Converting Cryptocurrency to Fiat Currency

At some point, you may want to cash out your crypto. On top of this, you may also want to convert your crypto into your domestic fiat currency and cash it out. To help you understand your options, we have included wallets, ATM/cash machine card withdrawals and crypto exchanges in case you want to convert your crypto casino winnings into cash.

In this guide we will focus on the five English-speaking countries Casinoplusbonus focuses most of its content on. You will find options to exchange your crypto into fiat and withdraw into your bank account or via VPN from Ireland, India, New Zealand, Canada, and South Africa.

ATM / Cash Machine Card Withdrawals

Some crypto wallets offer Mastercards with their wallets. These are generally custodial wallets only, and you will need to check that your wallet delivers debit cards to your country. Importantly, you also have to be aware you will need to pass a KYC check before the wallet or exchange sends a card to your home address.

• Crypto.com Visa/Mastercard: Available in New Zealand, Canada, and Ireland. (Planned for India).

• Binance Card: Available to residents of the Republic of Ireland and the EU economic area.

• Wirex Mastercard: Available to residents of New Zealand and Ireland.

• Coinbase Card: Available in the Republic of Ireland.

Once you have your card, you can control it online via your wallet. Options include activating your cards, creating a a pin number, setting withdrawal limits, and freezing your card. You do all of this via your app or web browser login depensing on the company you use.

Exchanging Crypto into CAD, EUR, AUD, NZD, ZAR or INR

For those of you who are new to crypto, the magic question we always hear is, how do I exchange crypto for cash?

The answer depends on the country you live in and the currency used. First, you will need to find a crypto wallet or exchange that allows you to convert your crypto into your domestic currency. Once you have a balance in your domestic currency, you can then withdraw your crypto to your bank account.

Ireland Crypto to EUR

Ireland has long been a crypto-friendly country, yet, as part of the part of the European Union, since 2024, the country’s crypto rules follow the European Union’s Markets in Crypto-Assets Regulation (MiCAR). It is the Central Bank of Ireland that enforces the MiCAR rules and ultimately decides which exchanges and wallets can serve Irish residents.

With reasonably strict rules in place, there are still so many crypto exchanges, wallets, and financial services that allow you to convert crypto to Euros and withdraw to your Irish bank account.

Here are some examples of your options as an Irish cryptocurrency casino player:

• Revolute: Matthew O’Connor, one of our Irish Casinoplusbonus content contributors, uses Revolute. He transfers his crypto to a Revolute crypto balance. He can then convert the crypto balance from within Revolute to Euros.

• Coincorner Wallet: CoinCorner is a great solution if you use Bitcoin only. You can convert Bitcoin to Euros from within the wallet. You then activate a withdrawal to your bank account. Just note that Coincorner comes with a small fee to withdraw the crypto into your bank account.

• Crypto Exchanges: If your wallet does not allow crypto to fiat conversions and then withdrawals, you can send your crypto to an exchange. Kraken, Coinbase, Binance, or Bitstamp are viable options to convert crypto into Euros. You can then use SEPA bank transfer from these exchanges to send your Euros to your bank account.

As with all the countries we cover in this guide, when it comes to cashing out Euros from an exchange, wallet, or financial service like Revolute, you will need to pass a KYC check.

India Crypto to INR

India is strict on cryptocurrency regulations. If your goal is to convert crypto to INR and withdraw your Ruppes to your bank account, then we have three domestic exchanges to suggest. All fall under the regulatory watchdog of India, which is the Financial Intelligence Unit (FIU). At the same time, they must all comply with anti-money laundering rules laid out by the Reserve Reserve Bank of India (RBI).

Crypto Exchanges that support players from India:

• CoinDCX: CoinDX is one of India’s domestic crypto exchange services. The system allows you to convert crypto to INR and send your INR balance to a bank account in India.

• CoinSwitch: Another domestic crypto exchange service in India. You will need to link a bank account to your account. According to the site’s T&Cs, withdrawing into Rupee is free via methods such as NEFT, UPI, and Bank Transfer.

• Flitpay: The last of our three suggested domestic crypto exchanges for citizens of India is Flitpay. Options available to withdraw any crypto converted to INR include NEFT, IMPS, RTGS, and UPI.

Crypto storage options:

• KuCoin: Citizens of India have been able to use KuCoin since 2024 after its Financial Intelligence Unit (FIU) approval. However, you will need to transfer your crypto to CoinSwitch or CoinDCX to exchange crypto for INR and withdraw to your bank account.

