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.
Frequently Asked Questions
Yes, regulated by same authorities as regular banks. Funds protected by deposit insurance.
Yes, customers pay directly to your virtual account like any bank account.
Most virtual account providers charge only settlement fees, not monthly maintenance fees.
Most can be created within minutes to hours depending on verification.