Educational content, not investment advice. Crypto-asset values fluctuate.

Modulis 1 · First steps
10/13

How to Withdraw Your Money Back to a Bank

Video · 2 min.
Cashing out to a bank

Rick moves crypto back to his bank and the bank asks: where does this money come from? The way back is three steps: send to an exchange, sell for euros, SEPA transfer in 1-2 business days. What to answer the bank, how taxes work (the duty arises when you sell, and from 2026 exchanges report under DAC8), and the path from a DeFi position.

Narrated, with light music
The full lesson with numbers and rules is below.
Watch on YouTube
CEX
The full loop

Crypto → EUR → bank — it's a simple, predictable route that works within 1-2 business days. In this lesson you'll get to know every route, so you can take your money back anytime, at your own pace.

Three ways to withdraw

MethodSpeedFeesBest for
Nexo → SEPA1-2 business days0 EUR (free 1x/month)Small amounts, beginners
Kraken → SEPA1-3 business days0-1 EURLarger amounts, experienced users
Bitvavo → SEPA1-2 business days0 EURThe cheapest trading fees in the EU (maker 0.00-0.15%, taker 0.01-0.25%)
Binance stopped serving the EU on 2026-07-01

Binance used to be the standard fourth option in this list. Since 2026-07-01 it no longer offers crypto-asset services in the EU — it withdrew its MiCA licence application on 2026-06-24, and EEA residents are blocked from new registrations, euro and crypto deposits, spot orders, and Earn. If you still hold funds there, all you can do is withdraw them. When picking an exchange, your first check should be whether it appears in ESMA's CASP register.

Method 1: Nexo → bank (recommended for beginners)

Before you start

Step by step

  1. Sell your crypto for EUR

    Nexo → "Exchange" → pick SOL (or ETH) → EUR. Enter the amount. Nexo will show you the rate and the fee (~0.5-1.5%). Confirm.

  2. Check your EUR balance

    After selling, you'll see EUR in your Nexo account. That's already "plain money" — all that's left is transferring it to your bank.

  3. Start the withdrawal

    Nexo → "Withdraw" → "Fiat" → EUR. Choose a SEPA transfer (the European bank network). Enter your bank's IBAN (the international account number, e.g. LT12 7044 ...). Nexo's first withdrawal each month is free — 0 EUR in fees.

  4. Confirm by email and 2FA

    Nexo will send a confirmation email and will ask for a 2FA (two-factor authentication) code. Confirm both.

  5. Wait 1-2 business days

    A SEPA transfer takes 1-2 business days. It isn't processed on weekends or holidays. Send it on a Monday and you'll usually receive it Tuesday.

  6. Check your bank account

    The EUR shows up in your SEB, Swedbank, Luminor, or other account. The sender will be "Nexo" or "Nexo Financial LLC". That's it — the money's in your bank.

What to prepare in advance

The bank may ask about the source of the funds — and you'll already be prepared for it. If you receive more than ~10,000 EUR in a single transfer, just have these on hand:

Nexo does not hold its own MiCA licence

Nexo is recommended in this lesson for its simplicity, but it's worth knowing its exact legal position: Nexo holds no MiCA CASP licence in its own name — it serves the EU through licensed partners (Tangany GmbH, DLT Finance), and Earn interest and crypto-backed loans fall outside the scope of those partners' permissions. For a one-off sale and a SEPA withdrawal that's fine. But for holding funds long term, prefer an exchange with a licence of its own: Kraken (Central Bank of Ireland), Bitvavo (Dutch AFM), Coinbase (Luxembourg's CSSF), Revolut (CySEC, No. CASP001/25).

Method 2: Kraken → bank (for larger amounts)

Why Kraken for larger amounts?

AspectNexoKraken
Single-transfer limitUp to ~50,000 EURUp to ~500,000 EUR
Fees (trading)0.5-1.5%maker from 0.25% / taker from 0.40% (drops with volume)
SEPA speed1-2 business days1-3 business days
KYCSimpleStricter
MiCA licenceNo (operates via partners)Yes (Central Bank of Ireland)
Careful: a beginner won't reach the 0.16% tier

The frequently quoted Kraken fees of 0.16-0.26% are the price of high volume tiers. A beginner's base fees are 0.25% maker / 0.40% taker, dropping only as your 30-day volume grows (or with a Kraken+ subscription, around $4.99/month). SEPA deposits are free. If you're after the cheapest trading fee in the EU today, Bitvavo (maker 0.00-0.15%, taker 0.01-0.25%) and Revolut X (0% maker / 0.09% taker) are cheaper. Fees checked in September 2026; exchanges change them, so look up the current schedule before a larger trade.

