When you're ready to convert your tocos back to traditional currency, Toco provides secure methods to withdraw funds directly to your bank account.

Before You Convert

Requirements

• ✅ Completed KYC verification (required for all withdrawals)
• ✅ Verified bank account linked to your Toco account
• ✅ Sufficient toco balance for the withdrawal amount
• ✅ Meet minimum withdrawal requirements (shown in app)

Important Considerations

• Exchange rates fluctuate and are shown before conversion
• Processing fees apply to fiat conversions
• Withdrawal limits may apply based on verification level
• Processing times vary by payment method and region

How to Convert Tocos to Fiat

Step-by-Step Process

1. Open the Toco app
2. Go to Wallet and tap "Withdraw" or "Convert to Fiat"
3. Enter the amount you want to convert

• • Choose amount in tocos OR in your local currency
  • View current exchange rate
  • See applicable fees

4. Select withdrawal method (bank transfer, card, etc.)
5. Choose your bank account from saved payment methods
6. Review transaction details:

• • Amount being converted
  • Exchange rate applied
  • Fees deducted
  • Net amount you'll receive
  • Estimated arrival time

7. Confirm with PIN/biometrics
8. Receive confirmation and transaction ID

Withdrawal Methods

Bank Transfer (Recommended)

Advantages:

• Lower fees compared to other methods
• Secure and traceable
• Higher withdrawal limits
• Direct to your bank account

Processing Time:

• 1-3 business days typically
• May vary by bank and region
• Same-day processing sometimes available

Card Withdrawal

Where available:

• Faster processing (often same day)
• May have higher fees
• Lower withdrawal limits
• Convenient for smaller amounts

Available withdrawal methods vary by region and are shown in the app.

Understanding Fees and Rates

Exchange Rates

• Live rates updated regularly throughout the day
• Rate displayed before you confirm transaction
• Rate locked in once transaction is confirmed
• Market fluctuations may affect timing of conversions

Fee Structure

Types of fees:

• Conversion fee: Percentage of transaction amount
• Network fee: Blockchain transaction cost
• Payment method fee: Varies by withdrawal method
• Currency conversion: If applicable for your region

Current fee structure is always displayed before transaction confirmation.

Withdrawal Limits

Daily and Monthly Limits

Limits may be based on:

• Account verification level
• Regional regulations
• Payment method chosen
• Account history and age
• Risk assessment factors

Increasing Your Limits

Higher limits typically available with:

• Enhanced KYC verification (additional documentation)
• Longer account history with good standing
• Regular platform engagement
• Higher tier status from active participation

Your current limits are displayed in the app during the withdrawal process.

Processing Timeline

What to Expect

Bank Transfers:

• Initiation: Immediate after confirmation
• Processing: 1-3 business days typically
• Weekend/Holiday delays: May extend processing time
• International transfers: May take longer

Card Withdrawals:

• Processing: Often same business day
• Availability: Usually within 24 hours
• Faster service: May be available for higher fees

Tracking Your Withdrawal

1. Transaction ID provided upon confirmation
2. Status updates available in transaction history
3. Email notifications for status changes (if enabled)
4. Bank notifications when funds arrive

Troubleshooting

Common Issues

Withdrawal Delayed:

• Check business days - banks don't process weekends/holidays
• Verify bank details are correct in your account
• Contact your bank to ensure they accept the transfer
• Review transaction status in the app

Withdrawal Failed:

• Check bank account status (closed, frozen, etc.)
• Verify withdrawal limits haven't been exceeded
• Ensure sufficient balance including fees
• Update payment method if details have changed

Wrong Amount Received:

• Review exchange rate applied at time of transaction
• Check all fees deducted from the transaction
• Consider currency conversion by your bank
• Contact support with transaction details

Tax Considerations

Record Keeping

Important for tax purposes:

• Keep records of all fiat conversions
• Note exchange rates and dates of transactions
• Save transaction confirmations and receipts
• Track total withdrawal amounts by tax year

Tax Obligations

• Consult tax professional for guidance on cryptocurrency taxes
• Report as required by your local tax authority
• Understand capital gains implications where applicable
• Keep detailed records for tax reporting

Security Best Practices

Protecting Your Withdrawals

Safe practices:

• ✅ Verify bank details carefully before first withdrawal
• ✅ Use secure networks when initiating withdrawals
• ✅ Monitor transactions until funds arrive
• ✅ Report suspicious activity immediately

Avoid:

• ❌ Sharing withdrawal details with unauthorized parties
• ❌ Using public WiFi for large transactions
• ❌ Rushing through confirmations without reviewing details

Impact on Engagement

Engagement Considerations

Converting tocos may affect:

• Your tier status (based on balance requirements)
• Weekly reward calculations (based on average balance)
• Daily reward eligibility (minimum balance requirements)
• Overall engagement scoring

Strategic Timing:

• Consider weekly reward cycles when planning withdrawals
• Maintain minimum balances for continued participation
• Balance immediate needs with engagement optimization

Getting Help

Contact Support For:

• Technical issues with withdrawal process
• Questions about fees or exchange rates
• Delayed or failed transactions
• Account verification problems affecting withdrawals

Information to Provide:

• Transaction ID from the withdrawal
• Screenshot of any error messages
• Bank account details (last 4 digits only)
• Approximate timing of the transaction

Important Disclaimers

⚠️ Key Points:

• Exchange rates fluctuate and may change between viewing and confirmation
• Fees and processing times may change based on network conditions
• Withdrawal features may be updated or modified
• Regulatory requirements may affect availability in some regions
• This is not financial advice - consider your personal financial situation

Remember: Converting tocos to fiat is a straightforward process, but take time to understand the fees, timing, and impact on your engagement status before proceeding with withdrawals.

Updated on: 05/06/2025