The three domestic exchanges mentioned are your best options. They come with INR pairings for most of the major cryptocurrencies. Once you have a balance in Rupee, you can then make the transfer to your bank account.

New Zealand Crypto to NZD

There are several exchanges available that pair cryptos with NZD and allow you to swap your crypto into New Zealand dollars. You can then withdraw your crypto converted to fiat to your New Zealand bank account.

Most, but not all, of the exchanges we have provided as options below all, operate under the country’s Financial Services Provider framework.

Crypto Exchanges Supporting New Zealanders:

• Easy Crypto NZ: An Aukland-based cryptocurrency exchange that offers NZD and crypto pairings. Thanks to this facility, you can also create direct bank deposit transactions (local bank transfers).

• Binance NZ: You can convert crypto to NZD using Binance, then sell it to your card. It’s not effectively a bank transfer, and it costs around 1.9% of your transaction to carry out the withdrawal.

• Independent Reserve: You can swap crypto to NZD and use SWIFT bank transfers to send dollars to your New Zealand bank account. The downside is transactions cost 20 NZD.

• Swyftx: An Australian-owned platform available to New Zealand residents and regulated You can withdraw from the exchange directly to your bank account. However, there is a 10 NZD charge, and the minimum withdrawal is $30.00. The company does not operate under the Financial Services Provider framework but is still well-regulated via Australian and Singaporean licensing.

• Crypto.com: You cannot withdraw from Crypto.com to your New Zealand bank account. Yet, there is a workaround. You can apply for a debit card as a New Zealand resident and use the card in high street stores and for online shopping. Just note that when using the card, Crypto.com converts cryptocurrency directly to AUD when making a purchase. As a result, you may incur some currency conversion charges.

There are other exchanges, such as Kraken and BitPrime. However, Kraken does not support NZD, while Bitprime has had financial difficulties in the past.

Canada Crypto to CAD

The country has become strict when it comes to regulating crypto, so much so some crypto companies exited the market. Yet, you still have some great options available to you to cash out crypto to Canadian Dollars.

The central regulatory authorities for crypto in Canada are the Canadian Securities Administrators (CSA) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). All companies offering you crypto custody or related services must hold a licensing certificate or comply with securities laws and AML regulations.

You can use any of the following options for crypto conversions and then fiat withdrawals:

• Kraken: Interac e-Transfer, Wire Transfer, or SWIFT

• NDAX: Interac e-Transfer, Wire Transfer, or SWIFT

• Bitbuy: Interac e-Transfer, Wire Transfer, or SWIFT

• Coinsquare: Interac e-Transfer, Wire Transfer, or SWIFT

• Newton: Interac e-Transfer, Wire Transfer, or SWIFT

All transactions that involve converting crypto to Canadian Dollars and further cashing out your CAD into a bank account require a KYC check.

South Africa Crypto to ZAR

In South Africa, cryptocurrency regulations are now firmly in place. Thanks to these regulations, you can convert crypto to ZAR and then cash out your ZAR from the exchange into your South African bank account.

The two main authorities that regulate crypto in the country are the Financial Sector Conduct Authority (FSCA) and the Financial Intelligence Centre (FIC). Under South Africa’s crypto regulations, all services providing trading or exchange services must obtain and operate the country’s offcial licensing certification.

Crypto Exchanges Supporting South African Users:

• Luno: A South African-based exchange that connects with a number of the country’s domestic and local banks, allowing you to deposit, withdraw, and trade cryptocurrencies directly using ZAR. You can also use the exchange’s integrated wallet services.

• VALR: The platform offers ZAR deposits and withdrawals specifically to the South African market. When you want to cash out your crypto, simply convert it to ZAR and link your South African bank account. Furthermore, VALR also offers crypto wallet services.

• AltCoinTrader: Another native South African exchange, AltCoinTrader supports ZAR trading pairs and offers services tailored to local users, including bank transfers for deposits and withdrawals. Like Luno and VALR, you can also use the AltCoinTrader wallet service.

All these platforms require KYC checks. Therefore, you must have a valid government-issued ID with a photograph and you must also prove your current address either via a utility bill or bank statement with your address on it.

Other Countries

Although most of our crypto content is intended for players from New Zealand, Canada, Ireland, South Africa, and India, we decided to include other countries for all our readers that still use the Casinoplusbonus website to find crypto online casinos.

Here are some of our recommendations:

• Find an exchange in your country that offers crypto pairings with your domestic currency.

