? Back to our spoiler. It depends on several factors.
For starters, whether you’re using a cold or a hot wallet. These types of wallets are used for sending and receiving coins. Well done on choosing a safer storage option.
Thus, they require a longer overall transaction time just because you first need to transfer your digital assets to the preferred crypto exchange.
If you want to transfer ETH from your wallet to Coinmetro to sell it, the transaction speed will depend on the Ethereum blockchain. A certain number of transaction confirmations is required to secure a transfer.
Ethereum transaction stuck pending? The count of transaction confirmations depends on how many network nodes have confirmed the transaction. Coinmetro cannot speed up Ethereum confirmation time, but secures 10 confirmations every three minutes. This number of confirmations allows for a reasonable degree of security. Feel free to learn more about the deposit times for Coinmetro’s listed assets.
Second, unless you need money urgently, you may want to wait to sell. The market prices always fluctuate, and there’s no guarantee that there will be an uptrend when you decide to sell.
Ready to sell? Here’s a sneak peek of how easy it is to sell at CoinMetro:
Last but not least, exchanges and banks offer different payment processing times. Receiving money into your bank account can sometimes take up to five business days.
Have you heard? Coinmetro has some of the quickest transaction and payment processing times in the entire industry – and the withdrawal feature is just a click away. Strive for ultimate comfort!
Are There Any Fees?
Initiating a crypto transaction from your wallet to a crypto exchange implies paying a fee. The fee you pay goes to miners who confirm blockchain transactions in the first place.
Why is my Ethereum transaction taking so long? When it comes to Ethereum, the transaction fee you pay to transfer ETH from your wallet to an exchange strongly depends on supply and demand. If there are a lot of people wanting to transfer Ether to exchanges, the fees will be spiking. Paying a higher fee also prioritises your transaction for miners.
The average Ethereum transaction fee can fluctuate, especially during periods of network congestion. At the time of writing, it is around $7.
Other fees vary on the exchange you’re using to sell your ETH and withdraw funds. You’re welcome to view the fees charged for the Coinmetro products and services here. You won’t be disappointed! We offer the lowest fees in the industry. Don’t hesitate and jump on board!
How to Transfer Crypto to Bank Account
Crypto-related transactions to one’s bank account pretty much work the same. Regardless of the wallet you’re using to store your coins, you need to cash out your cryptocurrency first and then transfer fiat money to your account. Sad but true – it will be a while before we are able to transfer actual crypto to our bank accounts.
There are different ways to cash out your crypto:
- You can exchange your coins either directly to fiat or – if you’re an owner of rare or freshly coined tokens – to other cryptocurrencies and then fiat money that can be withdrawn to your local bank account.
This is where crypto exchanges come into play. One way or another, you can’t take exchanging crypto to fiat out of the equation.
- Peer-to-peer (P2P) transactions are also an option. This means that you can sell your ETH directly to other users – peers. P2P transactions can be tricky as on the one hand, they offer more freedom in choosing who to trade with and which payment method to use. But on the other hand, they provide less security as you may not know what kind of player you’re really dealing with. Remember, if it’s too good, it probably is.
So, if you want to transfer Ether to your bank account, you need to send your ETH from your wallet to an exchange that deals in fiat, sell it, and withdraw to get actual funds on your bank account.
You can also sell your ETH to a peer and either receive funds on your bank account directly or withdraw the money to your account. Please note that P2P transactions usually have a higher markup added on the exchange rate.
How long does it take to transfer Ethereum? This is a popular question, and the time depends. We hope you found our article helpful.
If you have any other questions, feel free to contact us.
Want to buy your first ETH or invest more in Ethereum? Coinmetro is the best place to start – and on the market’s lowest fees, so log in or sign up to see for yourself.
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