How to withdraw money from Kraken to a bank account?

To withdraw funds from Kraken, verify your bank account with your routing and account numbers, then initiate the withdrawal, confirm the details, and track the transfer through your Kraken account.

Jul 20, 2025 at 11:49 am

Verifying Your Bank Account on Kraken

Before initiating a withdrawal, users must verify their bank account through Kraken's verification process. This involves providing the bank account number and routing number. Kraken typically performs a small test deposit to confirm ownership of the account. These test deposits may take 1 to 5 business days to appear in the bank statement. Once the deposit amounts are visible, users must log back into their Kraken account and enter the exact amounts to complete verification.

During this step, it is essential to ensure that the bank account is in the same name as the Kraken account holder. Mismatches in names can lead to failed verification and delays in processing withdrawals.

Initiating a Withdrawal from Kraken

Once the bank account is successfully verified, users can proceed with initiating a fiat currency withdrawal, typically in USD, EUR, or other supported currencies. To do this, log in to the Kraken platform and navigate to the Withdrawal section under the Wallets tab. From there, select the fiat currency that needs to be withdrawn and choose the linked bank account as the destination.

At this stage, users must enter the amount they wish to withdraw. Kraken displays the estimated time for the transfer and any applicable withdrawal fees. It is crucial to review these details before confirming the transaction, as fees and processing times may vary depending on the region and currency.

Understanding Withdrawal Fees and Processing Times

Kraken charges a flat fee for bank withdrawals, which varies depending on the currency and location. For example, USD withdrawals via ACH in the United States are often free, while wire transfers incur a fee. In contrast, users outside the U.S. might face higher fees due to intermediary banks and currency conversion.

Processing times also differ. ACH transfers within the U.S. usually take 1 to 2 business days, while international wire transfers can take 3 to 5 business days or more. Users should consider these timeframes when planning their withdrawals to avoid any inconvenience.

Confirming the Transfer and Tracking the Withdrawal

After entering the withdrawal amount and reviewing the fees, Kraken prompts users to confirm the transaction. At this point, a two-factor authentication (2FA) code is required to authorize the withdrawal. This adds an extra layer of security and prevents unauthorized transactions.

Once the withdrawal is confirmed, users can track the status of the transfer in the Transaction History section of their Kraken account. The status will update from "Processing" to "Completed" once the funds reach the bank account. In some cases, banks may take additional time to clear the funds, even after Kraken has marked the transaction as complete.

Resolving Common Withdrawal Issues

Occasionally, users may encounter issues such as failed withdrawals, delays, or mismatched account details. If a withdrawal fails, Kraken typically provides an error message explaining the cause. Common reasons include incorrect bank details, insufficient funds, or unverified accounts.

In the case of delays, users should first check the status on Kraken and then contact their bank to ensure the funds were not received but held for verification. If the problem persists, contacting Kraken support with the transaction ID and bank confirmation details is recommended.

• Double-check bank account and routing numbers before submitting a withdrawal
• Keep transaction IDs and confirmation emails for reference
• Contact Kraken support if the withdrawal remains pending beyond the estimated time

Frequently Asked Questions

Can I withdraw crypto instead of fiat from Kraken?

Yes, Kraken allows users to withdraw cryptocurrencies directly to external wallets. However, this guide focuses on fiat bank withdrawals. Users should ensure they have the correct wallet address when withdrawing crypto to avoid irreversible transfers.

What happens if I enter the wrong bank details?

If the bank details are incorrect, the withdrawal may be rejected by the bank, and Kraken may refund the amount to the account. However, this process can take several days, and users should contact Kraken support immediately to resolve the issue.

Is there a minimum withdrawal amount on Kraken?

Yes, Kraken enforces minimum withdrawal limits for both fiat and crypto. For fiat bank transfers, the minimum USD withdrawal is $1, but this may vary depending on the user's region and currency.

Can I cancel a withdrawal after it’s been initiated?

Once a withdrawal is processed, it cannot be canceled. However, if the transaction is still in pending status, users may contact Kraken support to request a reversal, though success is not guaranteed.