Virtual Foreign Currency Wallet. The Cutting Edge of Foreign Exchange

Ready to move to the cutting edge of Foreign Exchange? Ask us about Virtuwallet!

What is Virtuwallet?

Virtuwallet is a Paymentearth product that allows clients to better actively manage their FX needs. 

Virtuwallet clients can 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.

Whether you call them “Holding Accounts,” “AP Accounts,” or “The Tank,” buying and holding foreign funds for later use is hardly a new tactic within the world of international payments. For some businesses, it’s a necessary competitive measure! However, until now, clients have been limited to traditional methods for funding and converting their non-USD payables accounts.

Example. Company ABC pays CHF, EUR, and JPY to their sister companies on a regular basis. Because they have the cash flow, and know they’ll need it, they often buy ahead (Pre-Buy) when the dollar is in their favor, and hold the funds in accounts designated by currency (Fig 1). In this traditional format, Company ABC has secured funds at good rates, but have now committed their cash to specific currencies, and own those amounts in CHF, JPY, and EUR.

The downside of traditional holding accounts is that once the funds have been converted, their process to unwind those funds means additional money lost (see Fig.2). For example, if Company ABC needs to change their EUR holdings to CHF, the must first change the EUR back to USD (conversion = $ lost) and then convert USD to CHF – again, an additional conversion.

Fig. 1

Virtuwallet is a Paymentearth product that allows clients to better actively manage their FX need

Fig 2

Virtuwallet is more than simply a place to hold your funds; it’s a tool that allows clients to both hold the currencies they need, and to avoid the additional conversion costs of changing from one currency to another! Rather than moving funds back into USD each time, client can elect to change a foreign currency directly into another foreign currency (see Fig 3).

Fig 3

What is Foreign Exchange Netting? (a.k.a. Netting Invoices, or Netting Payables)

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.


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? PaymentEarth is 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 Virtuwallet 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 netting problems! 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?

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!

Paymentearth makes uploading an excel file of all my monthly payments very easy! I upload it on their site and I’m able to print a confirmation in minutes! When we combine this with transparency and knowing our exact spread, it is a no brainer!
My guy at Paymentearth took the time to explain how Forward Contracts work, and how they can help my business. My bank never gave me half the attention of Paymentearth.
JimPresidentNew Jersey
There is a big move toward transparency in FX, but then it can be impossible to actually talk to a real person. With Paymentearth, they analyzed my business, gave me a fixed rate, and I can call them anytime. Frankly, they’re just straight-up, and I appreciate that.
CharlesOwnerBoston, Massachusetts
Almost any bank can help get a wire out, if that’s all you need. Paymentearth goes above and beyond for us though, and for a small business like ours, it makes a big difference to get such expert service. Of course, the rates are good too!
We used to use three FX companies in order to keep the rate reasonable. With Paymentearth, they walked us through how to calculate the exact spread we get on every deal! A big time saver and a great way to do business!
In my experience, banks are only willing to bend over backward if you’re a giant company. I’ve never felt that with Paymentearth. These guys are upfront, they’re knowledgeable, and they genuinely seem to value my business. It’s actually a pretty good feeling.
It’s not often that we need foreign cash, but it’s very convenient to order what we need from Paymentearth, and have one less thing to worry about before the trip.
ChrisTour Group OperatorCalifornia

International payments made easy!

Open an account and get started or give us a call: 800-566-0915