Withdrawing USD from your digital asset platform to your bank account is a straightforward process. This guide provides a clear, step-by-step breakdown for completing an ACH bank transfer withdrawal, specifically for eligible users in supported US states.
Prerequisites for ACH Withdrawal
Before initiating a withdrawal, ensure you meet the necessary criteria. This service is currently available only to customers residing in eligible US states. Additionally, the name on your platform account must exactly match the name on your bank account to facilitate a smooth and successful transaction.
You will also need to have your bank account details ready. The platform uses a trusted third-party service, Plaid, to securely link and verify your bank account, ensuring a safe connection for transferring funds.
Step-by-Step Withdrawal Guide: Web Browser
Completing a withdrawal on the web version is a user-friendly process. Follow these detailed instructions to transfer your funds seamlessly.
1. Access the Withdrawal Section
Log in to your account on the official website. Navigate to the "Assets" tab and click on "Withdraw" to begin the process of moving your USD out of your account.
2. Select Your Withdrawal Method
Choose "Bank transfer (ACH)" as your preferred withdrawal method. To link a new bank account, click on "+ Add account." This will redirect you to Plaid, a secure service that safely connects your financial institution to the platform.
3. Link Your Bank Account
Follow the on-screen prompts provided by Plaid to authenticate and link your chosen bank account. A success confirmation page will appear once your account has been successfully verified and added to your profile.
4. Enter and Preview Withdrawal Amount
Input the amount of USD you wish to withdraw. It is advisable to double-check the figure for accuracy before proceeding. Click "Preview" to review all the details of your withdrawal order, including the amount and destination bank account.
5. Confirm and Initiate Withdrawal
After verifying that all the information is correct, click the "Withdraw" button to initiate the transfer. You may be required to complete an additional security authentication step at this point. For a comprehensive view of transaction options, you can explore more funding strategies.
Step-by-Step Withdrawal Guide: Mobile App
The mobile app offers a convenient way to manage your funds on the go. The process is optimized for a smaller screen but retains the same secure steps.
1. Navigate to the Portfolio
Open the OKX app on your mobile device. Tap on "Portfolio" at the bottom of the screen, then select "Withdraw." Finally, choose "Withdraw USD" to start the process.
2. Choose ACH Transfer and Add Account
Select "Bank transfer (ACH)" as your method. If you haven't already linked a bank account, tap "+ Add account." You will again be guided through the secure Plaid integration process to authenticate your bank account details.
3. Complete Account Verification
Successfully linking your account will trigger a confirmation message. This indicates that your bank is now connected and ready to receive funds from your account.
4. Input and Review Your Amount
Type in the specific amount of USD you want to withdraw to your bank. Tap "Preview" to see a summary of your withdrawal request, ensuring everything is in order.
5. Authenticate and Finalize
To complete the transaction, enter the required authentication code sent to you via SMS or generated by your 2FA app. Once entered, tap "Withdraw" to finalize and initiate the ACH transfer.
Important Processing Information
After you initiate a withdrawal, the platform will process your request. You will receive a notification, typically via email, once the funds have been sent from your account. The time it takes for the money to appear in your bank account can vary.
Generally, ACH transfers take 3 to 5 business days to be fully processed and credited by your receiving bank. This timeframe is an estimate, and the actual speed can depend on your bank’s internal processing schedules and any intervening holidays.
Frequently Asked Questions
Q: Why don't I see the option to withdraw USD?
A: The cash withdrawal feature is geofenced and is only available to users in specific regions to comply with local financial regulations. Your current location may not be supported.
Q: What happens if my bank account verification fails?
A: You must successfully verify your bank account ownership through the Plaid process before any withdrawals can be made. A failed verification will prevent you from proceeding.
Q: Where can I review my past withdrawal transactions?
A: Your entire withdrawal history is available for review. On the web, find it on the withdrawal page under "All withdrawals." In the app, navigate to your Portfolio page to access this log.
Q: How am I notified when the money is sent?
A: The platform sends a confirmation email the moment the funds are dispatched from your account and are on their way to your bank.
Q: Why is there a delay in receiving my money?
A: The ACH network typically operates on a 3-5 business day timeline after the platform sends the funds. The final delay often rests with your bank’s processing speed for incoming transfers. For the latest on transaction times, you can view real-time status updates.
Q: Why can’t I withdraw my entire balance immediately after a deposit?
A: To ensure security and prevent fraud, funds deposited via ACH may be subject to a temporary holding period. This allows the platform to fully verify the transaction before those funds become available for withdrawal.