How to withdraw your money from Uphold now that you leave Venezuela

Key facts:
  • The fees for withdrawing BTC from Uphold can be prohibitive.

  • Uphold does not charge a commission for XRP withdrawals, beyond the network commission.

Uphold’s recent announcement about stopping its services for users who have been wiped out in Venezuela includes a call to this community to withdraw their funds from the said platform as soon as possible.

According to the statement received by CriptoNoticias, which was referenced in a recent article, the asset exchange option will be enabled for Uphold users residing in Venezuela until July 31, 2022. As of September 30 of this year, all of these accounts will be completely restricted.

Options for withdrawing funds from Uphold from Venezuela

Uphold offers its users two ways to withdraw their money. One is through a bank account linked to the platform. It is important to clarify that there were no Venezuelan banks available to carry out this procedure in Uphold. The main reason for this can be linked to the strict exchange control set by the government of this country. added to this And the sanctions, which, according to Avold, are the main reason for his departure from Venezuela.

In this sense, the only way to withdraw paper money to a bank account is for the user to be an account holder at an offshore financial institution, which can be linked to Uphold.

Withdrawals in cryptocurrencies and tokens

Another alternative that Uphold offers its users to withdraw funds from the platform is cryptocurrencies or tokens that can be sent to an external wallet. This seems the most viable option for Venezuelans, at least among the methods offered by the company.

You can add funds from wallets other than those that will be used for withdrawal. Source: CriptoNoticias.

To withdraw funds using cryptocurrencies or tokens, it is necessary first of all Convert all available balance to wallets or other cards (as they are called on this platform) into the cryptocurrency that will be used for withdrawals. Do not forget These transfers include expenses in commissions that support the service fee.

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After selecting the wallet corresponding to the cryptocurrency or token that will be used to make the withdrawal, you must select the section add money and select option Financial support card con. Next, the card or wallet is chosen from where the funds will be added to it, the corresponding asset and the option are selected Use all available funds on this card.

Below you can see the exchange rate and commission charged by Uphold followed by the button Sure, where you have to click to proceed with this step. The same procedure must be repeated as many times as necessary to consolidate all the funds in the account into one wallet or card.

Then, to perform the checkout, you must select the partition use of money then the option Send to cryptocurrency or interest code. This will display lists of tokens, cryptocurrencies, and utility tokens. You have to choose among them the option corresponding to the external wallet network where the balance of this account will be sent.

In the example, since the transfer will be from the Uphold Bitcoin card to an external Bitcoin wallet, the Bitcoin (BTC) option is selected in the Cryptocurrency section. Source: CriptoNoticias.

Then a screen similar to the one for adding the funds mentioned above appears, but this time you have to add the address of the wallet to which the shipment will be made (it is better to copy and paste the whole thing, but do not do this. Type it letter by letter, to avoid errors that lead to permanent loss of balance) .

The next thing is to decide which token or cryptocurrency will be sent and the amount, which in this case will be just checking the option again Use all available funds on this card. After checking the balance that will enter the received wallet after collecting Uphold commissions, it is just a matter of clicking the confirm button and waiting for the balance to reach the destination wallet.

Cryptocurrency withdrawal fee

Although withdrawing funds from Uphold to the wallet through tokens or cryptocurrencies is simple, the problem comes with the commissions that have to be paid. The biggest drawback is that You cannot choose which network commission you want to pay, it is fixed and determined by Uphold. So you could end up paying an inflated price to transfer cryptocurrencies like Bitcoin (BTC).

CriptoNoticias . received Testimonials from users who have paid 25%-50% commission for sending BTC from Uphold to their wallet Bitcoin. In these cases, about half of the total was for platform withdrawal fees and the rest for network fees paid to miners.

For cryptocurrency withdrawals, XRP is the most suitable for the commission since the Uphold withdrawal commission for this asset is free and the network commission is usually very low. This will make withdrawals to other exchanges that also work with XRP.

Withdrawing money from Uphold via Airtm in Venezuela

Airtm is a digital platform for sending, receiving and protecting electronic money. Transactions are person-to-person (P2P) and Airtm acts as an intermediary to ensure that both parties comply with the transaction agreement before releasing the funds.

