Please note that this is an outdated version of this article. You can find the updated article here.
Poloniex provides eligible customers with the ability to withdraw USDC to their bank account via bank wire transfers. In order to withdraw, please complete the below checklist.
Wire Withdrawal Checklist
✓ In order to make a withdrawal, you must first make a deposit. This confirms ownership of the bank account information since it is provided in the wire transfer instructions. Learn how to deposit via bank wires.
✓ Make sure the amount you wish to withdraw is in your available exchange account.
✓ Make sure the amount you wish to withdraw does not exceed your weekly limit.
✓ Make sure you understand the timeline of wire transfers (e.g. banks do not process wire transfers on weekends).
✓ Make sure you understand that wire transfers are subject to review by Poloniex and therefore may not be instant.
✓ Confirm the withdrawal via email or 2FA, if it’s enabled for your account.
Is there a minimum wire withdrawal amount?
Yes, the minimum wire withdrawal amount is $50.
Are there any bank wire withdrawal fees?
No, Poloniex does not charge any fees for bank withdrawals. However, your bank might charge you a wire transfer and/or FX (Foreign Exchange) fees. For more details on fees related to your incoming wire transfers, please check with your bank. Here is a helpful article from NerdWallet about Wire Transfer costs.
When do we process outgoing wire transfers?
Wire transfers are processed Monday through Friday 9:00 AM - 5:00 PM EST except on holidays observed by the Federal Reserve System.
When is the best time to withdraw USDC to my bank?
Withdrawal requests which are initiated before 3:00 PM EST on business days will have the associated wire sent for processing the same day. Requests initiated after 3:00 PM EST will have the wire sent for processing the following business day.
What happens to my USDC when I withdraw it to my bank account?
When you initiate a bank wire withdrawal, the following happens:
- Our system processes it
- USDC is burned and converted into USD (Learn more about USDC)
- Circle sends your banking information to our banking partner
- Our banking partner initiates the wire to your bank
If my bank account is not denominated in US Dollars and I receive a wire transfer, what will the FX rate be?
We wire transfer the USD equivalent of the USDC amount you specified. Please check with your bank regarding FX rates.
What if I need to withdraw above my limit?
We want to meet the needs of all of our customers, so if you need increased withdrawal limits, please see get in touch with our team by entering a ticket on our Support Center.