How do I withdraw GBP to my bank account?
Summary
This article provides step-by-step instructions for withdrawing GBP balances from your Bitvavo account to your linked bank account. It explains the process for the Bitvavo app, details the timeline for withdrawals to UK bank accounts, and highlights potential delays during bank holidays. It also confirms that there are no fees for withdrawing GBP.
Note that withdrawals are only possible to linked bank accounts, and digital currency must be sold first to withdraw GBP. If you need help selling digital currency, detailed instructions can be found here
Instructions for the Bitvavo App
- Log in to your Bitvavo app.
- Tap the middle blue button and select 'Withdrawal'.
- If you have multiple bank accounts linked, choose the bank account you wish to withdraw to.
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Enter the amount to withdraw and select 'Continue'.
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Verify the amount and the bank account. If you have Two-Factor Authentication (2FA) enabled, enter your Two-Factor code. Click on 'Confirm and withdraw'.
Processing time: Withdrawals via Faster Payments are typically instant, but can take up to one working day.
Withdrawals during bank holidays
When you request a withdrawal, Bitvavo sends the order directly to our bank. However, during weekends and bank holidays, banks do not process transactions, causing delays. Major bank holidays that may affect processing times include:
- Easter (dates vary each year)
- Christmas (25 and 26 December)
- New Year's Day (1 January)
For example, if you withdraw on Thursday and there’s a bank holiday on Friday and/or Monday, the processing may not start until Tuesday. The funds might only reach your bank account by the following Wednesday. We apologise for any inconvenience and ask for your patience during these periods. Please contact us if your withdrawal has not arrived by Thursday.
What are the costs for withdrawing GBP to a bank account?
Bitvavo does not charge any fee for withdrawing GBP to a bank account.
Can I withdraw GBP to my credit card or PayPal account?
No, it is not possible to withdraw GBP to your credit card or your PayPal account. You can only withdraw GBP to a bank account.
Do I need to enable 2FA to withdraw GBP to my bank account?
No, it is not necessary to enable Two-Factor Authentication (2FA) to withdraw GBP to your bank account. You can withdraw GBP to your linked bank account at any time, even if 2FA is not enabled on your Bitvavo account.
What happens if I withdraw funds to a closed bank account?
If you’ve made a withdrawal to a bank account that has been closed, the bank won’t be able to process the transaction. In that case, the funds will be returned to Bitvavo automatically.
Since this is not a regular refund, it won’t be automatically credited to your Bitvavo account. Our Finance team will need to process this manually. This can take up to 10 working days. Once completed, the amount will appear in your balance again.
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