What is a Fiat Wallet and How to Set It Up?

What is a Fiat wallet? What can you do with such a wallet? How to create a Fiat wallet? We know you have ended up here wanting to know answers to all those questions.

This article is composed of explaining everything that you should know about Fiat wallets and their configurations.

What is a Fiat Wallet, and What Does It Have to Do with Crypto.com?


Crypto.com is a unique platform that offers users to create Fiat wallets. With Fiat wallets, users can deposit and withdraw funds to and from their regular bank accounts.

So, in simplest terms, if you want to buy some cryptocurrencies through crypto.com, you need a Fiat wallet.

So, a Fiat wallet is a technology that links crypto.com and your bank account. You can open Fiat wallets in many different currencies and start dealing.

Mentioned below is a list for those who wonder what type of Fiat wallets are available through crypto.com.

  • USD (United States Dollar)
  • AUD (Australian Dollar)
  • EUR (Euro)
  • CAD (Canadian Dollar)
  • GBP (Sterling Pound)
  • USDC (USD Coin)
  • BRL (Brazilian Real)

Each of the above wallets comes with unique specifications. With that said, we focus on USD-based Fiat wallets in this article for your convenience.

Let’s go ahead and learn what a Fiat wallet is and how to use it.

Why Should You Use a Fiat Wallet?

Please find the below reasons why you should use a Fiat Wallet through crypto.com:

  • To purchase cryptocurrencies as you wish.
  • Recurring buy.
  • To top up crypto visa card.
  • To convert cryptocurrency to Fiat whenever you need to.
  • To withdraw any of your Fiat currencies to a bank account.

Besides, are you a cryptocurrency trader who wonders how to find your Trust Wallet recovery phrase? If so, this article is the perfect guide for you.

Are You Eligible to Create a Fiat Wallet with Crypto.com?

Before creating a Fiat wallet, there are several eligibility requirements that should be checked. Mentioned below are those requirements for your information.

  • All the users should have a Social Security Number (SSN)
  • They must have a physical residential address in the US.
  • They must have a US bank account.

As long as you meet the requirements we listed above, you can apply for a Fiat wallet on crypto.com. You can even make wire transfer deposits apart from ACH.

Okay, So How to Configure a Fiat Wallet with the Crypto.com Platform?

Please find the below steps to create a Fiat wallet.

  1. First of all, you should download and install the crypto.com app on your smartphone. After that, you should launch the app to see the home page.
  2. Tap on the option called “Transfer” to proceed.
  3. Then, click on the option called “Deposit“.
  4. Now, please go to the option called “Fiat“. It should say, “Deposit Fiat from your bank account“.
  5. Now, the app will ask you to configure a wallet for Fiat currency before proceeding with the deposit. To do that, just click on the option called “+ Set up with new currency“.
  6. Now, you should select the currency that matches your requirement. In this case, it should be USD.
  7. At this stage, you should see the option called top-up. You can then use it to top up your account with a bank transfer. You can then scroll all the way down to see the terms and conditions they have. To do that, however, you should tap on their check box.
  8. Tap on the option called “Next” to proceed.
How to Configure a Fiat Wallet with the Crypto.com Platform

That’s basically it. The bank transfer will take place. You will then be able to see the popup menu that declares the readiness of your Fiat account.

On the other hand, the steps are similar if you are already a Fiat wallet user. Basically, the steps are clear, no matter whether you are an experienced user or a novice.

Depositing Funds in Your Fiat Wallet on Crypto.com?

Now that you know what a Fiat wallet is and how to configure an account. Let’s find out more.

In this section, let’s learn how to make deposits in your Fiat Wallet created on crypto.com.

