There are many reasons why you might seek to liquidate your digital assets into fiat currency, be it to pay a bill, buy a meal, or cover an emergency. When needs must, speed is of the essence; no one has time to wait three days for a bank wire to clear. For those occasions when rapid exchange is essential, here are four fast crypto-fiat options.
Cut and Run: Quick Cash Out Considerations
“Cashing out” can mean different things to different people. For some, it means circumventing the banking system (and invasive KYC) by discreetly exchanging crypto for tender they can hold in their hands. The seller first has to handle the legwork of finding a cash-for-crypto buyer whom they can meet in person, with security concerns about being ripped off. Even if you accept digital transfer, you need to decide which fiat currency, how much you're willing to lose in fees, and whether to favor bank transfer, PayPal, or other online options. While domestic wire transfers are reasonably fast, international transfers can take 3-5 business days. Here are some of the quickest crypto cashout options currently available.
Metal Pay
Founded in 2017, Metal Pay is a money transfer app that acts as a gentle onramp to virtual currencies while letting holders cash out. Users download the app, link their mobile number, complete KYC, and enter bank account details. They can buy, sell, send, receive, and convert between 24 cryptocurrencies including BTC, ETH, and TRX directly from their device. Insured by the FDIC, Metal Pay imposes withdrawal limits of $10,000/day, $100,000/month, and $1.2M/year. Transfers made before 7 pm ET on business days typically appear in your bank the next business day (up to three business days), debit card withdrawals are normally same-day. Modest withdrawal fees are denominated in crypto and detailed on the platform.
Localcryptos
The main attraction of Localcryptos (formerly Localethereum) is peer-to-peer cashout without draconian KYC/AML. A reputation system and noncustodial escrow keep trades secure. Users click 'Browse', select crypto and payment method (bank transfer, cash, PayPal, Revolut, etc.), location, and currency, then see matched buyers/sellers. The platform charges 0.25% for makers and 0.75% for takers.
Wirex
Wirex is a London-based mobile money app supporting 10 cryptocurrencies including native token WXT. To cash out, go to your crypto account and hit 'Exchange' to convert to fiat. Daily conversion limit is $50,000. Spend using a Wirex card or ATM withdrawal. Direct bank account withdrawals incur a 1% fee, and SWIFT transfers cost $15. Additionally, Coinbase Card holders can now fund Google Pay using their crypto card for contactless payments.
Revolut
Revolut is a popular European mobile banking platform supporting over 100 fiat currencies (Wirex has only 3). Users must buy crypto in-app or receive from another Revolut user (external deposits not allowed). To cash out, exchange crypto to fiat in-app (1% fee outside FX market hours; free otherwise), then send to bank account. GBP transfers to UK banks take seconds (up to 3 working days), EUR SEPA up to 2 working days, international up to 5 days. Fees are notified in-app: UK local transfers 20p above plan allowance, international £3.
Conclusion
Whether you use crypto-fiat banking services like Wirex, Metal Pay or Revolut, a P2P marketplace such as Localcryptos, a wallet with integrated two-way fiat-crypto capacity like Trastra, or a crypto exchange such as Coinbase, there are many ways to turn cryptocurrency into fiat. You can even obtain a cash loan using digital assets as collateral. Whatever option you choose, be aware of withdrawal limits, fees, and waiting times. When you need cash quick, concessions in the rate you receive are likely.