Kraken is one of the few international cryptocurrency exchanges that supports direct USD wire transfers (bank withdrawals). This guide covers everything you need to know about withdrawing funds from Kraken, including limits, fees, step-by-step instructions, and safety measures.
Kraken Withdrawal Methods
Kraken offers two primary withdrawal options:
- On-Chain Transfers: Send cryptocurrencies to external wallets or exchanges.
- USD Wire Transfers: Convert cryptocurrencies to USD and withdraw to a foreign bank account.
| Method | Pros | Cons |
|---|---|---|
| On-Chain | Low fees, fast processing | Requires familiarity with blockchain |
| USD Wire | Reportable as overseas income | Slower processing, higher fees |
👉 Learn more about Kraken’s security features
Kraken Withdrawal Limits and Requirements
To withdraw from Kraken, you must complete Intermediate KYC verification. Withdrawal limits vary by verification level:
| KYC Level | Daily Limit | Monthly Limit | Requirements |
|---|---|---|---|
| Intermediate | $100,000 | $10M | ID, proof of address, basic KYC form |
| Pro | $500,000 | $100M | Financial documents, advanced KYC |
Kraken Withdrawal Fees and Processing Time
- On-Chain Transfers: Fees depend on the blockchain network (e.g., USDT: $0.40–$7.11).
- USD Wire Transfers: Flat fee of $13; minimum withdrawal of $100. Additional intermediary fees may apply.
Processing Times:
- On-chain: ~5 minutes
- USD wire: 1–5 business days
Step-by-Step Guide: USD Wire Transfer to Taiwan
Step 1: Convert Crypto to USD
- Navigate to Trade → Sell.
- Select your crypto (e.g., USDT) and enter the amount.
- Choose a market or limit order and confirm.
Step 2: Initiate Withdrawal
- Go to Portfolio → Withdraw → USD.
Select Swift Transfer and enter your bank details:
- Bank name (in English)
- SWIFT code
- Account number (IBAN for European accounts)
Step 3: Confirm and Submit
- Enter the withdrawal amount (minimum $100).
- Verify all details and confirm.
Note: The receiving bank may charge additional fees.
Step 4: Bank Reporting in Taiwan
Upon arrival, declare the transfer as "268 Sale of Foreign Virtual Assets" per local regulations.
Step-by-Step Guide: On-Chain Transfer
Step 1: Add Withdrawal Address
- Go to Portfolio → Withdraw → Select cryptocurrency.
- Paste the external wallet address and confirm via email.
Step 2: Withdraw Crypto
- Select the saved address.
- Enter the amount and confirm.
Funds typically arrive within 5 minutes.
Is Kraken Safe?
Founded in 2011, Kraken is a highly secure platform with:
- Cold storage for funds.
- Two-factor authentication (2FA).
- Proof of reserves audits.
It ranks #5 on CoinGecko’s Trust Score for exchanges.
FAQs
1. What’s the minimum USD wire withdrawal?
- $100 (after $13 fee).
2. How long do USD wires take?
- 1–5 business days.
3. Can I withdraw without KYC?
- No, Intermediate KYC is required.
4. Are there alternatives to USD wires?
- Yes, on-chain transfers are faster but require a crypto wallet.
5. How do I report Kraken withdrawals for taxes?
- In Taiwan, categorize as "268 Sale of Foreign Virtual Assets."
6. What if my bank rejects the transfer?
- Contact your bank to ensure they accept USD wires from crypto exchanges.
👉 Explore Kraken’s features for advanced traders
For more guides, visit Kraken’s official support page.