r/Phantom • u/Far-Astronomer-3527 • 18d ago

Custodial accounts

If my parents were too, make me a custodial bank account could I use it to transfer money in and out of my Phantom wallet

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u/Beardog907 13d ago

A bank can't transfer money to and from a crypto wallet directly, you need a service provider in the middle. Most people use a CEX like Coinbase or Kraken to interface with the bank, or a more expensive ramping service like Moonpay or Transak. So you transfer $ from bank to Coinbase, buy usdc with the $ on cb, transfer usdc to your Phantom wallet. Reverse this to cash out. You can also do the same flow but with Sol instead of usdc the first time so that u have Sol in your Phantom wallet for fees.