It’s been a few years now that bitcoin has existed. And within these few years, millions of people worldwide have known to trade bitcoin. And every single day there are thousands of new traders entering the bitcoin and cryptocurrency sphere. At the initial stages, there were a few problems which made the buying and selling of bitcoins a bit difficult to the Indian residents.
A few of the problems were:
- Not having any cryptocurrency exchange in India, so that the residents of India could easily buy and sell bitcoins. And most of the people didn’t have a credit card to carry out the transactions globally.
- Most of the foreign cryptocurrency exchanges did not support Indian debit cards. People in India had no other choice to buy bitcoins, but to wait until a cryptocurrency exchange to launch in India which targeted the Indian audience and Indian debit cards.
- After a few years, there were some cryptocurrency exchanges developed for Indian residents. But soon RBI rolled out bitcoin ban in India. This completed put a halt in the top cryptocurrency exchanges. Now there are just a few peers to peer exchange websites left which many people find unreliable and the prices to be very high.
If there was no bitcoin ban. Everything would have turned out to be very easy. And today you would freely be able to buy and sell bitcoins. Just because of the ban, people in India find it difficult to sell the bitcoins and directly transfer the funds of bitcoin to Indian bank account.
But this doesn’t mean that there are no alternative ways. In this article, I will tell you a few ways by which you can easily transfer funds of bitcoin to Indian bank account
How to Transfer the funds of bitcoin to Indian bank account
There are a few exchanges who only sell bitcoins to their customers and they do not support the facility of buying bitcoins in return. If you’re using such platforms, then make use of buy/sell exchanges like:
These exchanges allow you to sell bitcoins within their platforms. Just register and add the necessary details. Once the bitcoins are sold you’ll receive your money, and you can transfer it to your bank account instantly.
Note: Before you sell your cryptocurrency in these exchanges make sure you have a globally accepted debit/credit card. If not, you won’t be able to transfer your money to your bank account.
Most of the exchanges require a globally accepted debit/credit card to perform the transactions. If you don’t have a globally accepted debit/credit card or if your cards are not supported in the foreign cryptocurrency exchanges for transactions. Then make use of exchanges which support PayPal as the mode of payments.
Sign-up for PayPal and simply connect your bank account to your PayPal account. Then register to any of the cryptocurrency exchange mentioned below and sell your cryptocurrency.
Once you sell your cryptocurrency and when you receive funds, transfer them to your PayPal account. Then go to your PayPal account and transfer the funds to your bank account.
Note: Before selling your bitcoins in these exchanges, create a PayPal account first and link your bank account to it. So, that you are confirmed that PayPal accepts transactions to your bank account.
Exchanges like localBitcoins and Paxful are also helpful in this situation. These are peer to peer exchanges which allow buyers to meet sellers and vice versa. It would be better if you choose localbitcoins. But I’ll leave the decision up to you. Just visit localbitcoins and add the necessary details and the mode of payment you would like to receive money in.
Once the buyer purchases the bitcoins, the money will be deposited directly in your bank account or in the mode of payment you have included. You can add any mode of payment you like, such as debit/credit card, bank account transfer, PayPal, paytm or direct cash by meeting the buyer.
I’ve mentioned 3 ways by which you can transfer the funds of bitcoin to Indian bank account. I do recommend you to check out the exchanges before you sell your bitcoins. Make sure they accept your debit/credit cards. Once you are confirmed that your card is accepted, you can continue further and sell the bitcoins and transfer the funds of bitcoin to Indian bank account easily.
- 3 best cryptocurrency trading platform
- 5 easiest ways to buy bitcoin without verification
- The ultimate cryptocurrency exchange list
- How to get a bitcoin debit card
If you have any questions regarding the topic, feel free to ask them in the comments section below