What is a virtual IBAN?

Anna Meehan

The ever-expanding global marketplace demands efficiency, especially when it comes to managing international transactions. As businesses in the UK look to operate on a global scale, there's a pressing need for financial tools that make cross-border dealings smoother. One solution to this problem is virtual IBANs. Let’s explore how a virtual IBAN can be your one-stop solution for sending and receiving funds quickly across multiple currencies using just a single set of details.

About Equals Money

Understanding the Virtual IBAN

In essence, an IBAN (International Bank Account Number) is an international identifier for bank accounts. A virtual IBAN serves the same purpose but operates entirely online. What sets it apart from a regular bank account number is its ability to represent multiple currency balances, allowing you to transact across different currencies with just one set of account details.

Why Your Business Needs a Virtual IBAN:

  • Simplified Multi-Currency Transactions: There's no need to juggle multiple accounts for different currencies. With a virtual IBAN, send and receive payments across multiple currencies using one unified set of details.
  • Security First: Equals Money ensures that their virtual IBANs are fortified with top-notch security protocols, safeguarding every transaction you make.
  • Cost Efficiency: You won't have to convert straight away when you receive funds so you can convert strategically at your ideal rate, and whether you're sending or receiving, you'll benefit from competitive exchange rates when dealing with multiple currencies
  • Real-time Management: Track all your transactions in real-time. Whether you’re sending euros, receiving dollars, or dealing in pounds, it’s all available at a glance with Equals Money’s platform.

Equals Money’s Multi-Currency IBAN: The Competitive Edge

For businesses in the UK, Equals Money’s multi-currency IBAN is more than just a financial tool—it's a competitive advantage:

  1. Broad Currency Coverage: Transact in 38of currencies without the need for multiple accounts or constant currency conversions.
  2. Transparent Tracking: Every transaction, no matter the currency, can be monitored in real-time.
  3. Unparalleled Support: Equals Money has a team of experts who are always on hand to assist, ensuring you make the most of your virtual IBAN.
  4. Local payments networks: Make payments quickly with connections to local payments networks such as SWIFT, UK Faster Payments, and SEPA.

In Closing

For UK businesses striving for efficiency in a global marketplace, the virtual IBAN is a game-changer. With Equals Money’s multi-currency IBAN offering, businesses can  optimise and simplify their international financial dealings. If global growth is in your sights, it’s time to look into how a virtual IBAN can allow you to transact around the world without needing to open multiple accounts.

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