Virtual IBAN Accounts In 25 Currencies
Get an International Account through our platform with up to 25 IBANs issued in most major currencies, under your company name. Send wire transfers directly from your own Virtual IBAN, improving delivery and creating instant credits.
Facilitates the ability to net payments between currencies (have excess EUR and need to send GBP? A simple netting exchange and funds are on their way)
Virtual IBANs cost far less to maintain than foreign currency accounts with institutional banks!
Netting – Receive currencies directly into your accounts, and send them back out to cover additional payments, eliminating exchange rate fluctuations.
Ready to move to the cutting edge of Foreign Exchange? Ask us about Virtuwallet!
What is Virtuwallet?
Virtuwallet is a Paymentearth product that allows our clients to easily convert funds between multiple currencies and/or hold them for later payables. Virtuwallet offers the ability to net multiple currencies, without the need to constantly convert back and forth.
What is Netting?
Netting, in simplified accounting terms, is offsetting the payables between different branches of the same organization to lower the total amount owed.
Ex. Company ABC is in the US and owes 100K EUR to their Headquarters in Germany each month. At the same time, HQ sends a regular shipment of product to the US office, valued at 25K EUR. Company ABC uses Netting to lower their total payables (100K – 25K), and instead wires the netted total of 75K EUR.
How else can I use Virtuwallet?
Deposit US Dollars into a virtual account held with Paymentearth (but fully backed by a federal bank). Once your US dollars are received, Paymentearth clients have the opportunity to move their funds, in Realtime, between a host of regularly traded currencies.
Pre-Buy: clients looking to take advantage of a great market move (re: awesome rate) can buy and hold multiple currencies, and later use those funds to pay vendors when the invoices are due.
Want to expand your global reach? We’re more than just payment processors!
Paymentearth can help navigate becoming a foreign seller! From setting the price of goods and services in a foreign currency, to setting up remittance documents, to helping walk you through the process of receiving non-USD payments, Paymentearth’s expert, (real humans, no robots) service is at your disposal.
Foreign vendors love this service: it’s convenient, lessens their risk of market fluctuations, and they are more apt to do business with you if they don’t need to convert to USD!
Perfect for US-based companies, and best of all: Paymentearth’s transparent pricing holds true whether you’re buying, or selling foreign currencies!
How is this better than ACH?
The vast majority of American businesses are familiar with settling debts via ACH (Automated Clearing House). More commonly, we call them “debits,” and debits comprise everyday transactions ranging from buying groceries and gas, to retail sales and online payments.
In fact, within the United States, most companies prefer to settle trades by initiating a sweep of their account(s) via ACH.
Unfortunately, despite the network’s giant strides (which now allow for Same Day, and Next Day delivery) ACH still has limitations.
One unfortunate area of concern for any financial payments company, is that these ACH payments can be returned (they can bounce like a rubber check)!
With emerging technologies that provide instant credit in a nanosecond to a foreign country, settling via ACH is slower and puts your payment provider at risk.
Virtuwallet solves that! Fund your wallet with USD, and simply select the outgoing foreign currency; your money is ready to be used 24/5 without the 1-2 day ACH delay.
How do we get started with Virtuwallet?
Setting up your U.S. virtual account today is easy: simply let us know how much you’d like to put into your USD wallet. GBP, EUR, CAD, and CHF are already available (depending on your state), and we are continually refining our online platform to give this product more and more features!
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Our Clients are Thrilled
"There is a big move toward transparency in FX, but lots of the firms offering it, use a cookie cutter one rate fits all formula. With Paymentearth, they analysed my business and gave me a consistent rate far better than services like Transferwise, and much more straight forward than my bank!" - Charles, Owner, Boston, MA.