How to withdraw Steem Dollars to your local Malaysian Bank Account - PART 1
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Part 1 of withdrawing your hard earned SBD $$$ to your Malaysian Bank account
by @bitrocker2020
Now there are many ways possible of using your
Steem Dollars ( SBD )
- You could exchange it to steem power it so that you can have a higher upvote value
- You could send it to an exchange and buy other cryptocurrencies
- Or you could cash out to your local Malaysian Bank account ( which we will cover )
What Next ??????
You wait for awhile for the transaction to be completed. When the transaction is done, you will see the balance in BITCOINS in your wallet on LUNO.COM.
How long will it take ?
The normal transaction time takes anywhere between 5 minutes to a few hours depends on the Bitcoin exchange traffic.
How do i know if the transaction is in progress ?
What if i send less then $10 ?
You would need to private message blocktrades on http://steemit.chat and show them your memo to refund it back to your steemit wallet.
Can you help me if I sent it to the wrong bitcoin address ?
NO ... once you sent out to the wrong bitcoin wallet, neither me or anyone on steemit or blocktrades can help you
Does it go straight to my bank account ? Where do i key in my account number ?
NO ... it goes to LUNO first. How to transfer from LUNO to your Malaysian Bank Account will be in Part 2 which I will post out very soon.
Can I only use LUNO ? Are there others ?
YES there are other exchanges out there. The methods of withdrawal is similar to this guide the only looks different. Some exchanges supports Debit Cards VISA / MASTER. For that guide you can follow this post i did awhile back LINK
Just to make things clear, I am not a shareholder or a partner nor associated with LUNO in anyway apart of being a normal user. You can choose to use the affiliate link or go directly to the website.
I'll work on Part 2 as soon as possible !
Till then, please keep Steeming and don't forget to tag teammalaysia
What is the total cost to cash out to Malaysia Bank Account?
I need to calculate that.
Luno has its fee structure which you can see here.
https://www.luno.com/en/countries
Perhaps blocktrade has its own fee? But I couldn't find that out immediately as I personally don't use it.
Well noted. Thanks bro for the details.
Awesome, great tips! Thank you.
Cheers @melancholee
Super valuable info for a Malaysian noob like me. Thank you for sharing this info @bitrocker2020
Hope it's easy enough to understand for all
I can't imagine anything clearer than step by step screenshots of the whole process.
Good illustrated job!
thanks @detlef-s
I see - guess it is the same (more or less) to get money to another country as well. Is your country not asking where the money is coming from and for what?? (tax reasons??)
The same rules apply for ever country I guess. Taxes will come after you if you do larger amounts of withdrawal. Best to cash out smaller amounts at a time
that is correct, in any country it will be applied the same way, never EVER cash out large amounts unless you are ready to be declared in Income tax.
I was having this question in my mind but a bit shy to ask. Thought of reading up first then your article came along. Excellent!
Can ask anytime @perennial . This was a burning question for most of those who joined steemit.
Great job :) keep it up
great info @bitrocker2020 ! I was just checking Luno yesterday!
I usually use Xapo where I have to find registered trader there to buy Btc off me. This is also a good option for me too.
Unfortunately Luno does not support Bitcoin Cash (BCH), and I need to find if any wallet supports that and supports imports from paper wallet.
Another thing is I have heard BTC might have another fork again I think something about SegwitX2. Would keep aside my BTC or even SDB until situation turns better.
I'm sure it would get better . Look btc has skyrocketed since HF
Nice hubby... Nice can visite your blog, im from indonesia, we have indonesian community. Bravo malaysia