What is a Virtual Bank Account?
Virtual bank accounts are non-physical bank accounts that function in the same way as traditional bank accounts. It allows businesses to be assigned a standard IBAN in order to receive money/payments for services provided.
Fincra’s virtual bank account assigns account numbers in USD, GBP, EUR, and NGN to registered businesses.
These accounts are opened in your name, and you can use them to accept international payments for services without having to live in Europe or the United Kingdom.
How can I get a Virtual Bank Account?
Only Fincra-verified and compliant merchants can open USD, EUR, GBP, or NGN bank accounts.
After your business has been verified, you can request a virtual account through your merchant portal.
How is a Virtual Bank Account different from a bank account?
Your virtual account is an electronic money account. It’s different from a bank account because:
- You can’t request for a loan with the account
- You won’t earn any interest on your account
The best thing about having a virtual account is that you get access to a bank account number for a country without being a resident or citizen of the country.
Which currencies can I get Virtual Bank Accounts in?
Fincra supports USD, NGN, EUR and GBP virtual accounts
How is my Virtual Bank Account different from my Fincra wallet?
When you receive money in your virtual account, the amount is credited to your corresponding Fincra USD, EUR, GBP, or NGN wallet, which you can use to conduct transactions.
You can then see your combined funds in your available balance because the process has been simplified for you.
How can I withdraw and transfer money from my Virtual Bank Account?
Your EUR, GBP and NGN accounts are used as a medium to collect payments.
All funds received will be added to your wallet which you can use to make payouts
Is there a limit on the amount of money I can keep in my Virtual Bank Account?
There are no limits on how much you can receive and keep right now. However, sometimes we might require additional information and documentation from you depending on the amount you receive in your account.
You will be contacted via email with all the required information.
How can I fund my Virtual Bank Account?
You can fund your EUR, GBP or NGN account from your merchant portal by following these steps:
- Log in to your portal
- Click the fund wallet button
- Select the currency you wish to fund and transfer payment
You can request for a virtual account in minutes if you do not have one.
How do I know my funds are secure in my Virtual Bank Account?
You can be confident that your funds are safe and secure.
Fincra is licensed, and we follow all AML and CFT policies and frameworks.
Will I be charged for funding my virtual account?
To top-up your Fincra virtual bank account using the supported payment schemes, you’ll be charged:
- 0.1% (10 Euro minimum) when using SEPA, SEPA Inst & SWIFT;
- 0.1% (10 GBP minimum) when using FAST, BACS, SWIFT;
- 0.1% (25 GBP minimum) when using CHAPS,
- FREE for NGN.