HomeHow ToHow to transfer money from WazirX to your bank account?

How to transfer money from WazirX to your bank account?

Here's a step-by-step guide on how to transfer money from WazirX to your bank account.

WazirX is a popular Indian Crypto Exchange where you can buy Bitcoin and 100+ cryptocurrencies in INR through UPI/IMPS payment modes. One can also transfer money from WazirX to their bank account.

The WazirX app on Android has multiple other features as well including TradingView, advanced chart trading, and Stop-Limit orders.

Considering you already know what you are doing on WazirX, here’s a guide on how you can convert cryptocurrency into fiat currency(INR) and then transfer it to your bank account:

Step 1

WazirX transfer step 1

As WazirX offers Withdrawal of INR funds instantly and 24×7, you can transfer the money any time you want. Considering you already have the money in INR value in your wallet, open the WazirX app and click on the ‘Funds’ tab.

In case you have not converted your cryptocurrency into INR you will need to it first to proceed further.

Step 2

Here you will see your ‘total portfolio value’ which means how much of it you have in INR. If you don’t have your money in INR form, you will first have to convert it to INR by selling it. Once your order is placed and goes through, the total portfolio value will increase (from 0) on the basis of what value you sold the cryptocurrency at.

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Step 3

WazirX Transfer step 3

Next, click on INR and now you will see two options at the bottom including ‘Withdraw’ and ‘Deposit’.

Step 4

Click on ‘Withdraw’ and wait for the withdrawal modes to load.

Step 5

Once these are loaded, there will be two options – NEFT and Instant. Both of them have a minimum withdrawal limit of Rs 1,000. While Instant withdrawal has a fees of Rs 10 per transaction and a maximum transaction amount limit of Rs 5 lakhs, the NEFT withdrawal has a Rs 5 fees and maximum transaction limit amount of Rs 50 lakhs. Moreover, NEFT withdrawals take some time (approx 30 minutes to few hours) to process. On the other hand, Instant withdrawal, as the name suggests, are processed within seconds.

Step 6

Once you click on either of the modes, you will have to enter your bank details. Further, enter the amount you want to transfer along with the remarks. Next, click on the red Withdraw button.

Before we sign off do remember if you cash out your crypto assets, then you will need to pay taxes on your profits. At present crypto currently exists in a legal grey area in India, investing in this asset is not outside the ambit of taxes.

 

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