Top 7 virtual IBAN providers in 2025: compare features and fees

Markets today are more global than ever – a business in Madrid, can sell a product directly to a consumer in Mumbai, Montreal, or Melbourne. But businesses of all sizes can still hit bumps in the road when sending or receiving cross-border payments. Traditional bank accounts often require you to set up separate banking relationships in each region, which can drive up costs and slow down sales.

Virtual IBANs can solve this. With them, you can centralise all of your incoming and outgoing funds in one place, so you don’t need multiple accounts to handle different currencies.

In this guide, we’ll take you through the top virtual IBAN providers for businesses in 2025. We’ll compare their fees, highlight their standout features, and discuss who each one suits, from CFOs managing international transactions, to eCommerce merchants, and digital nomads.  

What is a virtual IBAN?

A virtual IBAN (International Bank Account Number) is a digital account reference linked to a single physical “parent” account. You can read more about what they are and how to get one here.

They make handling international payments simpler, faster, and more cost-effective. Whether you’re running a global business, working with international clients, or managing cross-border transactions, virtual IBANs can help you streamline your finances.

They can lead to:

Lower costs – By receiving payments in the same currency your customers pay in, you can avoid unnecessary conversion fees and save money on foreign exchange fees.

Faster transactions – Many virtual IBAN providers support real-time or same-day payments, meaning your funds arrive quicker, helping with cash flow and reducing delays.

Operational efficiency – Instead of opening multiple bank accounts in different countries, a virtual IBAN lets you manage all international payments from a single account.

Better customer experience – Accepting payments in local currencies makes it easier for customers to do business with you, improving trust and reducing friction.

Regulatory compliance – Most virtual IBAN providers follow strict financial regulations, including PSD2, AML, and KYC compliance, ensuring that your transactions are secure and legally compliant.

For more background on IBANs, see What is an international bank account number (IBAN)?. If you need details on regional acceptance, see IBAN discrimination: what is it and what are my options?.

What to look for in a virtual IBAN provider

Your virtual IBAN provider will likely offer a suite of financial tools and solutions.

Fees and costs

Start by mapping out all charges that apply to your account. Look beyond any advertised monthly or annual fees and dig into the fine print:

Monthly or annual account charges: Some providers might charge a flat fee for account maintenance, while others waive it for basic tiers.

Transaction fees: Check fees for both domestic and international transfers. A higher flat fee might be balanced out by lower per-transaction costs.

Currency conversion rates: Providers sometimes add their own markups on top of the mid-market rate, so check these percentages and how they compare with competitors.

Miscellaneous or hidden fees: Check for SWIFT charges, withdrawal fees, or limits on free transactions each month.

Supported currencies and countries

Your provider should offer the currencies and geographic coverage your business needs:

Key currencies: Confirm support for widely used currencies like GBP, USD, EUR, and any others that are important for your operations.

Regional restrictions: If you plan on receiving or sending money in emerging markets, verify the provider’s coverage. Some virtual IBAN providers focus on established financial hubs, leaving limited options for other regions.

Security and compliance

Since you’re trusting a third party with your funds and sensitive data, security and regulatory compliance are really important:

AML/KYC: Ensure the provider follows Anti-Money Laundering and Know Your Customer guidelines to protect against fraudulent activity.

Fraud protection: Check transaction monitoring, encryption standards, and two-factor authentication to keep your accounts secure.

Transaction speed and payout times

Delayed payments can hurt your cash flow and annoy customers or vendors:

Real-time or near real-time transactions: Some providers can handle local or intra-network payments instantly, while international transactions typically take longer.

Settlement times: Check how soon funds clear in different currencies or regions. Faster settlement means quicker access to working capital and a smoother customer experience.

Scalability and suitability

A provider that works well for a small freelancer might not meet the needs of a large enterprise, and vice versa:

Range of features: If you’re just starting out, you might prioritise low-cost basic services. Larger enterprises might need multi-user account management, extensive reporting, and the ability to handle high transaction volumes.

Global reach: If your business expands, you’ll need a partner with the infrastructure to support new currencies, additional country coverage, and higher processing limits without compromising reliability.

