Open a Virtual Bank Account with IBAN in Europe

In today’s increasingly digital world, both personal and corporate banking is changing tremendously. Virtual Bank Accounts and Virtual IBANs have emerged as a highly promising alternative to traditional banking practices. These dummy or ‘shadow’ accounts reduce the need for multi-banking relationships and greatly minimize financial management costs. Virtual bank accounts offer companies a simple and effective way to optimize their banking processes. For more information, please visit the main page

What are Virtual Bank Accounts?

Virtual banks accounts are non-physical bank accounts that can help businesses optimize their finance management. While virtual bank accounts are not new, they have been evolving and their benefits have become more significant.
Virtual banks accounts are bank issued ‘dummy’ accounts which allow companies to centralize accounts payables and receivables in a cost-effective manner. Banking transactions made via virtual accounts are rerouted to a designated master account. These accounts are easy to set up, give corporates more control over their banking processes, and can reduce capital management costs drastically.

What are Virtual IBAN numbers?

A virtual IBAN account number is a bank-issued IBAN number which does not reference a specific physical account. Virtual IBANs can be used to route payments to their own physical account which holds a separate IBAN number. A corporation can hold many virtual IBANs, which can greatly reduce costs and speed up financial transactions.
Virtual IBAN numbers are recorded in account statements making it easy to identify incoming and outgoing payments. This helps simplify the reconciliation process and removes need for manually processing information.

Recommended for you

Has Dubai been considered a tax haven?
26.01.23
GBO is an official Dubai company formation agent that can assist with all aspects of starting and running an online business, including company formation, bank account opening, and tax compliance.   Dubai is a great destination for investors and businesses looking to establish new companies,...
What are the benefits to incorporate an offshore company in Dubai for EU individual?
26.01.23
For EU citizens seeking to establish an offshore corporation, Dubai is a highly sought-after site. Numerous advantages are available in the city, including no taxes, offshore banking, a quick and simple incorporation process, and access to a developing market. GBO, a well-known company formation agent...
Why GBO is one of the best business setup consultants in Dubai
25.01.23
GBO is a leading business setup consultancy agency in Dubai With a team of experienced professionals who specialize in assisting clients with all aspects of company formation and business setup in Dubai. Our services include everything from obtaining the necessary licenses and permits, to finding...