A virtual IBAN is a unique identifier that helps individuals and businesses manage international transactions without needing multiple bank accounts. Users get virtual account numbers that work across different countries and currencies.
These accounts are important for businesses that need to streamline international transactions. They provide an efficient solution that makes receiving and sending money across borders as simple as domestic transfers.
On top of simplifying cross-border payments, virtual IBANs are fast and secure. They also help businesses expand operations into territories that would otherwise be closed to them if opening a traditional bank account is difficult.
Geekflare researched and analyzed 18 solutions and finalized the following best virtual IBAN providers by considering multi-currency support, cost transparency, payment methods and networks, integrations, and the industries they support.
- 1. Wise – Best Virtual IBAN for International Payments
- 2. Revolut Business – Multi-Currency Accounts with Expense Management
- 3. Payset – Best for Startups and B2B Payments
- 4. MyGuava – Offers POS Terminal
- 5. Rapyd – Best for eCommerce and Marketplace Payments
- 6. Novalnet – Allocate IBANs on Multiple Levels
- 7. PayDo – Supports iGaming, Forex, Agencies Businesses
- 8. Payoneer – Popular Virtual IBAN for Freelancers
- 9. Bankera – Supports Crypto Payments
- 10. Treezor – Ideal for Embedded Finance
- Show less
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Best Virtual IBAN Providers Comparison
I’ve summarized key features, integrations, pricing, and overall rating for the best virtual IBAN providers.
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140+ | 30+ | 38 | 20+ | 120+ | 125+ | 35+ | 70 | 14+ | Not Disclosed | |
14 | 45+ | APIs | APIs | APIs, Plugins | Plugins | APIs | QuickBooks Online, Xero | APIs | APIs | |
 | | | | |  | | | | Not Disclosed | |
FREE | FREE | £49 | FREE | Custom | €19 + €49 (Setup fee) | Custom | FREE | FREE | Custom | |
Geekflare’s editorial team determines ratings based on factors such as key features, ease of use, pricing, and customer support to help you choose the right business software. | ||||||||||
Virtual IBAN Providers Reviews
Below, I’ve reviewed each platform in detail, highlighting why you should use it, its pros/cons, integration, and pricing plans, and given an overall rating.
1. Wise
Best Virtual IBAN for International Payments
- Currency Pairs140+
- Multicurrency AccountYes
- Free Account OpeningYes
Why Wise
Wise, formerly known as TransferWise, provides virtual IBANs to users worldwide. It helps businesses receive international transfers through its multi-currency business accounts, which can hold more than 40 currencies.
Wise is available in 170 countries and offers clear upfront pricing with no hidden fees. It uses the mid-market exchange rate to ensure cost transparency.
I love that it supports various payment methods, including bank transfers, debit cards, credit cards, and SWIFT transfers for efficient international money transfers. It is used by a wide range of people and entities, including freelancers, eCommerce platforms, SMEs, and large corporations.
Wise Features
Quick to set up, customers can create a virtual IBAN account in minutes without a physical address or a local banking presence.
Low foreign transaction fees for virtual IBAN services allow cost-effective financial transactions in multiple currencies.
Physical and virtual cards, with spending limits and cashback options.
Sync with tools like QuickBooks, Xero, and Sage for accurate reporting.
Security compliance, strict standards, and 2FA ensure complete privacy of data.
2. Revolut Business
Multi-Currency Accounts with Expense Management
- Currency Pairs30+
- Multicurrency AccountYes
- Free Account OpeningYes
Why Revolut Business
Revolut Business is one of the best digital banks, providing businesses with an all-in-one solution for scaling with its multi-currency capabilities. Businesses can easily accept and transfer payments from almost anywhere with its multicurrency accounts.
Revolut Business’s expense management feature allows businesses to manage and track expenses in real time, with automated receipt matching and integration with various accounting software. This simplifies expense reporting, reduces manual work, and ensures accurate and timely expense tracking.
