Right Way To Transfer Money From Trust Wallet To Bank Account

how to transfer money from trust wallet to bank account

Trust Wallet users always pick this decentralized wallet to take care of their coins and other crypto monies securely and reliably. Numerous wallets are available in the crypto world; however, Trust Wallet is ranked as one the best to store, save, manage, or transfer tokens quickly. Have you ever wondered how to transfer money from Trust Wallet to bank account? This article is in your best interest.

The Trust Wallet app is the number one choice to save each token gotten from a transaction or trade. For instance, if you buy Safemoon in Trust Wallet, you will need to save the token on your wallet address to manage your balance at your determination correctly. You cannot directly transfer your Trust Wallet address to your bank for every cryptocurrency you save on. In that way, you cannot also transfer money to someone else’s bank account directly from the Trust Wallet.

However, this does not limit you from transferring money from your Trust Wallet to your bank account. There are some ways to swap or convert the coin or token using an exchange that will later allow you to withdraw money from the Trust Wallet. As you will see later in the article, the transfer process is simple and will take 60 minutes.

About Trust Wallet

Trust wallet can easily be described as

  • A decentralized wallet that helps you hold keys to your cryptocurrency wallet.
  • A user-controlled wallet that allows the user to have control over their money.
  • Has access to DApps, unlike centralized wallets.
  • The wallet does not keep any personal information.
  • The main aim of the wallet is to make crypto more accessible.

Process Of Trust Wallet

The wallet acts as a bridge that connects to individual blockchains through their nodes. Every blockchain has its set of public addresses. The crypto is encrypted and stored in these addresses. However, the wallet does not control or hold any crypto but gives the user access.

Trust Wallet app is free to download, and you earn nothing when you use it. All fees are paid to the validators or miners. This app will additionally help you manage your addresses to send and receive crypto. The Trust Wallet app offers the user the ability to perform other crypto transactions like staking and trading.

Does the Trust Wallet app accept American Express? Please read our article on money transfer apps that accept American express to find an answer to this question.

Steps To Create A Wallet With Trust Wallet

Step 1 Get the latest Trust Wallet app by following one of the download links on the Trust Wallet website. You should download and install the application.

Step 2 – When you are through with downloading and installing the app, open Trust Wallet and tap on ‘Create a new wallet.’ You will receive a 12-word recovery phrase that acts as aback up for your money. It is essential to note that there is no way to change or recover the 12-word phrase if it’s lost or you forget it. If you lose the recovery phase, you will lose your funds.

Step 3 – Before you finish creating the wallet, you should verify if you wrote down the 12-word phrase in the correct order. It is essential to do your backup now and keep it somewhere safe.

Install Process Of Trust Wallet App

  • First, install the BlueStacks emulator on your computer
  • Run the setup file and follow the on-screen instructions to complete the installation of BlueStacks
  • Open the play store app from the desktop screen
  • Login in using your Google ID to get access to the play store
  • Finally, search for the Trust Wallet app and tap on the install button.

Transfer Money From Trust Wallet To Bank Account – The Procedure

To cash funds from Trust Wallet to a bank account, you must first change the token to BNB or Ethereum. Then, using Binance, another popular exchange, send the BNB or Ethereum. Binance accepts over 60 fiat currencies like USD, AUD, GBP, making it the best way to transfer money between banks in cryptocurrency exchange.

The withdrawal process may take up to one hour, but it should not be a problem once you have understood all the steps well. Let’s take a look at how it works!

1) Create a Binance Account

The first and essential step is to ensure you have a Binance account to use. Here’s how you can open one for yourself. Remember, Binance is highly recommended, and it accepts credit cards, debit cards, bank transfers, and cash deposits.

  • Go to Binance and sign up
  • You’ll be sent to the dashboard after you’ve registered an account and logged in

2) Obtain Token’s Address

The next step may seem to be a bit confusing for the newbies. Don’t worry;  we have simplified the procedure for you below.

  • On the top navigation bar, select ‘Wallet’, then Fiat and Spot
  • Locate the cryptocurrency you wish to withdraw and click Deposit
  • You’ll be directed to the wallet of the chosen cryptocurrency
  • To withdraw your cryptocurrency from Trust Wallet, you must sell it on Binance. Therefore, you will need to replicate your cryptocurrency’s Binance address
  • Choose the cryptocurrency you want to deposit in the Coin area
  • Then, copy your cryptocurrency address as well as your MEMO

3) Transfer Token To Binance

You’ll need to launch Trust Wallet now that you’ve copied the address of your cryptocurrency. Send the cryptocurrency you want to the payout from Trust Wallet to Binance in this step. You’ll be able to exchange the Bitcoin for fiat dollars in this manner.

  • Tap the coin you would like to withdraw from Trust Wallet. You can also choose to convert the cryptocurrency you have to another one if need be.
  • You will be taken to the respective wallet after tapping on the cryptocurrency you wish to payout.
  • There will be various icons on the wallet, including “Send,” “Receive,” “Copy,” and “More.”
  • Choose to send the cryptocurrency to Binance.
  • Press the ‘Send’ button to send your cryptocurrency to Binance.
  • Next, you will see the sending page with several fields, including Recipient Address, BNB Amount, etc.
  • Paste your Binance address into the Recipient Address section.
  • Next, in the ‘Quantity’ section, enter the amount of cryptocurrency you want to transfer to Binance.
  • Then, in the ‘Memo’ area, paste your MEMO and press ‘Next.’
  • Confirm the withdrawal.

4) Use Binance To Sell The Token

You can sell your cryptocurrency on Binance after you’ve transferred it from Trust Wallet to Binance.

  • Go to Binance’s Buy and Sell Cryptocurrency page
  • Choose the cryptocurrency you wish to sell from the ‘I want to sell’ drop-down menu
  • Then, specify how much cryptocurrency you wish to sell
  • After that, select the fiat cash you want to receive
  • Use Bank Account To Withdraw Money In Your Currency

You can withdraw the fiat currency to your bank now that you’ve sold a cryptocurrency in exchange for it.

  • Go to the top navigation bar on Binance and select ‘Wallet’.
  • Then tap on ‘Fiat and Spot’.
  • Click “Withdraw” at the top of the page and choose ‘Withdraw Fiat’.
  • Select the currency you want to deposit into your bank account.
  • Choose a Payment Method such as SEPA or Bank Card (Visa).
  • The next step is to submit information about your withdrawal. Enter the amount you wish to send to your bank account.
  • Tap on ‘Withdraw To’ and transfer money using the routing number and account number of your bank.
  • Complete the security verification after clicking ‘Continue’.

Bottom Line

The Trust Wallet is a decentralized and innovative tool in the crypto world that lets you use Decentralized Applications, also known as DApps. Its main aim is to make crypto more accessible by offering you a straightforward and reliable interface to use.

Moreover, you can quickly transfer the money from it to a bank account to make your cryptocurrency investment even more successful.

Spencer Tierney is a writer and expert on certificates of deposits at transfermone.com. His work has been featured by USA Today, MSN, SF Gate, the Los Angeles Times, NerdWallet and more. He earned a bachelor’s degree in English at UC Berkeley.