Use Virtual Account on Wonder App

What is a Virtual Account?

‍Virtual accounts are bank accounts that have no physical existence, are temporary, and transact on behalf of a real, physical account. Virtual accounts function just like physical accounts. They have an account number of their own and can transact payments smoothly.

Virtual accounts function similarly to standard bank accounts. They have their own account numbers, streamline incoming and outgoing transactions, and help users maintain their balances. The most notable difference is that virtual accounts cannot actually hold money. They receive it, collect necessary information about the sender, and pass it over to a primary account.

Virtual accounts, on the other hand, are fully-automated and function in real time. Therefore, they’re able to present the most accurate bank account balance. With no margin for error or unnecessary management, they’re streamlined and efficient.

How Do Wonder Virtual Account Work?

Wonder Virtual Accounts function similarly to standard bank accounts. They will have their own account numbers, streamline incoming and outgoing transactions and help you maintain your balances.

Wonder Virtual Account’s most notable difference from a traditional bank account is that it does not actually hold money. It receives money, collects necessary information about the sender, and passes it over to a primary account.

Why Do You Need a Wonder Virtual Account?

Wonder Virtual Accounts are fully-automated and function in real time. Therefore, compared to traditional bank accounts, they are able to present the most accurate bank account balance; with no margin for error or unnecessary management, they are streamlined and efficient.

Can Virtual Accounts Hold Balances?

Because virtual accounts are extensions of a physical bank account, many of them cannot hold balances. It’s advantageous to pair them with a ledger, which is a book-keeping system that tracks all of your business transactions.

How to Activate a Virtual Account

1. On the home page, open Global Accounts and select a currency.

2. Open Account Details.

3. Tap Activate Virtual Account.

4. The app asks you to confirm: Activate Virtual Account. You will be able to accept payment in all available currencies with the same virtual account. Tap Confirm. Tap Back to leave without activating.

5. The app shows Virtual Account Created. If it is still being created, Account Details shows Creating Virtual Account and Our system is processing your request. Please check back later.

In some countries the app shows Virtual Account Feature Coming Soon instead.

How to receive a transfer

On Account Details, copy these fields:

• Bank Information: Bank Name, Bank Address
• Account Overview: Beneficiary Name, Bank Code, Branch Code, Account Number, SWIFT Code

Branch Code shows Not applicable. Please do not use.

When you share the details, Branch Code is Not Required.

To add funds, see How to add fund to your Global Account.