I recommend Revolut Business for businesses that typically receive cross-border payments, specifically e-commerce platforms, freelancers, sole traders, SMEs, and large enterprises. A Revolut Business wallet can hold more than 34 different currencies.
Revolut Business Pricing
Revolut Business offers monthly pricing for all plans mentioned below and an annual subscription for Grow, Scale, and Enterprise plans:
–Basic: Starts from £0/month
-Grow: Starts from £19/month
-Scale: Starts from £79/month
-Enterprise: Contact the sales team for custom pricing
Revolut Business Features
Automate expense management, set approvals, and reconcile expenses quickly.
It offers a variety of accounts to choose from: Basic, Grow, Scale, and Enterprise.
Sync with HR solutions to streamline payroll, expense management, currency exchange, and global payments.
Offer spend analytics to analyze spending habits and make informed decisions.
Earn interest with a business savings account at competitive rates—up to 3.51% AER paid daily.
3. Payset
Best for Startups and B2B Payments
- Currency Pairs38
- Multicurrency AccountYes
- Free Account OpeningYes
Why Payset
Payset is a Virtual IBAN provider that offers a robust solution for managing international payments. Its multi-currency wallet allows businesses to hold 34 currencies, simplifying financial operations and enhancing flexibility when trading internationally. This makes it ideal for startups and B2B payments.
I appreciate how Payset enables faster and more efficient cross-border transactions with its wide range of diverse payment networks, including SWIFT, SEPA, Target2, Faster Payments, and CHAPS. At the same time, businesses can access cost-effective FX exchange rates.
Payset Pricing
Payset offers a free subscription for the first three months, and after that, you will be charged £49/per month.
Payset Features
Provides access to live exchange rates, allowing users to get quotes before making payments.
Robust reporting and analytics tools for tracking transactions, monitoring account activity, and generating detailed financial reports.
Funds are securely stored in segregated client accounts within one of Europe’s leading credit institutions.
4. MyGuava
Offers POS Terminal
- Currency Pairs20+
- Multicurrency AccountYes
- Free Account OpeningYes
Why MyGuava
MyGuava’s services provide real-time access to virtual IBANs that allow businesses to transact in multiple currencies. There is an online portal where businesses can manage transactions and view account balances. Additionally, the company offers features such as currency exchange, payment routing, and compliance checks to ensure that all transactions are secure and compliant with regulatory requirements.
I recommend MyGuava for its flexible, hybrid handheld solution, the MyGuava POS terminal. It supports major payment methods and provides detailed reporting and receipt printing. Businesses can use it for seamless transactions—both in-store and on the go—while ensuring PCI-compliant payment processing.
With the multi-currency accounts and the POS terminal, MyGuava is best suited for retail businesses that operate online and locally, allowing them to accept payments anywhere.
MyGuava Features
Supports bulk payments to vendors and staff in different currencies worldwide.
Set up automated standing orders to save time and focus on business growth.
One card can hold multiple currencies, allowing companies to switch effortlessly between them.
Up to 0.6% cashback on every card transaction.
Provides templates that streamline making regular payments.
5. Rapyd
Best for eCommerce and Marketplace Payments
- Currency Pairs120+
- Multicurrency AccountYes
- Free Account OpeningYes
Why Rapyd
Rapyd makes it possible for businesses to make payments and access markets more quickly than ever before. Its unrivaled payments network and Fintech-as-a-Service platform enable companies and consumers to transact locally and internationally in any market.
Rapyd offers a comprehensive suite of payment solutions, including virtual accounts that support multiple currencies and local payment methods. This makes it suitable for eCommerce and marketplace payments and helps businesses reach a global customer base.
Furthermore, I am fond of its seamless integration with eCommerce systems, and their efficient payout system ensures that transactions are processed quickly and securely. This is instrumental in enhancing the overall customer and seller experience.
Rapyd Features
Customizable IBAN reference fields to include extra data like invoice numbers or client IDs.
Real-time notifications for inbound and outbound transactions, allowing users to stay up-to-date with their account activity.
