Virtual Account
A bank account that exists only in digital form, without a physical presence or location. Used for collections and payments.
Full Explanation
A virtual account is a digital bank account that can receive and send payments but doesn't exist as a physical branch. Virtual accounts are popular for businesses that want to collect payments in multiple currencies without operating in those countries. They can be created instantly, hold multiple currencies, and are fully compliant with banking regulations. Virtual IBAN accounts allow EU payments without an EU presence.