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Bank Transfers

Learn all about bank transfers: How to sign up, the difference between the two types of transfers, and how long it takes to reach your bank.

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Written by OpenNode Support
Updated over a week ago
Image of a laptop displaying Bank transfers with OpenNode

Bank transfers allow you to withdraw funds from your traditional currency wallet (i.e. USD wallet, EUR wallet, etc.) to your bank. First, you must connect your bank account with your OpenNode account. There are 2 ways to do this:

  1. On sign up, you will be asked to input bank information to connect OpenNode to your bank account.

  2. After signing up, you will find an "Enable USD wallet" (or whatever supported currency is your desired local currency) button on the top-right of your OpenNode dashboard. Click there to add bank information and connect your bank account.

Image of Bank Transfers on the OpenNode dashboard

Once your bank account is connected to your OpenNode account, there are two ways to move Bitcoin from your OpenNode account to your bank account: scheduled bank transfers, and one-time transfers.

Scheduled Bank Transfers

Scheduled bank transfers are an easy way to move your bitcoin earnings from the OpenNode platform to your bank account on a recurring basis. You can enable scheduled transfers by selecting the toggle on the Wallets > local currency wallet page.

Image of USD wallet on OpenNode for Bank transfers

Your full USD account balance will be automatically transferred to your bank account daily, once the minimum threshold has been reached.

How long does a scheduled bank transfer take?

OpenNode will process the scheduled transfer every day at 7:00 PM UTC for USD and 05:00 AM UTC for anything else. If you would like to stop these transfers, simply disable the toggle. Funds leaving the USD wallet will process and post in your bank account on the next business day (T+1)

One-time Bank Transfers

One-time Bank transfers allow you to withdraw your bitcoin earnings to your bank account on demand on a non-recurring basis. Unlike scheduled bank transfers, you can choose how much or as little as you would like to withdraw as a dollar (or equivalent) amount. Initiate a one-time bank transfer by selecting "One-time bank transfer" on the Wallet > local currency wallet page.

Image of USD Wallet for sending Bank Transfers with OpenNode

How long does a One-time bank transfer take?

Bank transfers initiated before 7:00 PM UTC for USD and 05:00 AM UTC for anything else on a given day will be processed on the next business day (T+1)

Bank transfers initiated after the 7:00 PM / 05:00AM UTC cutoff times on a given day will be posted on the next business day (T+1) , and processed the next day business after that (T+2).

Note: Both types of bank transfers are subject to minimums and fees. All withdrawals are subject to a transfer fee, minimum fees, and/or withdrawal minimums, depending on which currency you are transferring bitcoin into.

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