Virtual accounts are linked to Rapyd Wallet, allowing easy payment management and reconciliation.
Seamless integration options through its API, prebuilt plugins, and no-code solutions.
Virtual terminals turn computers and mobile devices into card machines.
6. Novalnet
Allocate IBANs on Multiple Levels
- Currency Pairs125+
- Multicurrency AccountNo
- Free Account OpeningNo
Why Novalnet
Novalnet prioritizes security and compliance and has implemented several safeguards to ensure the safety and security of virtual IBANs. Its virtual IBANs are fully SEPA-compliant, meaning I can use it for domestic and cross-border payments within the European Union.
Novalnet offers a fully customizable system that allows companies to allocate IBANs based on various criteria such as business, customer, currency, product, or even specific orders or transactions. This flexibility ensures incoming funds are organized and allocated clearly, simplifying the reconciliation process and enhancing overall financial management.
Novalnet’s IBAN accounts are used by a wide range of businesses, including those in the eCommerce, telecommunications, retail, travel, gaming, and even financial services (banks and insurance companies) industries.
Novalnet Pricing
Novalnet offers 2 pricing plans, which are as follows:
-Instant: €19/month + €49 (setup fee) [For SMEs]
-Flexible: Customised pricing [For companies that process more than €25,000/month]
Novalnet Features
Fully customizable IBANs for various business use cases.
Businesses can monitor their account balances in real-time and manage their cash flow effectively.
Funds are managed within secured, insolvency-proof trust accounts.
Automatically reconciles received payments with corresponding invoices, saving time and reducing the risk of errors.
AI-powered fraud detection and prevention systems promptly tackle threats as they arise.
Integrates with accounting systems (e.g., SAP, Navision, and Datev) and provides detailed reports.
7. PayDo
Supports iGaming, Forex, Agencies Businesses
- Currency Pairs35+
- Multicurrency AccountYes
- Free Account OpeningYes
Why PayDo
PayDo allows businesses and individuals to receive payments in multiple currencies through a single IBAN. Its virtual IBANs are supported by major European banks, meaning users can enjoy the same security and reliability as a traditional bank account.
I suggest PayDo because it is suitable for various industries, including e-commerce, marketplaces, iGaming, forex, cryptocurrency, and payment gateways. It ensures the smoothness of cross-border transactions with payment systems and networks, such as SWIFT, SEPA, SEPA Instant, Faster Payments, TARGET2, Fedwire, BACS, CHAPS, and Kronos.
PayDo Features
PayDo’s opening process is quick and easy, with most applications approved within 24 hours.
Automated payment reconciliation to reconcile payments and update the user account balance in real-time, reducing manual work and improving accuracy.
Allows individuals and businesses to send and receive money instantly and keep and exchange currencies.
Next-day settlement for SWIFT transactions and instant payment delivery for Euro (SEPA Instant) and GBP (FPS).
Integrates with various accounting software, payment gateways, and other financial systems.
8. Payoneer
Popular Virtual IBAN for Freelancers
- Currency Pairs70
- Multicurrency AccountYes
- Free Account OpeningYes
Why Payoneer
With Payoneer virtual IBAN, businesses and individuals can receive payments in multiple currencies, which can then be withdrawn to their local bank account or used to pay suppliers or other business expenses. They need to sign up for a Payoneer account and verify their identity before using the services.
Once verified, they can generate a virtual IBAN and use it to receive customer payments and pay contractors and suppliers. Payoneer offers transparent services, including receiving payments, making payments, currency conversion, and using the Payoneer card.
In addition to the Payoneer balance, it supports payment methods like credit/debit cards, ACH bank debit, PayPal, direct bank payments, and local bank transfers.
I like that Payoneer is widely used by freelancers online who work for various companies and freelance marketplaces like Upwork and Fiverr. It’s also used by medium and large-sized businesses to make and accept payments.
Payoneer Features
Provides dedicated support to its virtual IBAN customers, including assistance with setting up and managing the account and resolving any issues that may arise.