Top virtual IBAN providers in 2025

1. Airwallex

Key features

Global multi-currency accounts with IBANs for collecting, holding, and spending in multiple currencies.

Local bank details including IBANs in key markets for seamless cross-border payments.

Real-time transaction tracking and instant currency conversion at near mid-market rates.

API-driven automation for businesses managing payments at scale.

You can read more about Multi-Currency Accounts or go straight to open an account.

Transaction fees

Monthly fees based on tiers. View pricing.

Transparent FX rates with no hidden markups

Availability

Local currency accounts available in 60+ markets including: Australia, Canada, Denmark, Europe (SEPA), Hong Kong SAR, Indonesia, Mexico, New Zealand, Poland, Singapore, UAE, UK, and the US. View full coverage map of Global Accounts.

Supports domestic and international transactions with local bank and branch codes.

Supported currencies

Major global currencies including GBP, USD, EUR, AUD, HKD, and more. View payout network.

Hold, spend, or convert without forced currency exchanges.

Security and compliance

60+ licences globally, and licensed in the UK by the Financial Conduct Authority as an authorised Electronic Money Institution.

Bank-grade security, including PCI DSS, SOC1, and SOC2 compliance.

Segregated client funds held with top-tier financial institutions.

You can learn more about this in the Trust Center.

2. Payset

Key features

• Consumer and SME solutions for virtual IBANs for multi-currency collections and payouts.

• Integrated prepaid cards for quick access to funds.

• Real-time tracking to reconcile inbound and outbound payments.

Transaction fees

• £49 per month after a promotional period.

• Transaction costs vary by currency corridor, with transparent FX markups.

Availability

• Strong footprint in the UK and Europe, plus select global regions.

• Supports local GBP and EUR details and cross-border payments worldwide.

Supported currencies

• GBP, USD, and EUR, plus a range of others (30+ in total).

Security and compliance

• Authorised by the UK Financial Conduct Authority (FCA).

• AML/KYC verification at onboarding, encrypted data handling.

3. OpenPayd

Key features

• Banking-as-a-Service (BaaS) with API integrations.

• Scalable for high-volume usage and embedded financial services.

Transaction fees

• Tiered pricing based on transaction volume and required features.

• Competitive FX rates, negotiable for enterprise clients.

Availability

• Regulated in the UK and the EU, with a growing network spanning global markets.

• Access to local payment networks like Faster Payments, SEPA Instant, and SWIFT.

Supported currencies

• GBP, EUR, USD, CHF, CAD, AUD, and some others.

Security and compliance

• Licensed as an Electronic Money Institution (EMI), overseen by the FCA.

• PCI DSS compliant and adheres to PSD2 requirements.

4. Wise (Business)

Key features

• Transparent foreign exchange rates at or near mid-market.

• Virtual bank details for multiple currencies (EUR, GBP, USD, AUD, etc.).

• Easy-to-use web and mobile apps, plus batch payments and accounting integrations.

Transaction fees

• One-time set-up fee for a business account in some regions.

• Pay-as-you-go transfers with percentage-based fees (~0.35%–0.6%).

• No monthly maintenance fees for standard usage.

Availability

• Covers many global markets, though features vary by region.

• Receives and sends payments in 160+ countries.

Supported currencies

• Over 40 currencies for holding and conversion, including GBP, EUR, USD, CAD, AUD, JPY, and more.

Security and compliance

• Licensed as a Money Service Business and Payment Institution in multiple jurisdictions.

• Strong Customer Authentication (SCA), AML, and KYC protocols.

5. Revolut Business

Key features

• Multi-currency IBANs and budgeting tools for freelancers and micro SMEs.

• Fast internal transfers among Revolut accounts.

Transaction fees

• Monthly subscription tiers, with accrued charges if you go over your allotted monthly allowance.

• Small FX markup once you exceed monthly allowance.

Availability

• Based in the UK, but operates across Europe, the US, Australia, Singapore, and other regions.

• Securing local licences to expand global availability.

