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How Does a Fiat Wallet Work?

Fiat wallets are not complicated tools. In fact, if you have an online bank account, you already have something highly comparable to a fiat wallet. Both of these tools are simply accounts with a stored value of fiat currencies.

However, using a crypto wallet is different because you are storing your money in an account meant for faster crypto transactions alone. You do not receive most of the services banks (including online banks) offer. Fiat wallets instead offer excellent utility for the single-minded purpose they were created for.

To use a fiat wallet, you simply need to connect your crypto wallet to a bank account. After that, you need to transfer the fiat currency into the crypto wallet. You can generally choose to order this transfer at any moment.

It will typically take a few days to transfer money from your bank account to your fiat wallet. However, once the fiat currency is in your fiat wallet, it can be used to quickly conduct transactions for cryptos. So, it’s important to transfer your money to the fiat wallet a few days before you expect to start needing the speed offered by fiat wallets.

As an alternative, you can sell some crypto for fiat currency and place the proceeds in your wallet on the same platform.

In these ways, fiat wallets are relatively flexible.