Payset Now Offers IBANs in Denmark, Luxembourg and Germany
By signing up with Payset, you’ll be able to obtain an IBAN in three new European countries and transact with their local currencies.

Payset is expanding to new markets and is now able to provide IBANs for Denmark, Luxembourg, and Germany in addition to the US and UK, allowing you to open a local IBAN account and make quick, affordable local payments in five key global regions!
This is a huge step for Payset as we and our partner banks move ever closer to being the fastest and most versatile payment solution for your business!
By signing up for a Payset account, you’ll be able to transact with the local currencies of each of these five countries using fast, affordable local payment networks. You’ll also be able to use 34 other currencies within various other supported locations — all from a single, easy-to-use interface.
Create local IBANs with Payset
If you’ve opened a traditional payment account, you’ll know that doing so requires you to provide specific information and meet certain requirements. And because traditional financial services often require you to attend a branch in person, it’s difficult to complete this process online.
By contrast, electronic money institutions (EMIs) such as Payset provide a simple way to create a multi-currency IBAN remotely. Payset now offers local IBANS in five regions:
- Denmark (DK) - Send and receive local DKK payments in Denmark as well as international payments in 24 other currencies.
- Luxembourg (LU) - Take advantage of the many benefits of a multi-currency account in a well-known financial hub with our IBANs based in Luxembourg.
- Germany (DE) - Payset can now instantly issue you a local German account to make faster, more affordable payments in Germany.
- United Kingdom (GB) - Send and receive international payments as well as local payments in the UK (via the FasterPayments, BACS, and CHAPS networks)
- United States (US) - Get a local account in the US to send and receive instant, cheap USD payments like a US resident.
Payset accounts also allow you to transact using 34 currencies using international payment networks, allowing you to send money to over 180 other countries.
Payset’s services carry competitive rates in all areas – from fees and transaction times to conversion rates and terms of service. See our pricing page for more information and custom quotes.
How it works
Payset allows you to send and receive money, make deposits and withdrawals, and spend funds at stores and online merchants. Once you sign up for an account and create an IBAN, you can:
- Receive, spend, send, or store up to 34 international currencies
- Exchange between 38 currencies instantly
- Make zero-fee transactions with other Payset users
- Access multiple payment networks such as SWIFT, SEPA, CHAPS, and FPS
- Make transactions with no maximum limit
- Make free, instant transaction between Payset account holders
Adding money to your Payset account is simple. You can:
- Provide your account information to any individual, employer, or company that intends to send you money
- Deposit money in your account by sending it from an external account that you own, or
- Request funds from other Payset users
Once you’ve built an account balance, you can send outgoing transactions and make payments.
Cross borders using Payset’s services
Payset is useful whether you are transacting locally or internationally. Most importantly, you do not need to reside in a country in order to make use of its local currency or IBAN numbers.
As such, Payset’s services are highly useful for users who transact around the world. If you travel often, plan to move to another country, or operate a company that does business internationally, you stand to gain the most from using Payset’s global payment services.
Payset accounts can be used by individuals and businesses alike.
Why local IBANs are useful
Local IBANs are useful because they allow you to make full use of a country’s native currency and – depending on the country – their major payment networks without opening a traditional bank account in the region.
With a virtual IBAN account, you may be able to make payments that are otherwise only accepted from residents of the country. Plus, if you purchase a foreign currency, you might be able to save on costs depending on the state of the forex market and current conversion fees.
In other words, IBANs provide direct access to a country’s financial system, but without the need for you to live in or visit the country in person.
To find out more or to sign up, click below.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset allows you to receive payments in 34 currencies. You can send payments from your account in 38 currencies. For more details, check our payment guide.
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.

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