Common questions about Moonwell Virtual Accounts. For setup, see Creating a Virtual Account.
General Questions
What is a virtual account?
A virtual account is a real U.S. checking account that gives you an account number and routing number. When someone sends USD to your account, it's automatically converted to USDC and delivered to your wallet.
How do I receive funds?
Share your account number and routing number with the person or organization sending you money. They can use it just like any other U.S. bank account for ACH transfers, direct deposits, or wire transfers.
Deposits and Transfers
How long do deposits take?
ACH transfers typically take 1 to 3 business days to arrive. Wire transfers usually arrive much faster, often within hours.
Are my deposits automatic?
Yes. When funds arrive at your virtual account, they're automatically converted from USD to USDC and sent to your connected wallet. No action is needed from you.
Sending and Withdrawals
Can I send money out from my virtual account?
Virtual accounts are designed for receiving funds, so you can't send money out of the virtual account itself. However, once you have USDC in your wallet, you can transfer, trade, or use it as you wish.
How do I use the USDC after it's deposited?
Once USDC arrives in your wallet, it's yours to use. You can hold it, transfer it to other wallets, trade it, use it in DeFi protocols (including supplying it on Moonwell), or convert it back to other assets.
Technical Details
What makes this different from a regular bank account?
A virtual account works like a regular bank account for receiving transfers, but instead of holding USD, your deposits are converted to USDC onchain. This gives you direct ownership and control of your funds through your wallet.
Is my money safe?
Your USDC is held in your wallet after the conversion. Security depends on how you manage your wallet and private keys. Never share your private keys, and use a secure wallet setup.