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Understanding Virtual Bank Accounts
Understanding Virtual Bank Accounts

Learn more about virtual banking, Virtual bank accounts/IBAN, functions, and benefits.

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Written by Grey Support
Updated over a week ago

WHAT IS A VIRTUAL BANK ACCOUNT?

Any business or individual that performs international transactions or offers their service globally needs a bank account with the capability for cross-border transfers. However, handling transactions from other countries using bank accounts of local banks can be complicated, expensive, and time-consuming due to varying foreign exchange policies and resources.

Our virtual bank accounts give you access to banking services like cross-border payments, international money transfers, and other financial services. It's a foreign currency account that functions as a local bank account but is used to receive money from different countries.

Receiving money from abroad has been made easier and stress-free with our virtual bank accounts, which allow you to have access to personalized and unique international bank account numbers for different countries without being resident in that particular country.


WHY YOU SHOULD GET AN GREY VIRTUAL BANK ACCOUNT

  • Swift and Easy Account Opening

    Set up your account within minutes.

  • Instant Access to Account

    Verification is completed within minutes. Access your account at any time. Make international payments, transfer funds, and exchange between currencies.

  • Low International Payments/Transfer fees

    With virtual bank accounts, foreign exchange fees are cheaper in comparison to a traditional bank account. Virtual banks charge just a fraction of the cost or, in some cases, no fee at all for international transfers, making this a sought-after choice for individuals/businesses frequently trying to receive money from abroad.


WHAT ARE VIRTUAL IBANs?

Virtual IBANs(International Bank Account Numbers) are phantom account reference numbers given to you by us that allow you to carry out seamless cross-border transactions.

Virtual IBANs are used to send and receive payments worldwide; it enables businesses/individuals to extend their services to global customers. They have the same function as a regular IBAN; which is used to send and receive payments and transfer funds.


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