How to Withdraw Money from Luno to Bank Account

A lot of South Africans have been investing into cryptocurrencies, and you are here because you are one of them. This form of investment offers high rewards, but it also comes with a lot of risks. If you are into cryptocurrency trading, one of the best ways of reducing the risks is through Luno, a platform that allows people to buy, sell and bank their cryptocurrencies. You are here because you wish to learn how to withdraw money from Luno to your bank account.

You First need to add your Bank Account to Luno

Before withdrawing money, ensure your bank account is linked to your Luno wallet. To add your bank account:

• Log in to your Luno account
• Go to the “Wallets” section
• Click “Add Bank Account”
• Enter your bank account details
• Verify your account through the confirmation email sent by Luno

Withdrawing Money from Luno

Once your bank account is linked, the following is how to withdraw money from Luno to your South African bank account;

• Log in to your Luno account
• Go to the “Wallets” section
• Choose the wallet you want to withdraw from (e.g., ZAR)
• Click “Withdraw”
• Choose your bank account as the withdrawal method
• Enter the withdrawal amount
• You will be prompted to enter your Luno PIN
• Confirm the transaction

Which banks are supported?

You can withdraw money from Luno to the following bank accounts;

• ABSA
• Access Bank
• African Bank
• AlBaraka Bank
• Bidvest Bank
• Capitec Bank
• Discovery Bank
• Finbond EPE
• Finbond Mutual Bank
• First National Bank
• HBZ Bank Limited
• Investec Bank
• Nedbank
• SASFIN
• Standard Bank
• Standard Chartered
• TymeBank
• UBank LTD

Fees and Processing Times

Luno charges different fees for withdrawals depending on the method that you choose. Remember that Luno offers normal and express withdrawals:

Method	Fee	Processing time
Normal withdrawal	Free	Same day
Express withdrawal	R 20.00	Within 2 days

Verification Levels and Limits

Luno has verification levels that impact withdrawal limits:

• Level 1: R15,000 deposit and withdrawal limit
• Level 2: R50,000 deposit and withdrawal limit per month
• Fully Verified: No limits

Tips and Reminders

The following tips will be helpful as you seek to withdraw money from Luno to your South African bank account;

• Ensure your bank account is verified to avoid delays
• Check Luno’s fees and limits before withdrawing
• Withdrawals are processed during business hours (Monday to Friday, 9am-5pm)

By following these steps and understanding the fees and processing times, you’ll be able to quickly and easily withdraw money from your Luno wallet to your bank account in South Africa.