Converting your cryptocurrency holdings into traditional fiat currency, like the New Taiwan Dollar (TWD), is a fundamental process for many traders. MAX Exchange, a prominent platform in Taiwan, offers a straightforward method to convert assets like USDT into TWD and withdraw them directly to your bank account. This guide provides a detailed, step-by-step walkthrough of the entire process.
Before initiating a withdrawal, ensure you meet three essential prerequisites:
- You must have a registered and verified account on the MAX exchange.
- Your MAX account needs to be linked to a personal Taiwanese bank account.
- Your MAX TWD wallet must contain a sufficient balance of New Taiwan Dollars.
Prerequisite 1: Setting Up Your MAX Exchange Account
To begin converting and withdrawing crypto, you first need a functioning account on the MAX exchange. It is a well-established platform in the region, known for its robust trading volume and market depth, making it a reliable choice for converting digital assets into TWD.
The account registration process involves standard know-your-customer (KYC) verification procedures to ensure security and regulatory compliance. You will need to provide valid identification documents to complete your account setup.
Prerequisite 2: Linking Your Bank Account
After successfully verifying your identity (KYC), the next step is to link your local bank account for withdrawals. This is a crucial step that requires approval.
Navigate to the 'Account Settings' and then 'Bank Accounts' section within your MAX account. You can select your bank from the list of supported financial institutions, enter your account number, and submit it for review. This verification process can take up to five business days. Once approved, your account level will be upgraded, and the bank account status will show as verified.
Prerequisite 3: Converting Crypto to TWD
It is important to understand that you cannot directly withdraw USDT or other cryptocurrencies as TWD. First, you must sell your crypto assets for TWD within the exchange.
To convert USDT to TWD:
- In the MAX app, go to the 'Trade' menu.
- Select the 'TWD' market and choose the 'USDT/TWD' trading pair.
- Place a 'Sell' order. You can choose between a limit order (set your desired price) or a market order (sell immediately at the best available price).
- Specify the amount of USDT you wish to sell and confirm the transaction.
Once your sell order is executed, the corresponding amount of TWD will be credited to your MAX TWD wallet. You are then ready to proceed with the fiat withdrawal. For those looking to explore more trading strategies to optimize this conversion, you can discover advanced exchange features.
How to Withdraw TWD from MAX (Mobile App Guide)
Follow these steps to withdraw TWD using the MAX mobile application.
Step 1: Access Your TWD Wallet
Log into your MAX app and tap on the 'Wallet' tab at the bottom. Locate and select 'TWD' from your list of assets.
Step 2: Initiate the Withdrawal
Inside your TWD wallet, tap the 'Withdraw' button to start the process.
Step 3: Review Withdrawal Limits
A screen will appear detailing your withdrawal limits, which vary for individual and corporate accounts. Acknowledge this information to continue.
Step 4: Enter the Withdrawal Amount
You will see your available TWD balance and the linked bank account for the transfer. Enter the amount you wish to withdraw (minimum 100 TWD). The system will display a processing fee—15 TWD for individual accounts—and the final amount you will receive. Tap 'Submit'.
Step 5: Confirm the Transaction
Confirm the withdrawal details and complete the two-factor authentication (2FA) process, usually by entering a code from your Google Authenticator app.
Step 6: Wait for Processing and Transfer
After submission, your request will be processed. You can check the status under 'Withdrawal History'. The status will progress from 'Review Completed' to 'Processing' and finally to 'Withdrawal Successful' once the funds are sent to your bank.
How to Withdraw TWD from MAX (Web Guide)
The process on the MAX website is very similar.
Step 1: Navigate to the Withdrawal Section
After logging in on the web, go to 'Wallet' > 'Spot', find your 'TWD' balance, and click 'Withdraw'.
Step 2: Input Withdrawal Details
On the withdrawal page, confirm your linked bank account, enter the TWD amount you want to withdraw, and click 'Submit'.
Step 3: Complete Two-Factor Authentication
Verify the transaction using your 2FA method to authorize the withdrawal request.
Step 4: Monitor Transfer Status
The withdrawal will now be queued for processing. You can monitor its progress in your transaction history.
Step 5: Receive Bank Notification
Once the transfer is executed by MAX's banking partner (currently Far Eastern International Bank), you will typically receive a deposit notification email from your bank confirming the receipt of funds.
MAX TWD Withdrawal Fees and Limits
Understanding the associated costs and limits is key to planning your withdrawal.
Withdrawal Fees:
- Individual Accounts: A fixed fee of 15 TWD per withdrawal.
- Corporate Accounts: A fixed fee of 100 TWD per withdrawal.
These fees are deducted from the withdrawal amount and cannot be discounted with exchange tokens.
Withdrawal Limits:
MAX imposes limits on how much you can withdraw within certain timeframes.
| Withdrawal Limit | Individual Account | Corporate Account |
|---|---|---|
| Per Transaction | 1,000,000 TWD | 2,000,000 TWD |
| Within 24 Hours | 2,000,000 TWD | 6,000,000 TWD |
| Monthly | 5,000,000 TWD | 30,000,000 TWD |
Always refer to the official MAX website for the most current information on fees and limits.
How Long Does a MAX TWD Withdrawal Take?
Processing times depend on when you submit your request:
- Requests submitted before 11:00 AM on a banking business day are typically processed and sent out by 5:00 PM on the same day (0-1 business days).
- Requests submitted after 11:00 AM are processed and sent out by 5:00 PM on the next banking business day (1-2 business days).
Requests made on weekends or holidays will be processed on the next business day. In most cases, users report receiving their funds in their bank account the afternoon of the day after they initiated the withdrawal.
Frequently Asked Questions
How much is the MAX TWD withdrawal fee?
The withdrawal fee is 15 TWD for individual verified accounts and 100 TWD for corporate accounts. This flat fee is applied per withdrawal transaction.
How long does it take to receive my money?
Withdrawals are typically processed within 1-2 business days. If you submit your request before 11:00 AM, funds are often sent the same day. Requests after 11:00 AM are generally processed the next business day. The time it takes for the funds to appear in your bank account after being sent is usually very short.
Why can't I withdraw my USDT directly as cash?
Exchanges like MAX operate with separate wallets for cryptocurrencies and fiat currencies. You must first sell your crypto (e.g., USDT) on the exchange's market to acquire TWD. Once you have TWD in your fiat wallet, you can then withdraw it to your linked bank account.
What banks are supported for TWD withdrawal?
MAX supports withdrawals to most major Taiwanese banks. A full and updated list of supported institutions is available in the "Bank Account" section of your MAX account settings after you log in.
What should I do if my withdrawal is delayed?
First, check the status of your withdrawal in the 'History' section of your MAX account. If the status is stuck or shows an error for an extended period, you should contact MAX's customer support directly for assistance, providing them with your transaction ID.
Is there a minimum amount I can withdraw?
Yes, the minimum withdrawal amount for New Taiwan Dollars is 100 TWD.