Title: (Turn the same 1,000 USDC back into money in a bank account, and taking the wrong route can cost you $40)

On November 5, Nigeria’s central bank introduced a set of new rules: foreign stablecoin issuers must register a local company and pay in 15 billion naira in capital, about $11 million; currency exchanges between two people on a platform, including conversions between naira and dollar stablecoins, must first receive foreign-exchange approval from the central bank, and the names of both buyer and seller must match their bank verification numbers. My first reaction was: the convenient P2P withdrawal route I used to take is being brought under a regulatory framework.

I used to judge withdrawals by just one thing: how quickly the money arrived. Then I reconciled the accounts and realized that the same amount of money could arrive via different routes with a difference of dozens of dollars. It wasn’t exchange-rate fluctuation; the routes themselves charged different fees. When it comes to withdrawals, people focus on “whether they can get the money out” and rarely calculate “how much they actually get.” Money going from the blockchain to a bank account has to pass through three gates: the exchange rate, the fees charged by the payment channel, and how many days the bank transfer takes. Each gate can quietly take a cut.

Last week, I came across a fee comparison updated on November 2. It listed the fees charged by seven on- and off-ramp providers, with figures taken from each provider’s own fee page. The comparison covered purchases, but noted that selling works the same way in reverse. I used it to calculate the cost of off-ramping 1,000 USDC, counting only published fees and excluding spreads and on-chain fees. Here are the minimum costs.

The cheapest option is placing a sell order on an exchange. On Kraken, selling 1,000 USDC for dollars costs 0.20% in fees, or $2. Withdrawing to a bank via ACH is free; a wire transfer costs $4. For a $1,000 withdrawal, the published fee is $2. The trade-off is a couple of extra steps and a slower process. The bank leg also depends on business days and cutoff times.

The middle tier is on- and off-ramp services embedded in wallets, using bank transfers: Banxa charges 0% to sell, but builds its fee into the exchange rate; MoonPay charges up to 1% in Europe, which is €10 on €1,000; and Transak charges 2% plus $1, or $21 on $1,000. For the same “bank transfer,” the difference between providers can be as much as $21.

The most expensive option is paying by card. Transak charges 3.99% plus $1 for card transactions, which comes to $40.90 on $1,000; MoonPay charges up to 4.5% by card, or up to €45 on €1,000; and Coinbase charges 2.5% for credit card transactions, or $25 on $1,000. Cards are convenient: once authorized, the money moves. But on a $1,000 transaction, that convenience costs $25 to $45.

There’s also a euro option: redeeming Monerium’s EURe via SEPA at a 1:1 rate, with no fee charged by Monerium. If you already hold euro stablecoins, the published fee for this route is zero—provided you’re in a SEPA-covered region and your account meets the requirements.

Be especially careful with small amounts: for a €50 transaction, MoonPay’s minimum fee of €3.99 works out to 8%. With small withdrawals, the biggest risk isn’t the percentage fee but the minimum charge—the smaller the transaction, the larger the fee as a share. I used to pay by card for small amounts just to save time, but those transactions actually had the highest fees.

Before withdrawing, calculate three things. First, the route: cards are most expensive, bank transfers are in the middle, and selling on an exchange is cheapest. If you’re not in a rush, don’t pay dozens of dollars extra to be “two hours faster.” Second, minimum fees on small transactions: check whether there’s a minimum charge. If there is, consider waiting until you have more to withdraw, or using a route without one. Third, arrival time: bank transfers depend on business days and cutoff times. “Processing” doesn’t mean “received.” It’s common for a withdrawal initiated on Friday night to arrive on Monday, so don’t wait until the cutoff if you need the money urgently.

One more thing to consider: if you’re going to spend the money next week anyway, paying directly by card may be better than withdrawing it first. But card payments have costs too: the BIN, settlement route, and exchange rate all affect the final cost, so don’t look only at cashback. I compared the options last time: withdrawing would have cost me a 2% fee, while paying by card cost just 0.5% more after accounting for all three factors. No need to go through the hassle of withdrawing.

Before withdrawing, I compare the available withdrawal routes with the settlement routes for the cards I have. That’s what PayAll’s withdrawal route comparison is for: it lets you see side by side which route gets you more money and which card is cheaper to use, so you can decide for yourself.

The real cost of withdrawing isn’t whether you can do it, but which route you choose. Nigeria’s new rules put it plainly: P2P currency exchanges require approval, and the name must match the verification number. It’s more useful to work out the fees for every clear, compliant route in advance than to regret the charges when you see your statement. Before your next withdrawal, take three minutes to calculate which route will leave you with more money.

Disclosure: The author is affiliated with products mentioned in this article. This article is for sharing personal experience only and does not constitute investment or financial advice.