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.