This article outlines the best practices for crypto withdrawals before and after. Please review this article if you already know how to connect an external bank account.
Connecting a Wallet
The first step is to connect the owner wallet of your account (you can find the owner's address under the Rise ID tab); please ensure it's connected to the Arbitrum Network. But if you have an RSK wallet as the owner, you will be asked to enter the password later.
If you connect a wallet that is not the owner's, you'll receive a message like this:
The account owner's wallet is only used to sign transactions on the platform. It adds an extra layer of security since you're the only one with access to it. Therefore, even if someone else gains access to your Rise account, they won't be able to withdraw your money or change any information on your account.
Estimated Time for Withdrawals
Typically, L1 withdrawals usually occur within 30 minutes or less. It can take up to approximately three hours. For security purposes, we still require manual review and authorization to send L1 transactions. L2 withdrawals are nearly instant.
L1 Crypto Withdrawals: $2.5/withdrawal + Estimated Gas Fees.
L2 Crypto Withdrawals: Free.
You can cover this fee with the Withdrawal Fee Coverage provided by your client. If you would like more information, please refer to this article.
Native USDC on Arbitrum
Lastly, in response to Circle's announcement, we're pleased to announce that we have upgraded Rise Pay to use the Native USDC on Arbitrum token and no longer support Arbitrum Bridged USDC. If you deposit or withdraw to any exchanges on Arbitrum, please verify that these platforms support Native USDC before transferring any funds.
If you have any questions or encounter any problems regarding crypto withdrawals, please feel free to contact us.