Blockchain and its various cryptocurrencies have forever revolutionised online transaction – and everybody in the world, include Nigerians, are happy about the technology. But the problem most Nigerians face with the technology is the issue of funding and transferring the crypto-coins in our local bank.
This leads to several Nigerians asking questions such as “How do I withdraw Bitcoin to bank account in Nigeria,” “How to transfer Bitcoin to my bank account in Nigeria,” “How to transfer money from Blockchain to bank account in Nigeria,” and other related questions.
If you are one of the crypto-coin investors asking one or all of these questions, this post is written for you. This post will show you how to transfer money from Blockchain to bank account in Nigeria, and answer the other related questions.
How to Transfer Money from Blockchain to Bank Account In Nigeria
NairaEX used to be the best option went it comes to buying and selling Bitcoin, Litecoin, Bitcoin Cash, Ethereum, and others; in recent time, Luno appears to be perfect. To use the exchanger to transfer money from Blockchain to bank account in Nigeria, you first need to register and fund your Luno wallet.
You can then use the wallet to buy and sell Bitcoin, and get money to the local Nigerian banks.
When registering an account, Luno has 3 levels of verification based on the documents provided for verification. If you verify your account with your phone number, you are limited to NGN200,000 account balance; Luno calls this Level 1 verification.
The Luno’s Level 2 verification requires you to supply any form of identification issued by the government. It could be your National ID card, voters card, drivers license or international passport. The Level 2 is limited to NGN500,000 account balance.
To be on the Level 3, the documents required include either your utility bill or bank statement. You are entitled to an account balance of NGN10 million in this level.
Note: The Luno’s account balance limit means the total sum of money you can withdraw or deposit in your account in a month. You can have Bitcoin as much as possible.
Before I show you how to transfer money from Blockchain to bank account in Nigeria, let me start with how to fund your Bitcoin wallet in Luno.
Funding Bitcoin Wallet with Luno
As I have earlier stated, you can buy and sell most cryptocurrencies that use Blockchain with Luno. If you want to invest in Bitcoin with Luno, you can easily do that. Here are the steps:
- Get your Master or VISA card, and ensure the card is internet banking ready (that is, it can be used for an online transaction). If you aren’t sure your card can do an online transaction, go to your bank to confirm – or activate it
- After registering on Luno, go to Menu, and then click on Wallets
- Then choose NGN wallet
- The click on PayU Debit or Credit Card. You can as well click on GT Collections Deposit if your ATM card is issued by GTBank
- Then enter the sum of money you want to fund, click Next, and then click Continue
- After clicking Continue, you would be redirected to PayU’s website
- On the PayU’s website, click on Card Payment and enter your card number, holder’s name, and expiration date
- The click on Pay. An OTP (one-time password) would be sent to your phone via SMS.
- Supply the password in the provided space on the website to finish the transaction
Buying Bitcoin with Luno
Now that your Luno’s wallet has been funded, you can use the fund to buy Bitcoin. Proceed as follow to buy Bitcoin through Luno
- On the Luno’s login dashboard, click on Wallets
- Then click on BTC Wallet
- Then click Buy
- Select With NGN, and enter the amount of Bitcoin you want to buy
- Click Continue to finish the transaction
Your Bitcoin Wallet should be funded now.
Withdrawing Bitcoin to Bank Account in Nigeria
This is why you are here; to withdraw Bitcoin to bank account in Nigeria, you just need to undo what you had done in funding the Bitcoin wallet. Here is how to transfer money from Blockchain to bank account in Nigeria
- On the Luno’s login dashboard, go to BTC Wallet/Ethereum Wallet
- Then click on Sell
- Then click on NGN
- Then enter the amount of Bitcoin/Ethereum you want to convert to real money and transfer from the Blockchain account to your bank account
- Then click on Continue
- Then confirm the transaction. When the transaction is confirmed, the Bitcoin would be removed from your Bitcoin Wallet – and the converted amount in Naira would be moved to your standard Luno’s NGN Wallet
- Now, go to your NGN Wallet and click on WITHDRAW
- Then select your bank
- Then enter the amount of Naira you wish to transfer from the NGN Wallet to your bank account in Nigeria
- Then confirm the transaction.
On the completion of the transaction, your local bank account in Nigeria would be credited within 24 hours if you perform the transaction on a weekday. It might take a couple of days if you do the transaction on weekend.
Now you have it – that’s how to transfer money from Blockchain to bank account In Nigeria.