Supported currencies

• 25+ major and emerging currencies, including GBP, EUR, and USD.

Security and compliance

• Regulated as an e-money institution under the FCA, with licences in other markets.

• PSD2-compliant features like instant notifications and card freeze/unfreeze options.

6. Rapyd

Key features

• Comprehensive global payment network, covering 100+ countries.

• Virtual IBANs for reconciliation in multiple currencies.

Transaction fees

• Region- and product-specific fees; larger clients often negotiate custom pricing.

• Monthly or platform subscription fees may apply, plus FX margins for conversions.

Availability

• Broad coverage across the Americas, Europe, Middle East, Asia, and Africa.

• Supports local payment methods in 100+ markets.

Supported currencies

• Can hold and transact in 25+ major currencies.

• Offers local payouts in 70+ currencies.

Security and compliance

• Licensed in multiple jurisdictions worldwide.

• AML/KYC checks, PCI DSS compliance, and PSD2 in the EU.

7. Payoneer

Key features

• Widely used global service for receiving and sending cross-border payments.

• Virtual receiving accounts in USD, EUR, GBP, CAD, AUD, JPY, SGD, HKD, AED, etc.

• Debit card options and integration with freelance and e-commerce platforms.

Transaction fees

• Percentage-based fees (often 0.5%–2%) for currency conversions.

• Potential withdrawal fees for local bank accounts; annual charge for Payoneer cards if used.

Availability

• Operates in over 190 countries and supports 150+ local currencies.

• Integrated with Amazon, Upwork, Fiverr, and more.

Supported currencies

• Around 10+ primary receiving currencies.

• Converts to many other currencies when withdrawing to local banks.

Security and compliance

• Regulated as a Money Service Business in multiple regions (US, EU, etc.).

• Multi-factor authentication, robust encryption, and AML/CTF compliance.

Why choose Airwallex as your virtual IBAN provider?

Airwallex is designed for businesses that operate globally. It’s a faster, more secure, and cost-effective way to send and receive international payments. Unlike traditional banks, Airwallex removes unnecessary fees, slow processing times, and complex setup requirements, making it an excellent choice for businesses managing international cash flow.

Through a new partnership with ClearBank, Airwallex can now issue virtual accounts and IBANs. This means businesses can:

• Receive GBP payments directly into their Airwallex account using UK IBANs

• Access UK payment schemes, including Faster Payments, BACS, and CHAPS

• Use Confirmation of Payee (CoP) to verify recipient details and reduce payment errors

• Simplify global transactions with Airwallex

And in other locations, Airwallex helps you:

• Pay international suppliers and staff securely, without high fees or long delays

• Accept payments from global customers with local bank details in 20+ currencies across 60+ countries

• Open accounts instantly, with no need for traditional banking setup processes

• Transfer funds to over 150 countries in 60+ currencies at interbank rates, and 100+ currencies priced on the spot market

• Expect 90% of transactions to clear within a day, with 65% settling instantly

Simpler, faster, and more cost-effective global payments

Whether you’re an SME or multinational business, virtual IBANs are a centralised way to manage international transactions. They can help you reduce costs, improve cash flow, and streamline financial operations. 

With a virtual IBAN from Airwallex, you can:

• Reduce costs by avoiding hidden FX markups and unnecessary conversion fees.

• Improve cash flow with instant local payments in multiple currencies.

• Streamline financial operations by consolidating transactions into a single, easy-to-manage account.

Sources and references

For more information on Airwallex, visit Airwallex Business Account and Airwallex pricing.

1. payset.io/multi-currency-iban

2. openpayd.com/virtual-ibans/

3. wise.com/gb/virtual-card/

4. revolut.com/business/multi-currency-accounts/

5. rapyd.net/products/global-accounts/virtual-accounts/

6. payoneer.com/local-bank-account/

Disclaimer: We wrote this article in Q1 2025. The information was based on our own online research and we were not able to manually test each tool or provider. The information is provided for educational purposes only. Consider the specific requirements of your business when evaluating providers. If you would like to request an update, feel free to contact us at [email protected].