MoonPay does not hold your money — it moves it directly to your bank
MoonPay is a payment processor that buys cryptocurrency for you, not a wallet or bank account. When you use MoonPay, the money you send goes straight to a cryptocurrency exchange or wallet you control — it does not sit in a MoonPay account waiting to be transferred. If you want to move money from crypto you bought through MoonPay back to your bank account, you are actually transferring from the exchange or wallet where the crypto landed, not from MoonPay itself.
The path depends on where your crypto ended up. If you bought Bitcoin or Ethereum through MoonPay and it went to a wallet you own (like Coinbase, Kraken, or a hardware wallet), you will sell that crypto on an exchange, then withdraw the cash to your bank. If MoonPay sent the crypto to an exchange account directly, you skip the first step and go straight to selling and withdrawing.
Key Takeaways
- MoonPay is a payment processor that sends crypto directly to your wallet or exchange account — your money does not stay with MoonPay.
- To get cash back to your bank, you must sell the cryptocurrency on an exchange, then request a bank withdrawal from that exchange.
- Bank withdrawals from exchanges typically take one to five business days, depending on your bank and the exchange's processing speed.
- You will owe taxes on any gain between what you paid for the crypto and what you sold it for, even if you are moving it back to your bank.
- Check your exchange's withdrawal limits and fees before you sell, because some charge a flat fee or percentage for bank transfers.
Finding where your crypto actually is
When you completed a MoonPay purchase, you chose a destination — either a wallet address you provided or an exchange account linked to your MoonPay profile. Check your MoonPay transaction history or confirmation email to see which one. The email will show the wallet address or exchange name where the crypto was sent.
If you provided your own wallet address (a long string of characters), the crypto is now in a wallet you control — either a hardware wallet like Ledger, a mobile app like Trust Wallet, or a software wallet on your computer. If you linked an exchange account during checkout, the crypto went directly there. Either way, MoonPay's role ended when the transaction completed.
Selling your crypto on an exchange
If your crypto is in your own wallet, you must move it to an exchange that lets you sell it for dollars. The major exchanges that accept bank withdrawals are Coinbase, Kraken, Gemini, Kraken, and Bitstamp. Log into the exchange, find the deposit or receive option, and copy the wallet address for the type of crypto you own. Send your crypto from your wallet to that address.
Once the crypto arrives at the exchange (usually within minutes to an hour), go to the sell or trade section. Choose the amount you want to sell, select your currency (USD), and confirm the sale. The exchange will convert your crypto to dollars and add the balance to your account. This balance is now cash sitting in your exchange account, not crypto.
If your crypto is already on an exchange because MoonPay sent it there directly, skip the deposit step and go straight to selling. Find the sell button, enter the amount, and confirm.
Withdrawing cash to your bank account
After you sell, go to the withdrawal or cash out section of your exchange. Choose bank transfer or ACH withdrawal — this is the standard way to move money from an exchange to a personal checking or savings account. You will need to provide your bank's routing number and your account number, which you can find on a check or in your bank's app.
Most exchanges require you to verify your bank account before the first withdrawal. This usually means the exchange sends two small deposits (under $1 each) to your account, and you confirm the amounts in the exchange app. This takes one to two business days. After verification, your withdrawal request will process.
Bank transfers from exchanges to your account typically take one to five business days. Some exchanges offer faster options like wire transfer, but these usually charge a fee ($15 to $25). Standard ACH is free or costs $1 to $2. Check your exchange's withdrawal page to see the fee and estimated arrival time before you confirm.
Fees and limits you need to know
Exchanges charge withdrawal fees that vary by method and institution. Coinbase charges $0.15 for standard ACH transfers. Kraken charges $0.25. Some exchanges charge a percentage of the amount instead. Check your specific exchange's fee schedule before you withdraw — the fee will be deducted from the amount you receive.
Most exchanges also set daily or monthly withdrawal limits, especially if your account is new or not fully verified. Limits typically range from $500 to $10,000 per day for standard accounts. If you need to withdraw more, you may need to wait for the limit to reset or complete additional identity verification. Your exchange will show your current limit when you start a withdrawal.
Tax reporting and what you owe
When you sell crypto for cash, you trigger a taxable event. The IRS treats this as a sale, and you owe tax on the difference between what you paid for the crypto (through MoonPay) and what you sold it for. If you bought $500 of Bitcoin and sold it for $600, you owe tax on the $100 gain. If you sold it for $400, you have a $100 loss that may offset other gains.
Keep records of your MoonPay purchase (the amount you paid and the date) and your exchange sale (the amount you received and the date). Your exchange will send you a 1099-K form if your sales exceed $20,000 and you complete more than 200 transactions in a year, but you should report all sales regardless. Report the transaction on Schedule D of your tax return.
What to do if your withdrawal is delayed or stuck
If your bank transfer does not arrive within the stated timeframe, log into your exchange account and check the withdrawal status. Most exchanges show whether the transfer is pending, processing, or completed. If it shows completed but your bank has not received it, contact your bank's customer service with the exchange's transaction ID. Banks can trace ACH transfers and tell you if the money is still in transit or if there was an error.
If the exchange shows the withdrawal as pending after several days, contact the exchange's support team. Provide your transaction ID and the date you requested the withdrawal. Delays can happen if your bank is slow to process ACH transfers or if the exchange is experiencing high volume, but support can usually tell you what is happening and when to expect the money.
Frequently Asked Questions
Can I withdraw directly from MoonPay to my bank without selling the crypto?
No. MoonPay only buys crypto and sends it to a wallet or exchange — it does not hold cash and does not offer direct bank withdrawals. You must sell the crypto on an exchange first, then withdraw the dollars from that exchange to your bank.
How long does the whole process take from MoonPay purchase to money in my bank?
If your crypto is already on an exchange, plan for one to two days to sell it, plus one to five business days for the bank transfer — roughly three to seven business days total. If your crypto is in your own wallet, add another one to two hours to move it to an exchange first.
What happens if the price of my crypto drops before I sell it?
You will receive fewer dollars when you sell. If you bought $500 of Bitcoin and the price drops 10 percent, you will only get about $450 when you sell. This is why many people sell quickly if they only wanted cash — holding crypto exposes you to price swings.
Do I need to pay tax on the withdrawal itself?
No, but you owe tax on the gain when you sell the crypto. Moving the dollars from your exchange to your bank is not a taxable event — only the sale of crypto for dollars triggers tax.
What if my bank rejects the deposit from the exchange?
This is rare, but it can happen if you provided the wrong account number or if your bank flagged the transfer as suspicious. Contact your bank first to confirm they received the transfer and why it was rejected. Then contact the exchange with the rejection details — they may be able to resend it or refund the money to your exchange account.