What is a Virtual IBAN? And How Do I Get One?

Sending international payments doesn’t have to be a costly and time-consuming process. Many financial service providers provide useful tools, such as Virtual IBANs (vIBAN), to make it easier to manage international payments. These tools also help lower FX costs and make it easier for companies to keep track of payments.

This article will discuss:

• How to obtain a Virtual IBAN for business use
• Some of the virtual IBAN benefits that companies can take advantage of
• Factors companies should consider before using a Virtual IBAN

What is a Virtual IBAN?

A Virtual IBAN (vIBAN) is a unique digital account number linked to a primary bank account. Virtual IBANs are often used to receive international payments. This is because vIBANs can be created in different currencies, which eliminates the need for currency conversions. Many companies that need an IBAN but don’t want to set up an international bank account may rely on a Virtual IBAN.

Companies can use a virtual IBAN as a sub-account to send and receive international payments. This process can make it easier for companies that need to track and manage multiple international payments.

Customers can transfer payments directly to the designated vIBAN that is connected to a business’s main bank account. This makes it easy for them to pay.

Financial service providers offer a variety of virtual banking solutions, including Virtual IBANs.\

How Do Virtual IBANs Work?

Virtual IBANs are the same as normal IBANs. They have a combination of around 34 letters and numbers, depending on the country. Companies often opt for Virtual IBANs because they don’t want to set up traditional international bank accounts. They may also want separate IBANs dedicated to individual clients or projects.

All the virtual IBANs are still linked to the main account. This makes it easy for companies to manage payments and avoid any errors or confusion.

Many companies may prefer to set up international virtual accounts to help with international payments. These accounts can be a great tool for companies, as they can provide you with a Digital IBAN. These accounts may also offer other helpful features, such as API integration, expense management services, Banking as a Service tools, and debit cards.

What Are the Advantages of a Virtual IBAN?

For many businesses, using a Virtual IBAN can help them save costs and stay organized.

Some of the main Virtual IBAN benefits include the following:

Single Account Convenience: Companies can manage multiple IBANs under a single account. They also don’t have to go through the extra paperwork associated with setting up traditional bank accounts.

Financial Management and Administration Benefits: Having a Virtual IBAN dedicated to a specific country, project, or client can make administrative work easier. Companies can also avoid the risk of errors or other costly or time-consuming processes.

Currency Support: Companies can make and receive payments in multiple currencies with a single account. Another benefit is that companies can also avoid unnecessary FX costs, as these providers may have lower fees than banks.

If you feel frustrated with the amount of work it takes to send international payments and are worried about losing out on poor FX rates, a virtual IBAN may be a great option for your business.

How Do I Get a Virtual IBAN?

It is relatively straightforward to get a vIBAN. Many companies may find this process easier than setting up an international bank account.

Once you have found a financial services provider, you can follow these steps to create a Virtual IBAN:

• Set up a currency collection account
• Choose the Virtual IBAN details you will need
• Submit a request to your provider for each virtual IBAN

Each provider may have additional steps and requirements, so it's always best to check the guidelines of your chosen vIBAN provider.

Once your vIBAN details are set up, you can share these with your customers to get paid with ease.

Many financial providers offer virtual banking solutions, including providing virtual IBANs. For example Stripe offers Stripe Connect, which assigns each outgoing invoice a unique vIBAN. Customers can then transfer payments to individual virtual accounts, which are automatically linked to a main account.

Receive international payments
with Wise Business

Can I Use a Virtual IBAN for Personal Transactions?

Individuals may also want to take advantage of Virtual IBAN benefits. This option can be great for individuals who make international payments. Moreover, freelancers and independent contractors can also use6 virtual IBANs for their business.

Luckily, many companies also offer virtual IBANs for personal transactions. Individuals who choose this option need to go through a verification process. This process may include providing documents, uploading a verification video, and verifying your residential address.

Recommendations for Businesses Considering Virtual IBANs

Virtual banking solutions can be a great option for businesses, which allow them to save time and money. There are still many factors8 that companies should consider before they decide to use a virtual IBAN.

Features: The main factor to note is that there are a lot of options out there that offer Virtual IBANs. You will need to carefully research providers and compare features like integrations, security, and other important tools.

Regulatory Factors: Expanding your business internationally may also entail additional regulatory compliance, such as Know Your Customer ( KYC). It is important to ensure the provider helps with this regulatory compliance.

Fees: Finally, it is also important to compare the various types of fees, such as monthly fees and currency conversion fees.

Discover Wise: Making International Payments Easy

Wise provides numerous useful resources for companies that make and receive international payments.

If your business makes and receives a lot of international payments, Wise can help you ensure you are accessing the mid-market exchange rate. It also makes it easy to obtain Euro and Turkish Lira IBAN details to receive payments without hassle. You can simply open an account online for free, and pay a one-time fee to get IBAN and account details for multiple currenices.

Open a Wise Business account online

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to 140+ countries.

	Editor & Business Expert:
	Panna is an expert in US business finance, covering topics from invoicing to international expansion. She creates guides and reviews to help businesses save time and make informed decisions. You can read more useful business articles on her author profile.

Sources
stripe.com
fiatrepublic.com
All Sources checked January 2026