Step by step

  1. Move your crypto to Kraken

    Kraken → "Funding" → "Deposit" → pick SOL/ETH. You'll get a Kraken deposit address. From your Jupiter Wallet (SOL) or MetaMask (ETH), send crypto to that address. IMPORTANT: pick the correct network (Solana for SOL, Ethereum for ETH).

  2. Sell for EUR

    Kraken → "Trade" → SOL/EUR or ETH/EUR. A "market order" (sells at the current price) means an instant sale at the current price. A "limit order" (a fixed price) means the sale happens once the price hits the level you set.

  3. Withdraw EUR via SEPA

    Kraken → "Funding" → "Withdraw" → EUR → SEPA. Enter your IBAN. The first time may require bank account verification (1-3 extra business days).

  4. Receive your money within 1-3 business days

    The sender will be "Payward Ltd" (Kraken's legal name). That's normal.

DeFi → CEX → bank (the full path)

If your crypto is in DeFi protocols (Kamino, Orca, Aave):

1. Close the DeFi position (withdraw from Kamino/Orca/Aave)
   → Crypto returns to your wallet (Jupiter Wallet or MetaMask)

2. Send from your wallet to a CEX (Nexo/Kraken)
   → "Withdraw" Jupiter Wallet / MetaMask → Nexo/Kraken deposit address
   → IMPORTANT: correct network! SOL = Solana, ETH = Ethereum

3. Sell crypto for EUR (inside the CEX)
   → "Exchange" or "Trade" → SOL/EUR

4. Withdraw EUR to your bank (SEPA)
   → 1-2 business days
How long does the whole process take?

Total time: 1-3 business days. Most of it is the SEPA transfer.

Three things worth planning for

There are three friction points on this path — and you can prepare for each one in advance:

Each one has a clear solution — not an obstacle, but steps you already know.

Since 2026 the tax authority sees your trades without your return (DAC8)

For years the working assumption was that crypto trades stayed invisible to the tax authority until you declared them. That is no longer true. Under the EU's DAC8 directive and the Lithuanian tax authority's order No. VA-119 of 2025-12-10, crypto-asset service providers (CASPs) must report their reportable users' transactions. The first batch covers calendar year 2026 and reaches the tax authority by 2027-05-31, and annually after that.

What this changes in practice: a clean transaction history and FIFO cost-basis tracking from your very first purchase is no longer a "nice to have" — the tax authority will hold the exchange's version, and your return needs to match it.

Filing details (Lithuania): form GPM311, sale of other assets — Wizard part D, income type code 13; payment code 1441; for 2026, due by 2027-05-01.

This is not tax advice: rates, thresholds and forms change — check vmi.lt for current information.

Summary

StepHow long
DeFi → walletSeconds to minutes
Wallet → CEXSeconds to minutes
Sale → EURSeconds
EUR → bank (SEPA)1-2 business days
Total1-3 business days
The key takeaway

Crypto → EUR → bank is a simple, legal, and reliable process. You can cash out your money anytime. DeFi isn't a "one-way ticket" — it's a route you can always turn back on.

Quick check
What's the full path from a DeFi protocol to money in your bank?
Practice task
0 / 5
Close the full loop — a test withdrawal to your bank

Confidence only comes once you've walked the whole path. Sell a small piece of crypto (worth 5-10 EUR is enough) and withdraw the euros to your bank — you'll see for yourself that the road back is always open.

This is a test with a small amount — the goal is to check the route, not cash out your portfolio. A sale this size creates no real tax bill: the first 2,500 € of annual gain is exempt from GPM and doesn't need to be declared. But keep your documents from day one — since 2026, exchanges report transactions to the tax authority themselves (DAC8). This is not tax advice; rates change, so check vmi.lt.

This is learning, not investing — use only small amounts you treat as tuition.

You just walked the whole crypto → EUR → bank path yourself — most people never try this step, but you already know it works.

Gas feesThe simplest DCA strategy: +100% → sell half → free coins
Mark as read

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