european bank account

Virtual Bank Account

Basics

B2B Pay brings international wire transfers into the 21st century with virtual bank accounts. It is now possible for your business to have a non resident bank account in Europe for free. With a virtual bank account you can accept payments from 35 EU countries. We route your money to your account in your home country the same day - in most markets - with 80% savings in fees.

Problem and
Solution
Problem

For many international companies, international banking is time-consuming, frustrating, expensive. Without a non resident bank account in Europe, international payments can take almost a week. And due to the sprawling systems and thousands of employees at traditional banks, the costs are high.


Without B2B Pay, your company:
  • Cannot open a bank account in Europe
  • Cannot collect or send domestic wire transfers (SEPA Payments)
  • Pays SWIFT fee of €30
  • Pays currency conversion cost of 3-6%
  • Cannot access EU payment gateways
  • Suffers the frustration of bureaucratic banking processes
  • Cannot collect payments from marketplaces like Amazon
  • Waits 2-5 days per transfer
Solution

With a virtual bank account (VBA) you can make and receive payments instantly. Having a non-resident European bank account allows you to centralise incoming and outgoing payments, which makes reconciliation easier. You spend less time on manual processes and the cost of operating the bank account itself is reduced because incoming funds are routed directly to your master account, rather than being held in a VBA.


With B2B Pay, your company:
  • Can receive SEPA payments from 35 EU countries for free in 2-12 hours
  • Can make SEPA payments to 35 EU countries
  • Saves €30 SWIFT fee and +80% on Foreign Exchange (FX)
  • Can take advantage of FX conversion automation
  • Can use its IBAN to integrate with marketplaces and payment gateways
  • Can access premium brokers to make global payments in 138 currencies
  • Gets Instant notifications of incoming payments
  • Can take advantage of online onboarding
Benefits
Ease
Quicker processes
Communication
Financial viability
Example

A global exporter from Brazil doesn’t yet have the volume to set up subsidiaries overseas or apply for a non resident bank account in Europe. The company is forced to rely on wire transfers to get paid. These come with a 3% to 6% transaction fee and - almost certainly - delays. With these solutions there is no way to track the progress of the transaction for either the sender or the receiver. B2B Pay virtual bank accounts are free to set up and have only a 1% transaction fee. Money arrives quickly and both parties are notified and can track every stage of the process.

B2B Transfers are smarter with B2B Pay

B2B Pay offers non European companies a free virtual bank account with their own IBAN number. You can use this non resident virtual bank account to receive payments from within Europe, bringing you closer to your customers. Payments to your VBA will be sent to your domestic bank account for a fee of only 1% from the mid-market rate.

B2B Pay can offer you this by ensuring the best rates for sending money to your domestic bank account from your virtual bank account in Europe. Your customers in any of the 35 SEPA zone countries can make a simple local payment to the virtual bank account in your business’ name, without the hassle of reference numbers.

Opening a fully featured bank account

The service we offer is perfect for those that don't need the full stack of banking services in Europe and merely want to collect money from customers or clients.


Opening a personal free bank account in Europe

There are banks that will let you open an account if you're not a resident, but most will outright refuse you as a customer based on their policies.


Opening a business bank account in Europe

It is possible to open up a European business account without a registered business in Europe. But only if you have enough transaction volume -- 10M€/year and up. Banks still require that you set up a subsidiary in their country, which is a pricy endeavour that involves lawyers, accountants, auditors, and bookkeeping. Even with the easiest EU banks, opening a corporate account it can take considerable time and money to get things setup properly.


Opening a non-resident virtual bank account

It is possible to open up a European business account without a registered business in Europe. But only if you have a high transaction volume -- 10 million Euro per year and up. Banks also still require that you set up a subsidiary in their country, which is a costly endeavour that involves lawyers, accountants, auditors, and bookkeeping. Even with the most accommodating EU banks, opening a corporate account can take considerable time and capital to get things setup properly.

Why is it so hard to get the service you want from traditional banks as a non-resident?

