Withdrawing UAE Dirhams (AED) to your bank account from your OKX account is a straightforward process. This service is currently available to users based in the United Arab Emirates (UAE). This guide will walk you through the steps, requirements, and common questions related to AED withdrawals via bank transfer.
Step-by-Step Guide to Withdrawing AED
Withdrawing on the Web
Follow these steps to withdraw AED using the OKX website:
- Log in to your OKX account on the official website.
- Navigate to the Assets section and click on Withdraw.
- Select United Arab Emirates Dirham (AED) as your currency.
- Choose your preferred withdrawal method, enter the amount you wish to withdraw, and click Preview Withdrawal.
- For security, enter your authorization code or the SMS code sent to your registered mobile number.
- Finally, click Withdraw to complete the transaction.
Withdrawing on the Mobile App
You can also withdraw funds easily using the OKX mobile app:
- Open the OKX app on your device and log in.
- Go to the Withdraw section and select Withdraw AED.
- Select your withdrawal method, input the amount, and tap Preview Withdrawal.
- Authenticate the transaction by entering your authorization code or SMS code.
- Confirm by tapping Withdraw to finalize your cash withdrawal.
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Important Withdrawal Notes
Before initiating a withdrawal, please be aware of the following key points:
- First-Time Withdrawal: For your first cash withdrawal, you are required to verify the ownership of the receiving bank account to comply with local financial regulations.
- Verified Accounts Only: Only bank accounts that have been successfully verified can be selected for withdrawal. Unverified accounts will appear in a light grey color and cannot be chosen until the verification process is complete.
- Withdrawal Fee: A fixed fee of 75 AED is charged for all withdrawals made via bank transfer.
- Minimum Amount: The minimum amount you can withdraw is 200 AED, which must include the 75 AED fee. This means the net amount received after a minimum withdrawal is 125 AED.
Processing Time:
- Withdrawals of 50,000 AED or less are typically processed within one business day.
- Withdrawals exceeding 50,000 AED may take up to five business days to be processed.
- All processing occurs during business hours (09:15 - 17:45 GMT+4, Monday to Saturday). Requests made outside of these hours will be handled on the next business day.
- Potential Delays: Withdrawals may be delayed in the event of system maintenance or downtime with our banking partners.
How to Verify Your Bank Account Ownership
To comply with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations in the UAE, you must verify that you are the legitimate owner of the bank account receiving the funds.
Verification is typically done by making a small test deposit from that bank account into your OKX account. This process links and confirms your ownership of the external bank account. Once the deposit is successful and recorded, the account will be marked as verified and available for withdrawals.
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Frequently Asked Questions
Why can't I see the "Withdraw AED" option?
The AED withdrawal feature is geographically restricted to comply with local laws. If the option is not visible, it likely means your account is not registered or verified in a supported region, primarily the UAE.
Can I withdraw funds while my bank account verification is pending?
No, you cannot. Withdrawals can only be initiated to a bank account that has been successfully verified through the deposit confirmation process.
How do I know if my bank account is verified?
Your bank account will be listed as available for selection in the withdrawal menu once it is verified. You can confirm its status by checking if it is no longer greyed out. The verification is complete once a test deposit from that account has been successfully processed by OKX.
Where can I check my withdrawal history?
You can review your entire withdrawal history for transparency:
- On the Web: Go to Assets > Withdrawal > All withdrawals.
- On the App: Navigate to Portfolio > Transactions and use the filter to select the "Cash withdraw" type.
What should I do if my withdrawal is delayed?
First, check the processing times based on your withdrawal amount. If it is still delayed beyond the stated timeframe, the delay could be due to system or banking partner downtime. You can contact customer support for a specific update on your transaction.
Is the 75 AED fee deducted from the amount I enter?
Yes, the fee is deducted from the total amount. For example, if you enter 200 AED to withdraw, the fee of 75 AED will be subtracted, and 125 AED will be deposited into your bank account. Always ensure your entry covers both the net amount you want to receive and the fee.