Virtual Banks
Our virtual IBAN accounts allow you to send and receive funds in up to 34 different currencies.
Make local & international transfers quickly and easily, gaining real-time access to market-leading exchange rates.
Key Features of Virtual Banks
A virtual bank offers banking services through electronic channels. All services of virtual banks can be performed online and there are no in-person branches. Customers can open an account, make deposits, take out loans, and complete transactions via a mobile app or through the website of the virtual bank. Therefore saving time without the hassle of visiting an establishment.
Our virtual IBAN accounts are designed for those who require access to multiple different currencies.
Global coverage
Transfer funds to a beneficiary bank account anywhere in the world.
Access to multiple currencies
Hold, send, and receive funds in 34 currencies to ensure minimal conversion fees.
Instant payments
Make instant free payments to and from other Payset clients.
Real-time rates
Access live rate quotes before a transaction is made.
Multiple payment networks
Gain access to a payment network that suits you, including SWIFT, SEPA, Target2, Faster Payments, CHAPS, and more.
Robust security
Your funds are housed in a segregated client account in one of Europe's leading credit institutions.
How do virtual banks work?
Despite having no physical branches, virtual banks usually have a physical office space to deal with customer enquires and complaints.
Although similar, online banking and a virtual bank are not the same thing. Online banking refers to an internet based system that allows you to perform banking services online but this service can be offered by a normal bank on the high street.
Virtual banks refer to banks that operate entirely online, every single transaction is carried out online, meaning that there is absolutely no involvement at all with any regular store, unlike online banking.
A virtual bank is usually regulated by a financial institution within the country of operation, this is usually where the main offices are located.
Just like a traditional bank, virtual banks usually issue debit cards, making the account function in the exact same way a conventional bank account would.
The difference here is that virtual banks do not own ATMs or facilities and instead enable the operation of cash withdrawals through ATMs owned by another (usually physical) banking institution.
However, the issue with this is that you may be charged by the bank that owns the ATM machine for the withdrawal and use of the service but it is sometimes possible to be reimbursed by your virtual bank for these charges.
How to get started with a Payset virtual bank account
Choose Payset, a virtual bank that keeps its users in mind, get started in three easy steps:
Register with us
Once you’ve registered your business with us, our team will set up your virtual bank account within 72 hours.
Get started!
Manage all of your finances within our online portal and ensure that your funds are well protected.
Businesses Our Virtual Bank Serves
- Pay employees, freelancers & suppliers with low transfer fees
- Make payments in 38 separate currencies
- Ensure full regulatory & tax compliance
- Send & receive payments in 34 currencies
- Deposit & withdraw funds to your traditional bank account
- Enjoy free transfers to & from other Payset users
- Accept payments from international clients
- Enjoy minimal transfer fees
- Withdraw funds to your traditional bank account
- Pay affiliate partners in their native currency
- Track all payments from a user-centric dashboard
- Leverage reporting features
- Send and receive payments in up to 38 currencies
- Enjoy minimal transfer fees
- Manage all payments from one user-centric dashboard
- Accept international payments with low transfer fees
- Receive international payments in your native currency
- Manage payments from multiple marketplaces
- Send & receive payments in up to 38 currencies
- Pay staff & suppliers via multiple payment networks
- Make cross-border payments with fast execution
- Easily pay suppliers and partners
- Make and receive payments in up to 38 currencies
- Send free transfers to/from Payset accounts
- Pay and get paid in up to 38 currencies
- Pay staff instantly for low or no fees
- Open up international markets
I wanted to express my appreciation for the successful cooperation between my firm and Payset. I would like to point out in particular the professionalism, the manner in which requests are handled, the quick response time and the satisfaction of the clients. I strongly believes that we will continue to move forward and create many collaborations in the future
The experience of using PaySet account was really interesting. It is one of the most ergonomic systems I have ever used. Support provided is fast and enquires are resolved in no time. I am very satisfied for using this account! Keep going guys!
Through our experience with Payset we are happy to say the services provided were accommodated to our needs perfectly and were performed professionally. The support and customer care is fast and efficient, no question or request is left unanswered or unresolved. 10/10
For the past year, we have worked hand in hand with Payset Limited to assist us with numerous payments related services. At no one time have they failed me, and they have always been on time, making them one of our top reliable business partners.
How Do I Get Started With a Virtual Bank Like Payset?
Say hi
Meet our amazing team, share a few details about your business and leave us your contact info.
Get on board
An account executive will guide you through the onboarding process for your virtual bank account, which is quick and easy to set up.
Enjoy using it
Log in to your virtual bank account to manage your business finances 24/7 and enjoy the low fees and fast execution with our Payset virtual bank accounts.
Virtual Banks FAQ
What are some of the benefits of virtual banks?
Guaranteed Security:
Many virtual banks use a highly secure platform to enable the encryption of devices to guarantee that all customer data is safe and secure. Encryption usually ensures protection against any kinds of security breaches protecting and shielding you from potential online scams. Just like a traditional banking service, customers who use virtual banks are also entitled to deposit protection.
Convenience:
With virtual banks all services are performed online and your banking services can be accessed at any time, and from anywhere. This makes virtual banks a perfect option for businesses who operate worldwide, overseas or in irregular time zones. Those with busy lives may also benefit from the timesaving convenience of a virtual bank. Also, those who have mobility issues can also rely totally on virtual banking services as it allows them to manage their finances easily without the need to travel to specific bank branches.
Easy account management:
Another essential feature of virtual banks is the ability to monitor your account via mobile banking. Some virtual banks also provide an on-platform budgeting software to help you to keep track of your spending habits. This means that virtual banks make it much easier to manage real-time transactions with ease, on the go. Whilst making purchases you can easily budget and calculate your savings and expenses. Conventional banks and e-wallets are usually connected to facilitate instant cross-platform transfers and payments.
No hidden fees:
There are no minimum account balance or fee requirements with virtual banks meaning that customers can open an account regardless of their financial situation.
Higher interest rates:
Virtual banks are likely to have lower overheads which means that they can sometimes offer better interest rates than high-street banking institutions.
What do I need in order to open a virtual bank account?
When a new customer opens a bank account with a virtual bank they have to fill in an online application and make a deposit into the account. The customer can often submit this application form online. Your initial deposit will then need to be completed electronically, however, before conducting this transaction the virtual bank usually requires a form of photographic identification either through facial or verbal recognition on an app or emailing and filing documents via their website.
Why are virtual banks so popular?
With modern technology moving at breakneck speed it has become second nature for most of us to have every aspect of our lives involve a technological platform in some way. FinTech institutions are now becoming more commonplace and trusted by the general public and the prevalence of smart devices and variations in customer behaviour have led to a huge increase in the popularity of virtual banking.
Get in touch
Get in touch with a member of our team to learn more about how our virtual bank accounts can help you and your business.
