I just finished trading crypto and yeah, I have made some money. Now, what?
But I guess you came here because you wanted to see how to withdraw money from Luno to your bank account, right?
If that is correct, then welcome because that is exactly what we are going to do now.
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How to Withdraw Cryptocurrencies from Luno to Bank Account – Part 1
Here are the simple steps to getting your money to a local bank from your Luno account.
1. Sign up/Sign in to your Luno crypto account.
2. On your dashboard, go to wallets at the top right corner.
3. Click on it and go to your wallet accounts.
4. Select or click on Bitcoin and move on.
5. Go ahead and choose the currency you would like to sell for?
I will select the local currency “Naira” and move on. Do the same for your country.
6. Select how much Bitcoin you would like to sell. I will go ahead with all. If that is your preferred option as well, click on “Max”.
Assess the service charges. In my case, I am being charged 2% – 2% (Approx. NGN 221.77).
If you’re okay with it, go ahead and confirm the transaction and move on.
That is all.
If you followed the prompts correctly you will get the same result of success as shown below.
So, that is pretty much how to withdraw Bitcoin (BTC) or any other crypto on Luno cryptocurrency to the local currency balance, ready for bank transfer.
We are done with part 1 because the money was moved to my local currency account on Luno.
Now let’s go ahead and see how to transfer money from Luno to a local bank account.
How to Transfer Money from Luno to Local Bank Account – Part 2
1. Click on the local currency tab. On the next page, click on “Withdraw”.
2. Withdraw to the local bank account you added to your Luno account.
If you are yet to do that or want to add another, just click on “Add new bank details”.
3. Enter your preferred amount. If you want to withdraw all, click on “amount” to fill in all the money.
4. Lastly, confirm the amount and the charges and finally click on “Confirm”.
For this transaction, I was billed N200 – withdrawal fee.
That is all.
If you’ve done everything correctly you will get a “Mission success” note.
When will you receive your Money from Luno to your Bank Account?
This can be instant, 15 mins, 24 hours, or more based on the terms of the country of residence.
For Nigerian users, according to Luno, the withdrawal will be processed within the next business day according to the NGN withdrawal schedule.
Be it as it was, I just received the money alert from my bank in 3 mins.
Luno Daily Withdrawal Limit, Will you be affected?
Luno’s daily withdrawal limit is one of the frequently asked questions by users. Now here is the answer.
- The Luno daily withdrawal limit for level 1 verified users is N200,000.
- The Luno daily withdrawal limit for level 2 verified users is N500,000.
- The Luno daily withdrawal limit for level 3 verified users is not stated but not also limitless. You can learn more.
If you are excited about how simple it is to use Luno, go ahead and get an account to get started below.
Final Note on withdrawal from Luno to Bank Account
If you read my article on Luno review, you would have seen why I choose just 3-4 platforms for crypto operation.
- For local bank deposits, I use Luno. And at times, Blockvilla.
- For Crypto trading, Binance which always been the favorite place to go to.
- For multiple wallets of 1,000+, the Trust Wallet does the work pretty well. You can see other wallet options.
All right. That is it guys on how to withdraw money from Luno to a bank account.
Over to you.
Have you ever withdrew money from Luno to your bank account? If yes, let me know your experiences so far?
Read also – How to BUY and SELL ETHEREUM on Luno