Capital Advance gives you access to up to $750,000 based on future projected earnings.
Integration with over 2,000 marketplaces, including Amazon, eBay, Airbnb, and Upwork.
Add users and control their permissions for efficient business operations.
Dedicated support experts who speak over 22 languages.
9. Bankera
Supports Crypto Payments
- Currency Pairs14+
- Multicurrency AccountYes
- Free Account OpeningYes
Why Bankera
Bankera offers a comprehensive suite of business solutions, and virtual IBANs are one of them. They provide virtual accounts with multi-currency support and local bank account functionality, helping companies simplify reconciliation and enhance overall financial management. Other features of Bankera include payment and merchant accounts, SEPA and SWIFT transfers, and cryptocurrency-friendly services.
Their cryptocurrency services, in particular, make them stand out among other virtual IBAN providers. They allow transactions using cryptocurrencies like SpectroCoin. I like how this capability supports various cryptocurrency activities, such as exchanges, mining, and staking farms, making it easier for businesses to manage international transactions efficiently.
Bankera Features
Virtual corporate card with high payment and cash withdrawal limits.
Account API allows businesses to view balances, send payments, get notified about incoming payments, and exchange currency.
Allows businesses to accept card payments, handle recurring payments, and initiate withdrawals with transparent fees.
Business loans for invoice financing, business growth, and online expansion.
10. Treezor
Ideal for Embedded Finance
- Currency PairsNot Disclosed
- Multicurrency AccountNot Disclosed
- Free Account OpeningNot Disclosed
Why Treezor
Treezor is a fintech and Bank-as-a-Service provider that offers virtual IBANs for businesses to streamline payment processes and optimize cash management. It allows businesses to create multiple virtual IBANs that are linked to their main account to streamline reconciliation and reduce the risk of fraud.
I recommend Treezor for its embedded finance solutions, which allow companies to integrate financial services, including virtual IBANs, into their non-business platforms. For instance, Treezor allows businesses to assign unique IBANs to specific customers or transactions to facilitate real-time payments and simplify reconciliation. This improves customer experience and collects and analyzes transaction data, providing valuable information about customer behavior and preferences.
Treezor Features
Create as many virtual IBANs as needed.
Customize virtual IBANs to operate within a specific time period and then deactivate them afterward.
Limit the total transaction value of a virtual IBAN to prevent excessive transfers.
Set up virtual IBANs to accept a limited number of transactions so you can better manage budgets and prevent misuse.
Choose a single transaction direction (outgoing or incoming) to reduce the risk of unauthorized fund movements.
What Is Virtual IBAN?
A virtual IBAN (International Bank Account Number) is a digital account number used for international transactions, offering businesses secure, streamlined, and multi-currency payment solutions. You can create these accounts instantly—unlike traditional bank accounts—and they don’t require a physical presence in the country where the account is hosted.
7 Features to Look for in a Virtual IBAN Provider
When choosing a virtual IBAN provider, you need to consider some key features carefully to ensure they align with your business needs.
- Security and compliance: Ensure the virtual IBAN provider follows strict security protocols and maintains regulatory compliance (e.g., PCI DSS Level 1, PSD2, or GDPR). It should also offer features such as fraud detection, encryption, and secure authentication methods (e.g., two-factor authentication).
- Multi-currency support: The provider should support multiple currencies while offering competitive exchange rates. Ideally, it should have the specific currencies you need for your business operations, with the major currencies like USD, EUR, GBP, CAD, AUD, JPY, HKD, SGD, NZD, and CHF being supported.
- Global reach and supported regions: The provider should offer its services in regions where you operate, including local payment methods, currencies, and banking networks. Some providers may have restrictions in certain countries or regions due to regulatory requirements. So, ensure all the features you need are in place before you commit.
- Transaction fees and cost transparency: The virtual IBAN provider should clearly disclose all fees, including transaction fees, currency conversion rates, and any hidden charges. There should be no complicated fee structures; everything should be straightforward, especially if you handle a large number of transactions.
