Top Virtual IBAN Providers for US Businesses

Doing business internationally can create new revenue streams. According to a recent analysis conducted by Swift (June 2025), cross-border payment volumes are expected to top $183 trillion by 2027.¹

Unfortunately, many small businesses lack the necessary tools to do cross-border payments effectively. Virtual International Bank Account Number (vIBAN) accounts are one such tool.

Here are a few things you should know about vIBAN providers:

• Virtual IBAN accounts enable multi-currency payments without separate bank accounts in each country
• Provider selection significantly impacts costs and operational efficiency
• Setup typically takes 1-3 business days with proper documentation

Virtual IBAN service providers can vary widely because they can be based anywhere in the world. Making an informed decision between them can be time-consuming, so we compiled some points to help you decide.

Top Virtual IBAN Providers: Quick Overview

Who Are the Best Virtual IBAN Providers?

Wise Business

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. Wise Business is widely renowned for its pricing transparency and multi-currency support. Wise offers virtual IBAN details that can be used for business transactions and free features include real-time notifications and access to BatchTransfer. That’s an impressive set of tools for businesses launching international business campaigns.

From a fee perspective, Wise has a straightforward structure. You simply pay a one-time fee to get local account details, including Euro IBAN details. You can use these account details to get paid in multiple currencies, all in one place. The conversion fee varies by currency, and starts from 0.57% - which makes Wise a competitive option.

You can also connect your Wise Business account to platforms such as Amazon and Etsy to receive international payments without hassle, and without conversion fees.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Revolut Business

Revolut Business offers a sleek interface and sophisticated financial management tools. It’s popular with startups because the platform has expense management, corporate cards, and integrations with several accounting platforms. They also, of course, offer virtual IBANs, a feature that’s given them significant inroads into the tech sector.

As a digital banking provider, Revolut has competitive exchange rates, but the pricing also includes various subscription tiers and add-on services. There are no additional fees if the amount you're exchanging is within your plan's monthly allowance and during market hours.

Otherwise, the following fees will apply:

• 0.6% fee for any exchanges above your plan's monthly allowance
• Additional 1% fee when you exchange outside of market hours, regardless of your plan³

That can make it complicated for small businesses working on smaller margins. Despite that, the platform is popular as an all-in-one financial platform.

Airwallex

Airwallex has gained popularity in recent years because of its seamless integration with shopping platforms like Shopify and WooCommerce. Their most popular feature is expense management.

Airwallex makes it easier for businesses to manage international suppliers and advertising spend. By issuing cards with IBANs, they provide businesses with a tool for cross-border transactions and vendor payments. The conversion rates are competitive at 0.5% above interbank rates for major currencies and 1% for all other currencies.²

Payoneer

Payoneer has dominated the freelancer and marketplace economy for years. Their vIBAN service reveals competitive rates for receiving payments from major platforms like Amazon, Upwork, and Fiverr. Those relationships have driven substantial growth for the platform over the past decade. If you work in e-commerce, you’ve likely heard of Payoneer.

Freelancers and businesses that depend on marketplace income will find Payoneer's specialized features valuable, but there are better options for sending payments. The platform isn’t really designed for cross-border transactions in the retail or manufacturing space.

Currenxie

If you’re operating exclusively in Asian markets, Currenxie can be a good option. They’re based in Hong Kong and provide online banking solutions that include reasonable exchange rates for the Chinese Yuan (CNY), Hong Kong dollar (HKD), and Singapore dollar (SGD). Customer support is available in several languages, including Mandarin and Cantonese.

The regional specialization doesn’t stop there. Currenxie emphasizes compliance and regulatory alignment across Asian markets, making it suitable for businesses navigating complex regional requirements. On the downside, companies looking to expand to European or North American markets may need to find an alternative that caters to other currencies.

How Do I Choose a Virtual IBAN Provider?

Check Key Features and Services

Features and services should be at the top of your wish list when evaluating IBAN providers. Don’t expect them all to have the same service offering. The key features you’re looking for are multi-currency account details, API access for automated payments, and integration options with your existing accounting software. Those are the “essential” services.

Secondary features include corporate cards, expense management, or specialized industry tools. Some providers excel in specific areas while others offer broader but less specialized services. You’ll also want to look at regional specialization. Providers that are ideal for Asian markets may not be the right fit for companies doing business in Europe.

Evaluate the Fees and Costs

Virtual IBAN pricing varies significantly across providers. Most have a reasonable monthly subscription fee, but high transaction fees and inflated foreign exchange margins. You can compare the latter to mid-market rates to see how much extra you’ll pay for currency conversions. Anything over that is a markup from the provider.

Calculate total costs based on your expected transaction volume and currency mix. A provider with higher monthly fees might offer better per-transaction rates for high-volume businesses. Others may have hidden fees, inactivity charges, account closure fees, or premium support costs that could impact your bottom line.

Assess Customer Support and Reliability

International banking issues often require immediate resolution. Evaluate each provider's support hours, response times, and available communication channels. You can do this by checking uptime statistics and reading customer reviews. Focus on service reliability during peak periods. That’s when you’re most likely to have problems.

A platform that works 99% of the time can still cause significant disruption during critical business moments. Those disruptions can be compounded by language barriers, so make sure the customer service team speaks your native tongue. You might need a multilingual service provider if you’re doing business in multiple nations.

How to Set Up a Virtual IBAN Account

The application process for most virtual IBAN providers follows a similar pattern, though specific requirements vary by provider and business type.

Documentation typically required:

• Company registration documents
• Proof of business address
• Director identification and proof of address
• Business license or permits, where applicable
• Expected transaction volumes and business model explanation

Application steps:

1. Initial registration: Create an account and provide basic business information
2. Document submission: Upload required verification documents through the provider's portal
3. Compliance review: The provider conducts know-your-customer (KYC) and anti-money laundering (AML) checks
4. Account activation: Once approved, receive your virtual IBAN details and access credentials

Most providers complete this process within 1-3 business days for standard applications. Complex business models or high-risk industries may require additional review time..

Discover Wise: The Smart Way to Manage International Business Banking

Wise Business addresses the core challenges businesses face with international payments through transparent pricing, extensive currency support, and robust compliance infrastructure. 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 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 countries.

Wise serves over 600,000 businesses globally, from freelancers to multinational corporations. Whether you're receiving payments from international customers or paying overseas suppliers, Wise Business provides the infrastructure to streamline cross-border transactions while reducing costs.

For businesses prioritizing transparency, reliability, and cost-effectiveness, Wise Business offers a compelling combination of features and competitive pricing that scales with business growth.

	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.

	Author:
	Kevin D. Flynn is a retired financial professional, business coach, and financial writer. He lives in Leominster, Massachusetts with his wife Evelyn, two cats, and ten wonderful grandchildren. When he’s not working, you’ll find him at the golf course or on his back porch reading classic sci-fi novels.

Sources:

1. The path to enhanced cross-border payment experiences | Swift
2. Plans & Pricing | Airwallex Official Site
3. revolut.com/en-US/business/currency-exchange