What is a Virtual Account?
Rapyd Virtual Accounts are digital account numbers, like virtual IBAN accounts, linked to your Rapyd Wallet. These accounts are country-specific and function as local bank accounts in their respective countries. Users can receive payments via bank transfers in their local currency using these account numbers, which can be reused as long as the Rapyd account is active.
Why Use Virtual Accounts?
Virtual Accounts provide a fast, digital, and cost-effective solution for international payments. By utilizing Virtual Accounts through Rapyd, businesses can streamline their payment processes, reduce costs associated with cross-border transactions, and offer a seamless payment experience to their global workforce or partners.
How to Create Virtual Accounts
Creating Virtual Accounts with Rapyd is a straightforward process. Users can refer to the documentation provided by Rapyd to understand the steps involved in setting up Virtual Accounts. By following the guidelines, businesses can easily generate Virtual Account numbers tailored to specific countries, enabling efficient payment handling for their international operations.
Cost of Virtual Accounts
Rapyd offers Virtual Accounts at competitive pricing, making it a cost-effective solution for businesses of all sizes. By leveraging Rapyd's Virtual Accounts, companies can avoid hefty fees associated with traditional cross-border payments and achieve significant savings in their international payment operations.
Getting Paid with Virtual Accounts
Using Rapyd's Virtual Accounts, businesses can receive payments from their global clientele in a seamless and efficient manner. With Virtual Accounts acting as local bank accounts in various countries, companies can easily collect payments like a local entity, enhancing their operational efficiency and customer service.
Sending Payouts with Virtual Accounts
Rapyd's Virtual Accounts also facilitate the smooth disbursal of funds to international recipients. By utilizing Virtual Accounts for payouts, businesses can ensure timely and secure transfer of funds to their workforce, partners, or beneficiaries across different geographies, eliminating the complexities associated with traditional payout methods.