Virtual Account

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- Go to your "Global Accounts" to select a currency

2- Go to Account Details

3- Select "Activate Virtual Account" at the bottom of the page

4- Our system takes approximately 5 minutes to activate the virtual account, please come back later to check.

How to Receive Local Transfers

For Local FPS and RTGS Transfers please remember not to input Bank Code and Branch Code into Account Number field.

How to Receive International Transfers

For International SWIFT Transfers please use all the given data