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You Can Use Wise to Withdraw Fiat From Select Crypto Exchanges
Having a Wise account now means that you can deposit and withdraw fiat from registered crypto exchanges like CoinJar.
In this article...
- Withdraw fiat currency using Wise.
- Discover convenient withdrawal options.
- Access your funds.
CoinJar users can now use Wise to cash out of into their local currency. Wise is a global technology company specialising in international money transfers. The service has now expanded to include fiat from select cryptocurrency exchanges.
This development should streamline aspects of the process of moving funds from the crypto world and traditional banking systems.
CoinJar has no affiliation to Wise and accepts no responsibility for the content on third-party websites or consequences from the use of their products.
Wise account needed
CoinJar spoke to a spokesperson at Wise who explained the process to us. They said that before you can withdraw fiat from a crypto exchange, you'll first need to sign up for a Wise account.
To join up to Wise, you need to show ID and go through the sign-up process. Once set up with Wise, you can then connect the account to your CoinJar account. Then you can convert your crypto to your local fiat currency on CoinJar, and you can withdraw the money into your Wise account.
Currently, Wise says they don’t support fiat transfers from your Wise account onto exchanges, it only facilitates withdrawals. However, some customers have reported successfully depositing funds from their Wise account onto CoinJar.
Wise and crypto exchanges
Not all exchanges are eligible. Wise currently only supports fiat transactions with registered in the UK or the EU, with the exception of . You can’t withdraw fiat from Binance to your Wise account.
Crypto is evolving
The cryptocurrency industry is constantly evolving, and regulations surrounding fiat-to-crypto transactions are subject to change. So keep an eye on announcements from Wise.
Wise's expansion into the cryptocurrency space seems to reflect the growing demand for seamless integration between traditional finance and digital assets.
Frequently asked questions
What is CoinJar and how does it relate to the broader cryptocurrency market?
CoinJar is a cryptocurrency exchange which operates in Australia and the UK. It allows users to buy and sell cryptocurrencies, including the first cryptocurrency, Bitcoin, which emerged in 2009. CoinJar is just one player in the vast cryptocurrency market, which consists of various exchanges, wallets, and other financial services related to digital assets.
Why would someone want to cash out of CoinJar and into a Wise account?
Many retail investors who hold cryptocurrency in CoinJar might want to convert their financial assets (cryptocurrencies) into fiat currencies like AUD, USD, GBP or EUR. Wise offers a convenient way to store and spend fiat currencies globally via their multi-currency card.
Can investors directly transfer cryptocurrency from CoinJar to my Wise account?
No, cryptocurrency cannot be directly transferred to a Wise Card. Cryptocurrencies exist on a distributed ledger, which is different from the systems that traditional financial institutions use.
To get fiat currency into your Wise account, you'll need to sell your cryptocurrencies on CoinJar first.
How can investors sell cryptocurrencies on CoinJar?
CoinJar allows you to sell your amounts of cryptocurrency for fiat currency. This is similar to how traditional stock markets work, but in this case, you are trading cryptocurrencies instead of stocks.
What fees are involved in selling cryptocurrency on CoinJar and transferring fiat to Wise?
CoinJar charges for selling cryptocurrencies, which can vary depending on the specific coin and the amount. Wise also has fees for currency conversions and transfers. It's essential to be aware of these fees before proceeding.
Are there any tax implications when cashing out of CoinJar?
Yes, selling cryptocurrency for fiat currency can trigger capital gains tax events. The tax rules vary depending on your location and how long you held the cryptocurrency. Consult a tax professional for guidance on your specific situation.
Is cashing out of CoinJar the same as investing in cryptocurrency?
No, cashing out is the opposite of investing. Investing in cryptocurrency involves buying and holding cryptocurrencies with the hope that their value will increase over time. Cashing out involves selling your cryptocurrencies to lock in any returns or minimise investment losses.
What happened in the crypto market in September 2021 that might be relevant?
September 2021 was a volatile month for the crypto market. The market cap of all cryptocurrencies reached a new all-time high, but there was also a significant correction. It's crucial to understand market fluctuations and their potential impact on your investment strategy.
Are there alternatives to using CoinJar and Wise for cashing out?
CoinJar allows users to sell cryptocurrency and transfer funds directly to their Australian, UK, or EU bank accounts.
There are other cryptocurrency exchanges and fiat currency accounts available. You could also explore peer-to-peer (P2P) trading platforms or using crypto debit cards or a crypto credit card that allow you to spend cryptocurrency directly without converting it to fiat.
Also you could just keep your crypto in your CoinJar wallet, rather than move it to your bank accounts.
What are bearing accounts, and how do they relate to cashing out?
Bearing accounts (also known as interest-bearing accounts) are accounts that earn interest on the balance held. Some cryptocurrency platforms offer bearing accounts for certain cryptocurrencies. These accounts allow you to earn interest on your crypto holdings before you decide to cash out.
Bearing accounts often require the staking or lending of cryptocurrency to a third party, which introduces additional risk factors.
What is a smart contract?
A smart contract is a self-executing computer program stored on a blockchain. It automatically enforces the terms of an agreement between parties once pre-defined conditions are met, removing the need for intermediaries.
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Your information is handled in accordance with CoinJar’s .
Cryptoassets traded on CoinJar UK Limited are largely unregulated in the UK, and you are unable to access the Financial Service Compensation Scheme or the Financial Ombudsman Service. We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits. CoinJar’s digital currency exchange services are operated in the UK by CoinJar UK Limited (company number 8905988), registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767).
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