- Instant payment processing: If you need payments to go or come through without delays, ensure the provider uses instant transfer networks, such as SEPA Instant and Faster Payments.
- Dedicated customer support: The provider should be able to attend to your support requests through various channels (phone, email, and chat) and in multiple languages. Response times should be timely, and the staff should be knowledgeable enough to help resolve payment or technical issues promptly.
- Cost-effectiveness for high-volume transactions: If the provider offers discounts or special rates for high-volume transactions, it can lead to significant cost savings. Providers might do this in several ways. For instance, they may reduce their per-transaction fees or offer custom pricing as the volume of transactions increases.
How To Choose the Right Virtual IBAN Provider
Picking the right virtual IBAN provider depends on the nature of your business and your goals. Take a look at several virtual IBAN providers and compare the following factors before you make a decision:
- Pricing: Ensure things like setup fees, monthly charges, transaction fees, and currency conversion rates are something you’re comfortable with. Compare pricing structures to find one that aligns with your budget and volume of transactions. If they provide discounts on high-volume transactions, that is a huge plus.
- Features: Consider what is essential for your business operations and shortlist providers based on features like multi-currency support, user-friendliness, mobile apps, support, and security.
- Supported countries and currencies: Firstly, you need to check the list of supported countries to see if the virtual IBAN provider can operate everywhere you’re based. Secondly, ensure they have the currencies you need based on where you intend to send and receive payments.
- Customer support: Prioritize providers who offer comprehensive customer support. Look at customer reviews online to judge factors like number of support channels, response times, languages spoken, friendliness, professionalism, and knowledge of the support staff.
- Speed of transactions: Consider how quickly payments are processed and settled, as these can impact your cash flow and business operations. Look for providers offering instant or same-day transfers through instant transfer networks.
- Integration capabilities: If you have existing software, such as account, payroll, HR, and e-commerce systems, see if the virtual IBAN provider has an API or plugin you can use to integrate their services with it.
- Regulatory compliance history: Does the provider have a good track record of maintaining compliance with financial regulations? If so, they might be worth shortlisting as well because that will ensure your business’s finances are in good hands.
- Reporting and analytics: Consider providers who offer comprehensive reporting and analytical tools, so you can track and monitor business operations, extract useful insights, and make informed spending decisions.
What are the Benefits of Using Virtual IBAN?
Virtual IBANs offer numerous advantages for businesses that need to make cross-border payments regularly. Here are the key ones:
- Enhanced security and compliance: Since virtual IBANs are outfitted with state-of-the-art and robust security measures and comply with international banking regulations, they protect your transactions and ensure they meet regulatory requirements across different regions.
- Streamlined international transactions: The ability of virtual IBANs to simplify cross-border payments enables businesses to receive and send payments in multiple currencies in one place. This eliminates the need to open multiple bank accounts in different countries, which can be difficult.
- Improved cash flow management: You get real-time visibility into your transactions and balances when using a virtual IBAN account. This makes it easier to track incoming payments, manage business funds, and make informed financial decisions that optimize your cash flow.
- Simplified reconciliation processes: Virtual IBANs automatically match payments by assigning unique reference numbers to client transactions. This automates reconciliation and reduces the likelihood of errors that result from manually reconciling everything.
- Reduced operational costs: Since you don’t have to maintain multiple traditional bank accounts across different countries, virtual IBANs reduce banking, account maintenance, and administrative overhead fees. This leads to significant savings for the business in the long run.
- Multi-currency support for global payments: Since you can hold, send, and receive multiple currencies using one account, virtual IBANs eliminate the need for currency conversions for every transaction. Not only does this make conducting business internationally easier, but it also helps you avoid excessive foreign exchange fees.
- Faster transaction processing: With features like automatic reconciliation and real-time transfer systems and networks, virtual IBAN accounts can speed up transaction processing. This makes them ideal for businesses that operate in markets that require swift payments.
