How you can withdraw money from Binance to Swedbank in 2023

You can buy Bitcoins with most banks in Sweden, but not all banks authorise purchases with payment cards. Banks are free to decide whether or not to authorise Bitcoin purchases, and in recent years this has been denied by many major banks around the country.

If you want to buy Bitcoin through your bank, you can do so via Swish to a Swedish exchange that is audited by the Swedish Financial Supervisory Authority. The it is common to do so via Safello or Trijo because Swedish banks often deny purchases on exchanges like Binance and Coinbase.

Which banks allow the purchase of Bitcoin?

Almost all Swedish banks allow purchases of Bitcoins but are happy to block purchases via exchanges. Some banks do not announce it publicly while other banks such as Handelsbanken openly talk about blocking purchases.

Here is a list of banks that block the purchase of Bitcoins:

• Swedbank
• Nordea
• commercial banks
• SEB
• Länsförsäkringar

A little over a month ago, Swedbank announced that online businesses that do not allow '3DS', i.e. '3D Secure', will be blocked and this includes places that offer crypto trading. This is a trend that several Swedish banks have started to jump on.

Is there a Bitcoin ATM in Sweden?

At present, there is no ATM in Sweden dealing with Bitcoins but it has existed before. The first Swedish ATM for Bitcoin transactions was launched in December 2013 in Stockholm where users could exchange cash for Bitcoins. The company Safello was behind this and the machine was shown for the first time at the Sthlm Tech Meetup event.

The interest in a Bitcoin ATM was not very high at that time and they chose to remove the machine. It was also very complicated with ID checks and other guidelines that the company behind the ATM had to follow in order to be legally allowed to operate by the Financial Supervisory Authority. 

Can you buy Bitcoins with foreign banks?

It is usually better to implement purchase of Bitcoins with a foreign bank. As there are many foreign banks, it is difficult to list them all, but one of the more popular options used by Swedes is Revolut, which is registered in Lithuania. You can still use Revolut for their binance account.

The reason why it is often better to make purchases with foreign bank accounts is because you then make purchases with a foreign currency such as USD or EUR while the bank account is registered abroad. Then there is no correlation to Sweden and also no incentive to keep the money in Sweden as most Swedish banks want you to do. 

How to withdraw money

There are a few different methods that you can use to withdraw your Bitcoin and other cryptocurrencies. In fact, each one has its own advantages and disadvantages. Let's take a look at some of the most popular methods:

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1. Sell your BTC on a cryptocurrency exchange: This is the most straightforward method if you want to convert your BTC into fiat currency (i.e. USD, EUR, etc.). There are many exchanges that allow you to do this, such as Coinbase, Kraken, Binance, etc. Simply create an account on the exchange of your choice, deposit your BTC into your account and then place an order to sell your BTC against the fiat currency of your choice. Once your order is executed, you can withdraw the fiat currency to your bank account. Depending on the exchange, there may be a small fee for selling your BTC.
2. Use a crypto-to-fiat converter: If you don't want to go through a cryptocurrency exchange, another option is to use a crypto-to-fiat conversion service like Changelly or Flypme. These services allow you to convert your BTC (or other cryptocurrency) into fiat currency without having to create an account or go through an intermediary. The process is simple and straightforward: just enter the amount of BTC you want to sell and provide your wallet address to receive the fiat currency. The service will then instruct you on how to send your fiat currency. BTC to their wallet address so they can convert them and the send the fiat currency to your wallet. These services usually charge a small percentage (1-2 %) for their conversion service.
3. Use a Bitcoin ATM: Bitcoin ATMs are becoming increasingly popular as they offer a way to convert BTC into fiat currency without having to have an online account or conversion service. All you need is cash and an address for a Bitcoin wallet (most ATMs will generate one for you if you don't have one). Simply insert your cash into the ATM and follow the on-screen instructions to deposit it into your wallet address. Once the transaction is confirmed on the blockchain network, you have successfully converted your BTC into cash! Please note that there may be fees associated with using a Bitcoin ATM; these fees vary depending on the ATM, but are usually around 5 %.

Choose the method that works best for you and makes sense given your circumstances. Again, it is not as complicated as some would make it seem!

Vanliga Frågor & Svar – FAQ 2023