• Only use domestic exchanges where possible. The reason we mention this is because your crypto is then covered under the financial laws of your country.

• Ensure you are able to pass KYC checks, or you will not be able to withdraw or convert your crypto into your domestic currency.

Note: You will find almost every exchange will require KYC checks to ensure they follow compliance rules when sending domestic currency that derives from crypto to your bank account.

Revolute and Wise

We often see these two financial services mentioned at online casinos as a deposit and withdrawal option. Neither of these financial services are traditional banks. Yet, they are also helpful for those of you who keep your money in multiple currencies. From the list of countries covered on this page, citizens of New Zealand, India, and Ireland can use Revolute.

Here are some tips when using these services with cryptocurrencies:

• Withdrawing From Wallets to Revolute or Wise: From personal experience here at Casinoplusbonus, you cannot withdraw cash from wallets or exchanges to either Wise or Revolute anymore.

• Sending Crypto to Revolute: You can send Bitcoin, TRC-20, and other crypto directly to your Revolute’s crypto wallet, then exchange your crypto balance into fiat currency.

Wise does not offer cryptocurrency balances.

The Key Takeaways

Withdrawing your winnings from an online cryptocurrency casino is the easy part. As long as you have a wallet set up, then you can withdraw. The issue for most players from this point onward is how to make your crypto available so you can spend it.

• Debit Card Solutions: Some citizens from certain countries are fortunate enough to have access to debit cards directly from their exchange or wallet. Others also have access to services such as Revolute. In each case, you can use your debit card to withdraw your crypto.

• Exchange Solutions: If you do not have a debit card solution, then your best route to make your crypto available to spend in cash is to find an exchange that allows you to convert to your domestic currency. At this point, the exchange will typically allow you to withdraw to your bank account.

• Online Spending: There are a growing number of online eComm shops and other services that accept cryptocurrency as payment for services. In our opinion, there are not enough. For example, wouldn’t it be great if Netflix or Spotify allowed crypto payments for their subscription services?

From our experience, everyone has a personal, unique way of dealing with crypto. Some prefer to keep their crypto as an investment and use self-custody (non-custodial wallets) where there are no KYC checks and you control your crypto.

Others want to spend their crypto profits, whether from casino winnings or crypto investments, in cash or at an online store. In this case, KYC checks are unavailable.

It comes down to how you foresee yourself best using crypto to your advantage, which will result in your setting up solutions that suit your personal circumstances.

If you want to cash your crypto into fiat in order to deposit to a bank account, then using an exchange or wallet service that allows you to cash out to local banks is your best solution, and that’s what this guide is all about.

Do you have any questions? If you need additional answers or feel we have not covered a topic on this page in as much detail as you would have liked, please leave a comment or comment in the Casinoplusbonus crypto forum area. We will always answer, and you could help us improve the content in this guide!

FAQ

Why are crypto card services not available in my country?

Admittedly, having a Mastercard or VISA card you can use to spend your crypto is incredibly handy. The main reason for unavailability is often due to restrictions placed by regulators. As crypto evolves, card services will likely become available in your country.

If I use a non-custodial (self-custody wallet), can I withdraw to my bank account?

No. When you choose self custody wallets there is no financial institution that can back your withdrawals. That also means you will not have passed KYC checks. Most countries with regulations covering crypto will only allow wallets associated with a name via a KYC check to offer debit card services. Hence, only custodial wallets and exchanges whereby a KYC check has been passed offer card services in some regions.

Is there any way to bypass KYC checks when exchanging crypto for fiat currency for a bank transfer?

Yes and no. While there are options to hold cryptocurrency without undergoing KYC checks, when it comes to turning crypto into fiat currency, you will need to pass KYC checks on the exchange or wallet you use. There are peer-to-peer (P2P) trading platforms that offer OTC (over-the-counter) services that allow fiat transactions without KYC checks, depending on domestic regulations.

Can I Use a VPN to Access Crypto Services That Are Restricted in My Country?

Yes. However, using a VPN to access restricted crypto services may allow you to create an account with some companies, but it does not bypass KYC requirements when you need to cash out into fiat. As a result, VPNs are not really a viable workaround.

What Fees Should I Expect When Converting Crypto to Fiat?

Fees depend on the service you use. You must check the fees or compare fees with other crypto services when converting crypto to fiat. You should also check whether there are any withdrawal fees when cashing out your fiat to your bank account. Some companies use percentages, while others use a fixed rate fee. You need to decide which options suits you best.