You can cash out your Australian Dollar (AUD) balance to your bank account with no transaction fee. You may need to sell your crypto before being able to cash out.
Digital currencies, cryptocurrencies, and cryptocurrency exchanges are all legal in Australia, which is why a Coinbase is also legal in Australia.
Our take on Coinbase
In October 2022, Coinbase relaunched in Australia with a suite of upgrades for Aussie traders – most notably AUD deposits and withdrawals.
You can easily withdraw your cryptocurrency and move it to another Australian exchange. You can either leave it there, or sell it and withdraw AUD from the new exchange.
If you are unable to sell or withdraw from Coinbase, it could be due to one of a few reasons: There are restrictions in your region. You are a new account holder. You haven't completed the verification.
You can still buy, sell, and trade within Coinbase. However, you'll need to wait until any existing Coinbase account holds or restrictions have expired before you can cash out with your bank account. Withdrawal-based limit holds typically expire at 4 pm PST on the date listed.
There are no maximum withdrawal limits on Coinbase Commerce—you can withdraw all funds at any point.
To transfer cash from Coinbase to your linked debit card, bank account, or PayPal account, you first need to sell cryptocurrency to your USD balance. After this, you can cash out the funds.
For US customersThe Instant Card Cashout transaction fee of up to 1.5% of any transaction and a minimum fee of $0.55. The minimum cashout amount must be greater than the fee of $0.55.
To make an additional AUD deposit to your balance:
Access the Coinbase mobile app. Select More then choose Add cash. Enter the amount of AUD you'd like to deposit. Select your bank account.
There is no way to sell your crypto on Coinbase, and you also cannot withdraw AUD from the account. Fees: CoinSpot has much lower fees to purchase cryptocurrency, with free deposits and withdrawals of AUD as well. It is the clear winner when it comes to fees.
Bitcoin is 100% legal in Australia. It's legal to buy, sell, trade, spend, receive, and store.
NAB is the most Crypto-friendly bank in Australia and is the first major traditional financial institution in the country to offer its own stablecoin called AUDN. The bank plans to roll this token out in mid-2023, allowing its users to settle transactions on the blockchain rather than using AUD to pay for transactions.
Independent Reserve is a reputable exchange that is trusted by both novice and experienced traders for its reliability and security. It is an excellent option for those looking to trade cryptocurrencies in Australia and want access to digital assets on a safe and reputable platform.
Transactions may be declined for several reasons: You have insufficient funds in your account. You surpass the spending limit of $2,500 a day. You try to spend at a prohibited merchant category (learn more at "Where can and can't I use the Coinbase Card?").
Crypto-friendly Bank FAQs
To our knowledge, Revolut, Monzo, Xace, Cashaa, Orounda, Royal Bank of Scotland, NatWest, Nationwide, Barclays, Santander, Metro Bank and Halifax all allow payments to Coinbase. However, many users of high street banks report issues with blocked transactions.
For US customers, you'll need to have a valid payment method (like a bank account or debit card) linked to your PayPal account to buy cryptocurrency, or add cash through your PayPal account. Prepaid cards, business cards, and credit cards linked to your PayPal account are not currently supported by Coinbase.
Since your local currency is stored within your Coinbase account, all buys and sells occur instantly. Cashing out to your bank account via SEPA transfer generally takes 1-2 business days. Cashout by wire should complete within one business day.
Funds reserved for open orders are placed on hold and considered encumbered. Additionally, funds reserved to satisfy margin requirements for open futures positions will not be available to trade or withdraw.
When you add cash to your Coinbase account, the funds will be stored as your cash balance and will appear as the local currency in your list of assets. You can use this balance as a source of funds to make instant crypto purchases, and you can credit it with the proceeds of your crypto sales.