I've been looking through the bitcoin wiki and googling isn't providing any useful results. Basically I'm looking for some way to deposit my BTC into my US bank account. Is there any service that can do this without incurring massive processing fees or surcharges?

Essentially I'm looking for the following:

  • Simple to use. Should not have to jump through hoops like signing up for paypal account or go through intermediate exchange like mtgox USD etc.

  • Preferably has a direct deposit method similar to how you might get payed from a job.

  • No fee or extra surcharges or kept to a minimal. Many of the exchange services I've looked at has wire-transfers but the associated fee makes it simply prohibitive especially for small BTC to USD transactions.

  • Doesn't necessarily have to be instant or fast.

  • 1
    "I don't want to go through intermediate exchange like mtgox USD": So, who is going to give you the dollars? That is exactly what services like mtgox do. Your bank is not (yet?) going to do that.
    – Thilo
    Feb 9, 2012 at 5:11
  • @Thilo say I do use something like mtgox, how will the funds get to where it matters, which is my bank account? AFAIK, none of the services provide a way to enter a routing transit number or setup a direct deposit.
    – greatwolf
    Feb 9, 2012 at 5:20
  • 2
    How about replacing "without incurring any fees" to "with minimal fees"? An exchange service that doesn't any fees does not exist, and is not likely to exist in the future.
    – ripper234
    Feb 9, 2012 at 5:42
  • 1
    @Thilo: Of course you can withdraw USD from mtgox. But the available options for it aren't good for everyone (international wire has high fees for small transactions, Dwolla is only for US, etc.) Feb 10, 2012 at 6:57
  • 1
    It's unclear what you are asking. Literally you seem to want to deposit actual bitcoins into your bank account. Of course you can't do that, since no bank currently accepts BTC accounts (BTC isn't even an official currency code yet, Bitcoin isn't even an official currency!). If instead you just wanted to convert bitcoins to dollars, and then deposit those dollars into your bank account, you have already been answered.
    – o0'.
    Feb 10, 2012 at 11:48

3 Answers 3


Are you saying you don't want an intermediary because of the time required to administer the transactions?

If so, then here's a solution for automating that.

MagicalTux from Mt. Gox was acknowledging the need for the API to support creation of a bitcoin address where any coins received at that address are immediately sold at market. Also discussed was the need for an account to be able to specify that once daily the account's USD balance would be swept to Dwolla.

That combination will be among the least expensive methods for converting BTCs to USDs in an automated manner.

Today the closest you can get to that is to create a separate account on Mt. Gox with no bitcoins and then create a large market sell order. Whenever coins are received and confirmed, they will automatically be sold at market because of the open sell order. Moving the funds to Dwolla periodically remains a manual step though.


[...] I'm looking for some way to deposit my BTC into my US bank account. Is there any service that can do this [...] ?

In short, no.

Your US bank account holds US dollars, not Bitcoins.

You can sell your Bitcoins for US dollars, and deposit the US dollars into your US bank account, but you can't deposit Bitcoins into US dollar bank accounts.

Edit: I just found the Bit-Pay Deposit Card which claims to allow you to "Receive Bitcoins into your US Bank Account!" So perhaps that's what you are looking for. There's also a video about it. Apparently "the fees are 2.99% which includes the currency exchange and the next-day ACH".

  • It's unclear from their home page, but in the FAQ Bit-Pay explains it doesn't actually deposit bitcoins into your bank account, of course, how could they do that?
    – o0'.
    Feb 10, 2012 at 11:47

If you want it simple, I think what you need is https://get-bitcoin.com/. You can sell bitcoins directly to them, and they have a variety of US-centric payment options.

If you want to minimize fees, I don't think you can beat selling on Mt. gox, withdrawing to Dwolla, and transferring to your account with ACH.

You can also try looking at bitcoin-otc or the bitcointalk forum for people wishing to buy bitcoins from you with a payment method that is good for you.

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