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 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.
- 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 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.
- No hidden fees
- Local accounts with local banking details
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.
- 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 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
- 2-factor authentication for secure transactions
- Businesses can transact through SEPA and SWIFT
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.
- 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 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.
- Offers EU IBAN
- Multicurrency IBAN for businesses
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.
- Businesses can send and receive payments using SEPA and SWIFT payment systems
- Real-time transaction monitoring to ensure safe transfers
Guavapay is a virtual IBAN that provides clients with real-time access to virtual IBANs. Clients can manage transactions and view account balances.
- Low currency exchange rates and fees
- Payment routing, and compliance checks
- Unique IBAN account to support multiple currencies
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.
- Send and receive payments with the EU and UK on the same day
- Send and receive money internationally using SWIFT
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.
- Fraud detection and preventive systems
- Managing subscriptions
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.
- 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.
Business virtual IBAN FAQs
What is virtual IBAN?
A virtual IBAN (International Bank Account Number) is a virtual account number issued by that lets businesses and individuals to receive payments from multiple countries without having to open separate bank accounts in each country.