With everything that you need being accessible online, it is only natural that banking should transition online as well. With a virtual bank account, you won’t need to go to an actual bank and deal with the lines and all that paperwork any longer. You can send and receive money to and from virtually anywhere in the globe right through your mobile phone or through a computer.
But before you go out and get your very own virtual bank account, it is important that you know exactly how this works and why you should get one in the first place. Here is all you need to know about getting a virtual bank account from a reliable payment provider:
What is a virtual bank account?
A virtual bank account is an account that you get through an online payment solution where all transactions are handled online. This means that you won’t need to go to any physical bank to get what you need to be done accomplished. These accounts can be in EUR or USD, depending on which currency you will be using more often.
Why should you use a virtual bank account?
For one thing, having a virtual account is much more convenient. They are much simpler to open up and you can use them almost immediately. It also makes it easier for you to manage your funds. You can access your account details and be able to monitor how much money you have through your phone or computer instead of having to check with a bank for your account balance. Everything that has to do with your money can be dealt with online.
Low cost of fees
Another reason for a virtual bank account is the savings that you will gain when you process international transactions. Unlike other more traditional ways of sending and receiving money, transactions through your virtual account only cost a fraction of the usual fees in physical banks or money transfer services.
Speedier international transactions
Any international payment transaction will also get processed faster with the use of these types of accounts. For example, if you are in Asia but deal more with people from Europe, having a virtual EUR account will enable you to send and receive money from that part of the world faster and without the need of paying for the high exchange rates. You can then convert your funds for free through your payment provider when you plan on getting a payout.
Online virtual accounts are always open
You don’t even have to worry about working outside of regular business hours. Since you are dealing with a payment provider and not a physical bank, you can be confident that the service will work for you at any time of the day. If you need any assistance, there will also be a customer care person that you will be able to reach 24/7. With a virtual bank account, you will also be able to access the cash that you already have in your payment provider with ease. You won’t need to connect your physical bank account to your online payment service in order for you to receive your payout. You can just transfer the funds to your virtual account to gain access to it.