brian
Finance 0 Comment

If you’ve been holding Solana (SOL) in your Phantom Wallet and are wondering how to cash it out to your bank account, this guide will walk you through the exact steps. Many users get stuck on the final step — the bank withdrawal — but don’t worry. By following this step-by-step guide, you’ll avoid common mistakes and get your money where it belongs.

Whether you’re in the U.S., Australia, Europe, or anywhere your exchange operates, the process is largely the same. All you need is your Phantom Wallet, an exchange like Coinbase, Binance, or Kraken, and a linked bank account. Let’s get started.

✅ What You’ll Need

Before starting the process, make sure you have:

  • A Phantom Wallet with Solana (SOL) tokens

  • An account on a crypto exchange (e.g., Coinbase, Binance, Kraken)

  • A bank account linked to that exchange

  • Internet access and access to both apps (Phantom and the exchange)

🔁 Step 1: Convert Any Tokens Into Solana (If Needed)

If you have meme coins or other Solana-based tokens in your Phantom Wallet, swap them into SOL first.

💡 Why? Exchanges like Coinbase or Binance typically only accept native Solana (SOL) for deposits — not other tokens.

To do this:

  1. Open your Phantom Wallet app.

  2. Go to the “Swap” tab.

  3. Choose the token you want to convert.

  4. Swap it for SOL.

Once all your assets are in SOL, you’re ready for the next step.

📤 Step 2: Send Solana from Phantom Wallet to Your Exchange

Now, you’ll send your SOL to your crypto exchange account (we’ll use Coinbase in this example).

How to do it:

  1. Open Coinbase and navigate to your Solana wallet.

  2. Tap Receive to generate a deposit address (or QR code).

  3. Copy the SOL address shown (or scan the QR code using your Phantom Wallet app).

  4. Go back to your Phantom Wallet.

  5. Tap Send, paste the address, and enter the amount of SOL you want to send.

  6. Confirm and send.

🧠 Tip: Solana has one of the cheapest network fees — transactions usually cost less than a cent and take only a few seconds to complete.

You can verify the transaction on Solscan.io, but most exchanges will notify you once the deposit is successful.

💱 Step 3: Sell Solana for Fiat Currency

Once your SOL arrives on your exchange:

  1. Go to the Trade or Sell section on your exchange.

  2. Choose SOL/USD (or your local fiat pair).

  3. Sell your SOL for fiat currency (USD, AUD, EUR, etc.).

Your balance will now appear as cash in your exchange wallet.

🏦 Step 4: Withdraw to Your Bank Account (This is Where Most Get Stuck!)

This step trips up most users. You must link your bank account to the exchange first — and many platforms require you to make a small deposit to verify the account before allowing withdrawals.

How to do it:

  1. If you haven’t yet, make a small deposit (even $5–$10) from your bank to the exchange.

    • This verifies your bank account.

  2. Once verified, go to the withdraw or cash out section on your exchange.

  3. Enter the amount of fiat (e.g., USD) you want to withdraw.

  4. Confirm and withdraw.

🚨 Important: If you skip the small deposit step, your exchange might block you from withdrawing funds. This verification is required by most exchanges due to banking regulations.

📬 Step 5: Receive the Funds in Your Bank Account

After completing the withdrawal:

  • You should receive a bank deposit notification (usually within minutes or a few hours).

  • On Coinbase, withdrawal fees are often $0, depending on your country and method.

  • Some banks may take 1–3 business days, but many deposits are now near-instant.

Congratulations — you’ve successfully cashed out Solana from Phantom Wallet to your bank account!

🔚 Final Thoughts

Cashing out from Phantom Wallet to your bank account is quick and easy, but there are two critical points where people often get stuck:

  1. Forgetting to convert all tokens to SOL before transferring.

  2. Not verifying their bank account with a small deposit on the exchange platform.

If you handle those correctly, the rest is straightforward.

📌 FAQs

Can I use any exchange to cash out Solana from Phantom?

Yes, as long as the exchange supports Solana deposits and allows fiat withdrawals to your bank (e.g., Coinbase, Binance, Kraken).

How long does the whole process take?

  • SOL transfer to exchange: Seconds

  • Selling SOL to cash: Instant

  • Withdrawing to bank: Minutes to 3 days, depending on the exchange and country.

Do I need KYC to withdraw to my bank?

Yes, most exchanges require KYC verification (government ID, selfie, proof of address) before allowing fiat withdrawals

Write a comment