Converting to Fiat
When you're ready to convert your tocos back to traditional currency, Toco provides secure methods to withdraw funds directly to your bank account.
✅ 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)
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
Open the Toco app
Go to Wallet and tap "Withdraw" or "Convert to Fiat"
Enter the amount you want to convert
Choose amount in tocos OR in your local currency
View current exchange rate
See applicable fees
Select withdrawal method (bank transfer, card, etc.)
Choose your bank account from saved payment methods
Review transaction details:
Amount being converted
Exchange rate applied
Fees deducted
Net amount you'll receive
Estimated arrival time
Confirm with PIN/biometrics
Receive confirmation and transaction ID
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
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.
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
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.
Limits may be based on:
Account verification level
Regional regulations
Payment method chosen
Account history and age
Risk assessment factors
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.
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
Transaction ID provided upon confirmation
Status updates available in transaction history
Email notifications for status changes (if enabled)
Bank notifications when funds arrive
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
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
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
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
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
Technical issues with withdrawal process
Questions about fees or exchange rates
Delayed or failed transactions
Account verification problems affecting withdrawals
Transaction ID from the withdrawal
Screenshot of any error messages
Bank account details (last 4 digits only)
Approximate timing of the transaction
⚠️ 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.
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
Open the Toco app
Go to Wallet and tap "Withdraw" or "Convert to Fiat"
Enter the amount you want to convert
Choose amount in tocos OR in your local currency
View current exchange rate
See applicable fees
Select withdrawal method (bank transfer, card, etc.)
Choose your bank account from saved payment methods
Review transaction details:
Amount being converted
Exchange rate applied
Fees deducted
Net amount you'll receive
Estimated arrival time
Confirm with PIN/biometrics
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
Transaction ID provided upon confirmation
Status updates available in transaction history
Email notifications for status changes (if enabled)
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
Thank you!