Individuals that use Trust wallet mostly pick this decentralized wallet to take care of their coins and other crypto monies securely and reliably. Even though there are several wallets available in the crypto world, Trust wallet is ranked as one of the best to when it comes to storing, saving, managing or transferring tokens quickly.
The best option for storing each token obtained from a transaction or exchange is the Trust Wallet app. For instance, in order to effectively manage your balance after purchasing Safemoon in Trust Wallet, you must store the token to your wallet address.
For each coin you save on, you cannot immediately transfer your Trust Wallet address to your bank. As a result, you are unable to use the Trust Wallet to directly transfer money to someone else's bank account.
Want to transfer money from Trust Wallet to Bank Account? then this is the right guide for you as I will show you how to do so easily.
Table of Contents
What is a Trust Wallet?
In simple terms, Trust Wallet is often described as:
- A decentralized wallet that helps you hold keys to your cryptocurrency wallet
- A user-controlled wallet that allows the user to have control over their money
- Has access to DApps, unlike centralized wallets
- The wallet does not keep any personal information
- The main aim of the wallet is to make crypto more accessible.
How Does Trust Wallet Work?
Well Trust Wallet has several functions aside from just saving money and one of the fact that it acts as a bridge that links to individual blockchains via their nodes. Every blockchain has its set of public addresses. It is necessary to know that the wallet does not control or hold any crypto but gives the user access to the funds.
The Trust wallet app is available to download for free in Google Play Store you earn nothing when making use of it.
This app will additionally help you manage your addresses to send and receive crypto. The Trust Wallet app offers the user the ability to perform other crypto transactions like staking and trading.
Can You Buy Crypto With Trust Wallet
Yes you are able to buy crypto with Trust Wallet as they have partner providers that have integrated their services with the app and this integration will allow you to be able to buy cryptocurrency with your credit card.
It is necessary to note that the app does not collect any personal information as your contact details and card info are being sent to the providers. The Trust wallet app is in charge of automatically sending your information to the providers with respect to the cryptocurrency that you want to purchase.
How to Create a Wallet With Trust Wallet?
Creating a wallet with Trust wallet is quite simple nowadays and in case you do not yet have one, you can follow the steps below so as to create one that will help you manage your various crypto currencies;
As soon as you have downloaded and installed the app on your device, open Trust wallet and tap on Create wallet. From here, you will receive a 12-word recovery phrase that will acts as backup for your money and it is necessary to have at the back of your mind that there is no way to change or recover the 12-word phrase if its lost or you forget it. Loosing the recovery phrase means loosing your funds.
Check to see if you saved the 12-word phrase in the right order before completing the wallet. It is crucial to create your backup right away and store it securely.
Can You Transfer Money from Trust Wallet to Bank Account?
Yes you are able to transfer money from Trust Wallet to Bank account but not from a direct point of view. So below I will show you what it takes and how to transfer money from Trust wallet to bank account.
To withdraw money from Trust Wallet to your bank account, you first need to swap the token for Bitcoin or Ethereum. Then, you must send the Bitcoin or Ethereum to a popular exchange that allows you to cash out your cryptocurrencies.
How to Transfer Money from Trust Wallet to Bank Account
As I earlier said, in order to cash funds from Trust Wallet to a bank account, you must first of all change the token to BNB or Ethereum. Then from here, you make use of Binance, another popular exchange, send the BNB or Ethereum.
Binance accepts over 60 fiat currencies like USD, AUD, GBP, making it the best way to transfer money between banks in cryptocurrency exchange.
The withdrawal process can take up to one hour but once you have well assimilated the steps, it should not be an issue.
1. Create a Binance Account
Incase you do not yet have a Binance account, you first step will be to create one and below is the steps you can follow so as to open a Binance account easily. Do not forget that Binance is highly recommended as it accepts credit cards, debit cards, bank transfers and cash deposits.
- Go to Binance and sign up
- You’ll be sent to the dashboard after you’ve registered an account and logged in.
2. Get Token's Address
For those that are not yet acquainted to this, then this step might seem a little bit confusing but it is not to worry as I simplified the process below for you.
- On the top navigation bar, select Wallet, then Fiat and Spot.
- Locate the cryptocurrency you wish to withdraw and click Deposit.
- You’ll be directed to the wallet of the chosen cryptocurrency.
- To withdraw your cryptocurrency from Trust Wallet, you must sell it on Binance. Therefore, you will need to replicate your cryptocurrency’s Binance address.
- Choose the cryptocurrency you want to deposit in the Coin area.
- Then, copy your cryptocurrency address as well as your MEMO.
3. Transfer Token to Binance
As soon as you have already copied the address of your cryptocurrency, you will have to launch Trust Wallet. Here, you will have to send the cryptocurrency you want to be payout from Trust wallet to Binance. Follow the steps below so as to exchange it for Fiat dollars:
- Tap the cryptocurrency you want to remove from Trust Wallet. If necessary, you can also decide to exchange your current cryptocurrency for a different one.
- You will be taken to the respective wallet after tapping on the cryptocurrency you wish to payout.
- There will be various icons on the wallet, including “Send,” “Receive,” “Copy,” and “More.”
- Choose to send the cryptocurrency to Binance.
- Press the Send button to send your cryptocurrency to Binance.
- Next, you will see the sending page with several fields, including Recipient Address, BNB Amount, etc.
- Paste your Binance address into the Recipient Address section.
- Next, in the Quantity section, enter the amount of cryptocurrency you want to transfer to Binance.
- Then, in the Memo area, paste your MEMO and press ‘Next.’
- Confirm the withdrawal.
4. Use Binance To Sell the Token
You will be able to sell your cryptocurrency on Binance after you have transferred it from Trust Wallet to Binance.
- Go to Binance’s Buy and Sell Cryptocurrency page.
- Choose the cryptocurrency you wish to sell from the ‘I want to sell’ drop-down menu.
- Then, specify how much cryptocurrency you wish to sell.
- After that, select the fiat cash you want to receive.
- Use Bank Account To Withdraw Money In Your Currency.
After selling a cryptocurrency in return for the fiat money, you can now withdraw it from your bank.
- Go to the top navigation bar on Binance and select Wallet.
- Then tap on Fiat and Spot.
- Click “Withdraw” at the top of the page and choose Withdraw Fiat.
- Select the currency you want to deposit into your bank account,
- Choose a Payment Method such as SEPA or Bank Card (Visa).
- The next step is to submit information about your withdrawal. Enter the amount you wish to send to your bank account.
- Tap on Withdraw To and transfer money using the routing number and account number of your bank.
- Complete the security verification after clicking Continue.
Final Thoughts On How to Transfer Money from Trust Wallet to Bank Account
You can use Decentralized Applications, or DApps, with the help of the Trust Wallet, a decentralized and cutting-edge cryptocurrency utility. By providing you with an easy-to-use and dependable interface, its major goal is to increase accessibility to cryptocurrency.
Additionally, you may rapidly transfer the funds from it to a bank account to increase the profitability of your cryptocurrency investment.
Frequently Asked Questions
Does trust wallet charge fees?
Users will also be required to pay fees when purchasing cryptocurrency from one of the six third-party providers. Trust Wallet also charges an additional fee on crypto purchases made through their app, but is waived for those who hold the app's proprietary TWT token in their wallet.
How do I sell from trust Wallet?
To send your Bitcoin from your Trust Wallet to the Binance exchange, do the following: Open the Trust Wallet app and tap on “Wallet.” Click on “Send.” Copy the Binance address from this article's “Crypto Exchange” section. ... Put in the amount of Bitcoin that you would like to sell..