Technically, you can't withdraw crypto directly into your local bank account. Instead, you need to convert crypto to naira first. The crypto you convert to naira stays in your Crane naira wallet. This post explains how to withdraw from your naira wallet to your local bank account on Crane.
How to withdraw from Crane naira wallet to your local bank account
Step 1: Sign in to your Crane account with your password or biometrics (fingerprint or FaceID).
Step 2: Click on Withdraw on the homepage screen.
The Withdraw feature on the homepage of the Crane app
Step 3: Fill in the beneficiary details (the bank, account number, and the amount) on the Withdraw Naira page. To make subsequent transfers a breeze, toggle the "save bank details" at the end of the page.
Step 3b: After filling in the necessary details, click "Withdraw." to get your money in seconds.
Alternatively, you can withdraw crypto from your naira wallet to your local bank account like this: click on Wallet on the homepage > choose ₦ Naira > select Withdraw > fill in the beneficiary details on the Withdraw Naira page > click on Withdraw.
Withdrawals to local banks are completed in 60 seconds or less on Crane. Contact support@usecrane.co should you experience any delays.
Frequently asked questions about crypto withdrawals on Crane
1. How much is the withdrawal fee on Crane?
It costs ₦30 to withdraw from your Crane naira wallet to your local bank account on Crane.
2. Why is my crypto withdrawal pending on Crane?
Typically, crypto withdrawals are processed within one minute. However, if the Nigeria Inter-Bank Settlement System (NIBSS)—the entity responsible for bank transfers in Nigeria—has outage issues, you may experience withdrawal issues. While this is beyond our control, you'll receive your funds once NIBSS fixes the downtime.
3. How can I convert crypto to naira on Crane?
You can convert your crypto earnings to naira using the following features:
Convert: On the homepage, click on Convert > select the asset you want to convert to naira > enter the amount (you'll see the naira value of the asset) > click confirm.
Auto-Convert: It lets you set a predefined rate to convert your crypto earnings to naira. Once the value of the virtual asset reaches that value, it'll be automatically converted to naira.
To set up Auto-Convert, click on Auto-Convert on the homepage > select Create New > fill in the necessary details, such as the virtual asset you want to convert, the rate, the timing of conversion (above or below the current market value), and the volume to convert > click on Create order.
Bank Direct: Bank Direct lets you receive crypto directly in your local bank account. Once you set up the feature on the Crane app, you'll receive your crypto earnings in naira without any manual conversion on the app. It works like this: send wallet address to client > receive the naira equivalent of your crypto in your local bank account.