Cryptocurrency has become a popular investment option in South Africa, attracting many due to its high potential rewards. However, with these rewards come risks. If you’re trading cryptocurrencies, reducing risks is crucial, and platforms like Luno can help. Luno enables users to buy, sell, and securely manage their cryptocurrencies. If you’re looking to transfer your cryptocurrency earnings to your bank account, this guide will walk you through the process.
Step 1: Link Your Bank Account to Luno
Before initiating a withdrawal, ensure that your bank account is connected to your Luno wallet. Here’s how to do it:
- Log in to your Luno account.
- Navigate to the “Wallets” section.
- Select “Add Bank Account” and provide your bank account details.
- Verify your bank account via the confirmation email sent by Luno.
Once your account is successfully linked, you’re ready to withdraw funds.
Step 2: How to Withdraw Money from Luno
After linking your bank account, follow these steps to withdraw your money:
- Log in to your Luno account.
- Go to the “Wallets” section.
- Select the wallet you wish to withdraw from (e.g., ZAR wallet).
- Click “Withdraw” and choose your linked bank account as the withdrawal method.
- Enter the withdrawal amount.
- Confirm the transaction by entering your Luno PIN.
Once you’ve completed these steps, Luno will process your withdrawal.
Supported Banks in South Africa
Luno supports withdrawals to a variety of South African banks, including:
- ABSA
- Capitec Bank
- First National Bank (FNB)
- Standard Bank
- Nedbank
- TymeBank
- Investec Bank
- African Bank
- And many more.
Check the Luno platform for a complete list of supported banks.
Withdrawal Fees and Processing Times
Luno provides two withdrawal options:
| Method | Fee | Processing Time |
|---|---|---|
| Normal Withdrawal | Free | Same Day |
| Express Withdrawal | R20.00 | Within 2 Days |
Normal withdrawals are free but take longer, while express withdrawals come with a fee for faster processing.
Verification Levels and Withdrawal Limits
Luno applies verification levels to determine deposit and withdrawal limits:
- Level 1: R15,000 monthly limit.
- Level 2: R50,000 monthly limit.
- Fully Verified: No limits.
For unrestricted withdrawals, ensure your account is fully verified.
Tips for a Smooth Withdrawal
To avoid delays and ensure your withdrawals are seamless, keep the following tips in mind:
- Verify your bank account promptly.
- Familiarize yourself with Luno’s withdrawal fees and limits.
- Withdrawals are processed only during business hours (Monday to Friday, 9 am–5 pm).
By following these straightforward steps and understanding Luno’s fee structure and processing times, you can easily transfer your cryptocurrency earnings from Luno to your South African bank account. Happy trading!