How to Withdraw Bitcoin to Your Bank Account in Australia (2025 Guide)

Cillian

10 Apr 2025 — 3 min read

So you’ve bought Bitcoin, watched it grow, and now you want to cash out your BTC into Australian dollars and transfer it to your bank. But how exactly do you do that safely and legally in Australia?

This 2025 guide shows you step-by-step how to withdraw Bitcoin to your bank account, the best platforms to use, tax tips, and mistakes to avoid.

🔁 Quick Summary: How to Withdraw Bitcoin in Australia

Send your BTC to an AU-registered exchange
Sell your BTC for AUD
Withdraw AUD to your bank account via PayID or bank transfer
Record the transaction for ATO tax purposes

🏦 1. Choose a Trusted Australian Exchange That Supports Withdrawals

If your Bitcoin is currently stored in a private wallet (e.g. MetaMask, Ledger, Trust Wallet), you’ll need to send it to a local exchange first.

Recommended Exchanges for Withdrawing to AUD:

Exchange	AUD Bank Withdrawals	BTC Support	Typical Processing Time
CoinSpot	✅ Yes (PayID, Bank)	✅ BTC	Within 24 hours
Swyftx	✅ Yes (PayID)	✅ BTC	Same day (often instant)
CoinJar	✅ Yes (Bank)	✅ BTC	1–2 business days
Independent Reserve	✅ Yes	✅ BTC	1–2 business days

✅ All of these are AUSTRAC-registered and compliant with Australian financial regulations.

🔑 2. Send Your Bitcoin to the Exchange Wallet

Copy your BTC deposit address
Go to your wallet and send your Bitcoin to that address
Wait for network confirmations (usually 10–30 minutes)

⚠️ Double-check the address — Bitcoin transfers are irreversible.

💵 3. Sell Your BTC for AUD

Once your BTC arrives:

Go to “Sell” or “Trade”
Select Bitcoin → AUD
Enter the amount and confirm the transaction

💡 Some platforms offer instant sell, while others offer market orders for better rates.

💸 4. Withdraw AUD to Your Australian Bank Account

After selling your BTC:

Navigate to “Withdraw AUD”
Select PayID or bank transfer
Enter your bank details
Confirm the withdrawal

Most platforms process AUD withdrawals same day or next business day.

💡 Tips to Get the Best AUD Withdrawal Experience

✅ Use PayID for faster transfers
✅ Double-check bank details to avoid failed transactions
✅ Withdraw during business hours for quicker settlement
✅ Watch for daily withdrawal limits on new accounts

🧾 Tax Obligations When You Cash Out Bitcoin

The Australian Taxation Office (ATO) treats selling BTC for AUD as a capital gains event. You may need to pay Capital Gains Tax (CGT) if:

You sold BTC at a profit
You’ve been trading crypto as a business
You received the BTC as income or a gift

What to record:

Date and time of sale
AUD value at time of sale
Amount of BTC sold
Fees paid
Wallet address (optional)

🧠 FAQs About Withdrawing BTC in Australia

Q: Is it legal to cash out Bitcoin in Australia?
A: Yes. As long as you use an AUSTRAC-registered exchange and report your tax obligations, withdrawing BTC is 100% legal.

Q: How long does it take to withdraw Bitcoin to AUD?
A: Most exchanges take less than 24 hours after the sell order is confirmed.

Q: Can I withdraw Bitcoin directly to my bank account?
A: No. You must first sell BTC for AUD on an exchange, then withdraw the fiat to your bank.

Q: Are there fees to cash out Bitcoin in Australia?
*A: Yes. You’ll typically pay:

Network fee to send BTC
Exchange sell fee (0.1–1%)
Possible bank withdrawal fee (rare on Aussie platforms)*

Q: What’s the safest way to withdraw large amounts of BTC?
A: Use a hardware wallet, transfer only what you need, and enable 2FA on your exchange account. Consider breaking the transaction into smaller chunks.

Final Thoughts

Withdrawing Bitcoin in Australia is easy — as long as you follow the proper steps and use a trusted exchange.

✅ Sell your BTC for AUD
✅ Withdraw to your local bank
✅ Keep your records for the ATO
✅ Prioritise safety with trusted platforms and 2FA