Airtm’s relatively low fees and high number of users who also trade on Uphold makes it a viable third option for Venezuelans to withdraw their money from Uphold.

If you have not previously made withdrawals from Uphold to Airtm, you will need to add Uphold to the payment methods available on Airtm. This can be done by selecting Settings on the Airtm dashboard. Then select the section payment methodsfollowed by add new.

Payment methods to choose from at Airtm range from banks to cryptocurrencies, and even gift cards from different stores. Source: CriptoNoticias.

There, a menu will be displayed where you can type the name of the method you are looking for (Uphold, this time). Then you will have to add the data corresponding to the Uphold account, which It must belong to the same Airtm account holderand ready.

The first steps for withdrawing funds through Airtm are done in Uphold. There you have to convert all available balance to US dollars. The method that will be followed is the same as described above for converting all funds into cryptocurrency, only this time it will be carried out from the US dollar card.

By having all the US dollar funds in Uphold, it is possible to find out the exact amount available to fund the account in Airtm, which is the next step. To do this, click on the button anchoron the left side of the Airtm dashboard or home page.

Uphold is selected as a payment method or searched in the search button popup.

When you choose your preferred payment method, the exchange rate you offer is also estimated. Source: CriptoNoticias.

Next, you have to type in the amount you want to fund your Airtm account with. east It must be exactly the same as what is charged to the Uphold Card in USDbecause the idea is to empty the money from that platform.

On the right side, you can see how much money will be received in the Airtm account after commissions are collected. Source: CriptoNoticias.

Below the table showing commissions, you can see the average waiting time for another user to take this type of transaction depending on the cashier and the button Completewhere you have to click to continue the transaction.

When the cashier makes the transaction, it is possible to see your Airtm and Uphold data in the section details. An email with this data is also received from Airtm.

The most important data received about the cashier is their email address associated with Uphold, because it is the hero of the next step. It’s time to go back to the Uphold, select the USD card and the department use of money. Among the available options, tap Send to a member or email.

Then, in the first box, you have to type the email address or username of the Airtm teller. It is worth checking that Uphold recognizes the email address used and automatically changes it to the corresponding username. This confirms that the data is correct.

Uphold does not charge a fee for sending money to other users of the platform. Source: CriptoNoticias.

In case of an error, there is the possibility to contact the Airtm teller directly through the platform chat. Tab chat next to detailsWhere you can view the teller’s data and the progress of the process. There it is possible to clarify any doubt or raise any relapse that may occur.

Below the email address, as in the previous actions in Uphold, the option is selected Use all available funds on this card. In this case, since it is an internal Uphold transaction, there are no commissions to pay. It remains only to confirm the intent to make the payment and comply with the two-factor authentication (2FA) process present on the account.

Once the transaction is completed, you can access the section Playing sports On the Uphold start board. The first transactions shown will be the most recent. Selecting it opens a tab showing a file Transaction ID of the booking string At the bottom. The code below will be needed to verify that the transaction has taken place, so the easy way to copy it is to right click on the ID and select the option copy the url.

The details of this image have been covered to protect the privacy of the user who shared these screenshots with CriptoNoticias. Source: CriptoNoticias.

Back in Airtm, transaction details confirm that Uphold funds have been sent and paste the transaction ID previously copied below. It should be noted that not everything in the link is necessary. After you paste it, you have to delete all this part of the link https://uphold.com/reserve/transactions/ And leave the rest alone.

Once the cashier verifies that the payment has been received in Uphold, it will authorize Airtm to release the held funds. It is important to evaluate the cashier based on his transaction and performance, an option that appears when the transaction has already been completed. There, the withdrawal process from Uphold to Airtm will end.

from Airtm There is a possibility to withdraw money to a bank account in Venezuela Provided that the account holder is the same user. In fact, it is possible to buy cryptocurrency through Airtm, but CriptoNoticias already has a tutorial that shows this and other operations that can be performed on this platform.

 

 

 

 

 

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