<p>Bitcoin is a form of money, asking if you can <em>&quot;receive it to your bank account&quot;</em> is like asking if you can <em>&quot;receive gold to your bank account&quot;</em>.</p>
<p>The answer is generally going to be <em>&quot;no, you have to first exchange the bitcoin for your local currency, and then you can deposit that money to your bank account&quot;</em>.</p>
<p>Be aware: bitcoin is a borderless digital asset, so while transferring it across the world is generally quite quick and easy compared to legacy financial instruments, if your goal is to use it as an intermediary (eg USD -&gt; BTC -&gt; INR), then you'll likely encounter exchange fees (ie, the service fees of the exchange service you use) and other friction (KYC, etc). It is very possible to use BTC in this way, but it is a lot clunkier than just using BTC alone to settle payments.</p>

CC BY-SA 4.0
2020-11-22T19:46:04.377Z
2020-11-22T19:46:04.377Z
chytrik
<p>A few questions regarding bitcoin money transfer:</p>
<ol>
<li>Can anyone transfer bitcoins into my bank account or do I need to have some bitcoin account for that?</li>
<li>Is it legal to receive bitcoins? Especially in India?</li>
<li>Why should one take payments in bitcoins? Is it a good idea or better avoid it?</li>
</ol>

<buy-bitcoins><payment>
Is a bank account sufficient to receive money in Bitcoins?
Rohit sharma
# Is a bank account sufficient to receive money in Bitcoins?

(Asked by: username_0 on 2020-11-22)

A few questions regarding bitcoin money transfer:

1. Can anyone transfer bitcoins into my bank account or do I need to have some bitcoin account for that?
2. Is it legal to receive bitcoins? Especially in India?
3. Why should one take payments in bitcoins? Is it a good idea or better avoid it?

**Tags:** buy-bitcoins, payment


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## 1 answers

### Answer by username_1 on 2020-11-22. Score: 2

Bitcoin is a form of money, asking if you can *"receive it to your bank account"* is like asking if you can *"receive gold to your bank account"*.

The answer is generally going to be *"no, you have to first exchange the bitcoin for your local currency, and then you can deposit that money to your bank account"*.

Be aware: bitcoin is a borderless digital asset, so while transferring it across the world is generally quite quick and easy compared to legacy financial instruments, if your goal is to use it as an intermediary (eg USD -> BTC -> INR), then you'll likely encounter exchange fees (ie, the service fees of the exchange service you use) and other friction (KYC, etc). It is very possible to use BTC in this way, but it is a lot clunkier than just using BTC alone to settle payments.


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