  1. First, you should open crypto.com on the device and then go to its main screen.
  2. Tap on the option called “Transfer” to proceed with the rest.
  3. Now, click on the option called “Deposit“.
  4. Click on the option that says “Fiat” along with “deposit Fiat…….“. Please note that there’ll be a delay of a couple of minutes for the first transfer to take place. After that short delay, you can see the wallet gets updated.
  5. Now, you should click on the Fiat wallet to go to the next step.
  6. There will be several different options you can find to deposit money in your Fiat wallet. For instance, you will see ACH and Wire Transfer. Just choose an option as you wish and proceed.
  7. You will then be directed to a different screen that comprises the information you require. Click on the option that starts with “send all account…..“. That will get you an email with all the information.
  8. Follow the information to confirm the transfer.

How to Deposit Money on Crypto?

Crypto.com ACH and wire transfer are the two options for depositing money into USD Fiat wallets.

The following table compares the two ways to help you decide which is best for you.

Minimum amount$20 for each transaction$5000 for each transaction
Maximum limit per day5 times of $50,000 per day5 times or $25,000 per day
Maximum limit per month30 times or $500,00030 times a month or $1,000,000
Processing periodWithin 3-5 business daysWithin 1-2 business days
EligibilityUsers who have a US residential address and a social security numberUsers who have a US residential address and a social security number
Basic requirementsIt doesn’t accept any 3rd party transfers. USD transfers are accepted from a bank based in the US.It doesn’t accept any 3rd party transfers. USD transfers are accepted from a bank based in the US.
FeeWell, Crypto.com doesn’t charge any fee for this option. However, a charge from the bank will incur. So, before initiating a transaction, you should contact the bank and know the fee.Well, Crypto.com doesn’t charge any fee for this option. However, a charge from the bank will incur. So, before initiating a transaction, you should contact the bank and know the fee.

What if Your Account’s Fiat Deposit Doesn’t Show Up?

Assume that you have made a deposit, and it doesn’t appear in the wallet. In that case, what can you do? If that’s the case, you can simply contact their customer care service and learn what to do.

So, go ahead and explain your situation through contact@crypto.com. Be sure to explain your situation in detailed a manner as possible. The information should include at least the following.

  • The date and time of the transaction.
  • Names and other details related to your bank account from which the transaction is initiated.
  • Routing and the account number of the wired transaction.
  • Unique code associated with the wire transaction.
  • The actual value of the transaction.

How Long Does It Take for a Fiat Deposit to Take Place?

It takes 1-2 business days for the funds to be sent to your digital wallet from the bank account. That is applicable if you choose to use a wire transfer.

In contrast, it takes 3-5 business days for an ACH transfer through a bank account to the Fiat wallet.


Deposits that are done to the Fiat wallet are completely free on the Crypto.com platform. There are no fees associated with making the deposit, even if you use a wire transfer or ACH. 

Your bank is the only source of costs you’ll face. Before initiating a transfer, you can check with your banking institution.

How to Use Funds That Are Deposited to Your Crypto.com Wallet?

After finding out what is a Fiat wallet, Mentioned below are the ways you can use the funds that are available in your crypto.com wallet.

● To Use Cryptocurrency Through the Crypto.com App.

Go to the home page and select “Buy“. Then, go to the cryptocurrency that should be bought. After that, go to options and choose your Fiat wallet. Select a specific currency.

● To Top Up the Visa Card Offered by Crypto.com

Go to the page labeled visa card and select top-up. Then, go to the Fiat wallet. Define the amount you intend to pop up. Then, confirm the transaction to complete the process.

Does Crypto.com Accept Currencies Deposited from Non-US Banks

No. If you intend to deposit funds through a non-US bank, there’s bad news for you. They accept funds only through US-based banks.


Users can transfer money into their digital wallets using Fiat wallets provided by Crypto.com. A cryptocurrency wallet like Crypto.com can be used to store these funds.

And these funds can also be used to top up your Crypto.com Visa cards. The site accepts only a limited number of currencies as well as Fiat wallets.

So, that’s what is a Fiat wallet and how to configure it. What’s your opinion?

cropped Jack


Ten years of experience in information and computer technology. Passionate about electronic devices, smartphones, computers, and modern technology.

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