Streamlining Business Finances with a Virtual IBAN Account

A virtual IBAN (International Bank Account Number) is a unique bank account number that can be used to receive and send payments worldwide. It’s linked to a physical bank account, but has its own IBAN. Virtual IBANs are helpful for businesses as they let them receive payments from customers worldwide without opening multiple accounts in different countries.

With the growth in the global economy and ecommerce businesses, businesses need an efficient way to receive payments from international clients. They also need a way to make payments to their suppliers. As such, businesses are looking for easier, secure, and fast ways to make cross-border payments. Virtual IBAN for business offers an alternative to create more control, and efficiency when making payments.

Virtual IBAN accounts simplify cross border payments, reduce the cost of international transactions, and businesses can receive payments from customers all over the world.

What is IBAN?

IBAN stands for International Bank Account Number. An IBAN account is a reference number that is used to identify an oversea bank account involved in an international transaction. The IBAN number consists of 34 letters and numbers and is specifically grouped to identify certain elements.

Providers of Virtual IBAN Account for Business

The following are some virtual IBAN accounts for businesses you can open.

Payset

Payset is a great way to send or receive money locally and internationally. It offers multicurrency accounts, and you can transfer money in 34 currencies. Payset has competitive exchange rates for businesses involved in cross-border payments.

Payset Features

• Supports SEPA, SWIFT, Faster Payments, and CHAPS payment systems
• Charges minimal conversion fees with real-time exchange rates
• Comes with corporate cards linked to IBAN account

Wise

Wise is a fintech that is offering virtual IBAN for businesses. Businesses can receive money in over 50 currencies. Besides, Wise supports over 170 countries worldwide. Businesses can use Wise to send and receive payments.

Wise Features

• No hidden fees
• Local accounts with local banking details

Rapyd

Rapyd is another business virtual IBAN that businesses can use to make payments. It is fast and efficient, and businesses can transact locally and internationally in any market. It is available in 40 countries and supports over 25 currencies.

Rapyd Features

• Local accounts in your customer’s home countries
• You can create as many virtual accounts as you can
• Customers can pay in their local currency

KlarPay

KlarPay offers businesses virtual IBANs for simpler reconciliation. Businesses and customers can send and receive money to the recipient’s bank account. It supports over 90 countries and over 70 currencies. It also provides

KlarPay Features

• 2-factor authentication for secure transactions
• Businesses can transact through SEPA and SWIFT

Payoneer

Payoneer is a b2b payment platform that comes with virtual IBANs for businesses. Businesses can use the platform to pay suppliers conveniently. It supports multiple currencies and is supported in over 150 countries.

Payoneer Features

• Provides dedicated support to virtual IBAN customers
• Nominal fees for income payments vary with currency and payment method
• Free automated digital FIRC direct to your account

PayDo

PayDo is a platform that allows businesses and individuals to send and receive payments using a single IBAN. You can send or receive money using SEPA, SWIFT, and Target2 payments. It offers virtual IBAN for businesses. Its virtual IBAN is supported by major European banks.

PayDo Features

• Offers EU IBAN
• Multicurrency IBAN for businesses

Monneo

Monneo is another virtual IBAN account for businesses. Businesses can send and receive payments through SWIFT and SEPA payment systems. Monneo is supported in 134 countries and supports about 18 currencies.

Monneo Features

• Businesses can send and receive payments using SEPA and SWIFT payment systems
• Real-time transaction monitoring to ensure safe transfers

Guavapay

Guavapay is a virtual IBAN that provides clients with real-time access to virtual IBANs. Clients can manage transactions and view account balances.

Guavapay Features

• Low currency exchange rates and fees
• Payment routing, and compliance checks
• Unique IBAN account to support multiple currencies

Ibanize

Ibanize is an international payment and currency exchange platform that offers competitive rates. It is accessible through an app or a web browser. You can open a business account with a dedicated SEPA IBAN and UK sort code. It supports SEPA, Faster Payments and CHAPs payment systems.

Ibanize Features

• Send and receive payments with the EU and UK on the same day
• Send and receive money internationally using SWIFT

Novalnet

Novalnet is a payment service provider that comes with a virtual IBAN account for businesses. You can use Navalnet virtual IBAN to make cross-border payments within the European Union and domestic payments. It supports over 125 currencies and is supported in over 150 countries.

Novalnet Features

• Fraud detection and preventive systems
• Managing subscriptions

RationalFX

RationalFX is a foreign exchange and payment service provider that has a virtual IBAN account for businesses. It has virtual IBANs available in over 30 currencies. The platform supports various payments such as salary payments, supplier payments, and managing international expenses.

RationalFX Features

• Bulk payments option to multiple recipients using a single IBAN
• Allows customers to manage virtual IBANs, view balances, and track transactions
• Offers competitive exchange rates for businesses and individuals

Advantages of Virtual IBAN

If your business is involved in cross-border transactions, having a virtual IBAN is really necessary. The following are some of the advantages of a virtual IBAN.

• IBAN supports transfers with multiple currencies
• Every customer can be assigned a unique IBAN account
• Virtual IBAN is less expensive than a normal bank account
• Virtual IBAN eliminates the need to open multiple accounts in the countries your business is trading

Business Virtual IBAN

If you have a business that is involved in cross-border transactions, then you need to consider a business virtual IBAN. A virtual IBAN helps one make cross-border transactions in multiple currencies. It eliminates the need to open a single business account for every country your business is trading in. Besides, with a virtual IBAN for business, you can automate deposits, transfers, and settlements.