With work and businesses transitioning more online, so does the need for managing your funds. The most popular way to do so is by getting a payment provider. They enable people to manage their money as well as send and receive funds internationally without having to wait through a long processing time or have to pay the high rates that traditional financial institutions charge.
Manage your funds
However, there is an option for you to get a virtual bank account as well. This is another way that you can manage your funds through a payment provider that is more convenient when it comes to dealing with clients who are in another country. But how do they work exactly?
What is a virtual bank account?
Virtual bank accounts are pretty much the same thing as a traditional bank account. With it, you get your own personal account number that you can use to transfer money in and out of. The main difference between the two is that virtual accounts don’t have to be connected to a physical bank at all and all its transactions are made online.
Creating an account
When planning to open up your own virtual account, first you have to decide which type of bank account you want to have. You can get one in USD or in EUR. This really depends on which part of the globe you transact with the most. If you are dealing more with Euros, then a EURO account is the way to go.
Request for a virtual bank account
Once you’ve decided that you can use a new USD or EURO account, you can now request for a new virtual bank account to be opened up in your name through your payment provider. This will then be processed by one of the best online payment providers.
Owning a USD or Euro bank account
If you do not live in the US or in Europe, to own a bank account that can accept USD and Euro payments was difficult. To open an account in one of the local banks in several countries requires a large amount to be placed as opening and maintaining balance, aside from having to submit at least a couple of valid IDs. The fees for international transfers using the banking channels make sending money overseas quite prohibitive.
Advantage of opening a virtual bank account
It is a good thing that there is the option to easily open a virtual bank account online so one won’t have to use the outdated bank transfer method to send funds abroad. You will also be able to open a virtual bank account without having to shell out a large amount of money for opening and maintaining the account.
Money services company
It’s easy to open a virtual bank account online. All you have to do is go to the website of a reliable money services company. You’ll have to fill out a short form for approval. With the fast approval, you’ll be able to own that virtual USD or Euro bank account that you need.