Many non-EU companies only need a bank account in Europe for a limited number of specific services. Banks have very restrictive policies for non-EU companies and will often try to push full service banking packages to new clients, including checking accounts, credit cards, global payment services, insurance, credit, etc.

Because of this service model and the subsequent requirements for risk management and compliance, applying for an account soon becomes a bureaucratic nightmare that takes a lot of effort and time. Time you should be spending doing business instead.

What is it like to have a virtual bank account in Europe?

With a virtual bank account you get the exact service you need without the costs and complexity of setting up a traditional European bank account. For example, if you just want to collect payments in Europe you don’t need internet banking, bank statements, audit reports and all the other optional features the bank would like to sell you.


What is a virtual bank?

A virtual bank is a bank without the hassle. It means that - generally speaking - your business can get an account set up in a few minutes with a simple phone call. You don’t have to clear time in your schedule to visit the bank office, no paperwork to sign. With a virtual bank you get a safe infrastructure for secure transactions, regulated in the same way a normal bank is. The same EU rules and regulations apply, so your funds are safe. Another advantage is that virtual banks work with multiple banking networks simultaneously which means you multiple banks working for you in one. The best the world of banking has to offer today is a Virtual Bank Account with a free virtual IBAN.

  • Security: choosing safe virtual banking partners is important. However, by default, virtual banks are a safer alternative thanks to modern technology.
  • Better rates: because of a lean approach to business, virtual banks are much more affordable to operate and thus can offer below average rates to all banking services.
  • Mobility: agility is key both in business and in our personal lives. The fact that with a virtual bank you can open a bank account in minutes instead of hours and the fact that you can transfer money globally from your mobile device are examples of the advantages of virtual banks against their traditional counterparts.
  • Bank relationships: all virtual banks operate on top of traditional banking infrastructure because they are the only ones - normally - allowed to do so. This means that the ability to create bank accounts is a heavily regulated matter and thus it takes years to gain leverage to be fully independent. Yet, the technology is independent and thus the operations are far ahead in terms of speed, security and ease.
  • Transaction issues: being manual affairs, a lot of the world of banking we grew accustomed to is simply prone to human error. Digital technology permeates the virtual banking industry: from onboarding to scanning your IDs, from verifying credit to automating currency conversion, it is all automated for convenience and cost savings.
  • Better service: since all the boring and menial tasks are automated, virtual banks are better able to assist you. It is that simple.

A business without a virtual IBAN account is missing out

Looking at the market from this new perspective, B2B Pay recognises the need for a simpler way to do business in Europe. If you're a global exporter that doesn't yet have the volume to set up subsidiaries to meet the requirements to open a traditional bank account, you must rely on wire transfers from your importer. That means delays and a steep fee of 3% to 6% per transaction. With B2B Pay's virtual IBAN account you can receive payments in the EU, without the hassle or the costs.

B2B Pay offers you a Virtual Bank Account that provides the exact service you need from a bank account. No costly unnecessary services, complex applications or compliance processes. A non resident bank account is the perfect solution for your international business.

The B2B Pay virtual bank account with IBAN in Europe

B2B Pay is offering a simple solution: after a basic compliance check you will get your own European IBAN number. You can then benefit from free bank transfers from B2B importers from all 35 SEPA countries with a non resident bank account. B2B Pay instantly transfers the money to your domestic bank for a much better fee: up to 80% cheaper.

B2B Pay is very easy to set up and there are no maintenance fees.

After setting up your account you will receive your free IBAN account number. You can use it right away on your invoices and contracts with customers in the SEPA zone, which include all major European countries. You will get a notification when money has been transferred into your account.

For which countries can we do a B2B Transfer?


US Virtual bank account

For US companies that regularly export goods or services into Europe a B2B Pay IBAN number can save a lot of time and hassle. This includes non-profit organisations.


Virtual bank account India

Indian exporters can expect to save even more money and paperwork with a virtual bank account in Europe.


Virtual bank account UK

UK citizens that need a virtual bank account in Europe can get one with B2B Pay. Expect to save 80% on fees and no more paperwork.


Other countries

We are also working with customers in other countries, including Canada, Brazil, Indonesia and dozens of other countries in the world.

b2b payments

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