Cardholder IBAN FAQ's

About MyChoice Virtual IBAN

Your Virtual IBAN is an international bank account number dedicated to adding money to your MyChoice card. The account can receive funds via wire transfers. Any funds sent to your Virtual IBAN are automatically credited to your linked MyChoice card account.

You can use your Virtual IBAN to add money to your card. Just wire funds / make a funds transfer to your dedicated Virtual IBAN. Any funds received in your Virtual IBAN will be credited automatically to your linked MyChoice card account. You can also share your Virtual IBAN with your employer or any third party to receive payments from them onto your card.

The EUR IBAN is issued from Germany.

The GBP IBAN is issued from the UK.

How do I get a Virtual IBAN

Virtual IBAN is an optional feature for verified cardholders (KYC2) only. If you require a Virtual IBAN, you must request it from the Cardholder Portal, and accept the terms and fees around a Virtual IBAN.

To request a Virtual IBAN, you must login to the Cardholder Portal (www.cardholderonline.com) and navigate to Add Funds > Using Bank Transfer. The capability to request a Virtual IBAN from your mobile app will be available soon.

It is only available to certain approved partners; and to verified cardholders.

The Virtual IBAN capability is available for both Virtual and Plastic Cards.

The Virtual IBAN capability is available for both Virtual and Plastic Cards.

No. The Virtual IBAN capability is available only for verified MyChoice cardholders.

Each MyChoice card can get two IBANs: a GBP IBAN for UK domestic bank transfers and/or a EUR IBAN for SEPA transfers. And either can be used for any other global transfers (thru SWIFT).

You can request either a SEPA or UK IBAN depending on where you send the money from (source account country). If you expect to receive payments from within SEPA as well as from UK, you can request two IBANs. Alternatively, if you expect to receive payments from outside SEPA/UK, you can choose either of the IBANs, based on your MyChoice card’s currency.

No. Every IBAN is linked to only one card account. You must request multiple IBANs, if your requirement is to receive payment on multiple cards.

How to use the Virtual IBAN

Yes. The topping up of MyChoice cards from bank accounts is the primary use for a Virtual IBAN.

Yes. You can give your Virtual IBAN to your employer. Funds deposited in your Virtual IBAN will automatically be credited to the linked card account.

You can share your Virtual IBAN with other individuals (called third parties). Third parties can transfer funds to these IBANs using standard bank transfer / wire transfer. The funds deposited in your Virtual IBAN will automatically be credited to the linked MyChoice card account.

You are not allowed to receive funds from UN sanctioned countries.

You can receive SEPA transfers in your SEPA (EUR denominated) IBAN.

You can receive funds through UK Faster Payments or CHAPS in your GBP denominated IBAN.

You can make International SWIFT transfers to any of your Virtual IBANs.

Funds are received by us in the currency of your Virtual IBAN. EUR denominated IBANs will receive funds in EUR and GBP denominated IBANs will receive funds in GBP, irrespective of the source account currency. Once we receive the funds in the IBAN, we credit the equivalent amount to the linked MyChoice card account. If the IBAN currency and the linked card currency are different, we will do a currency conversion (at competitive rates) before crediting the card account.

Funds are received by us in the currency of your Virtual IBAN. EUR denominated IBAN will receive funds in EUR and GBP denominated IBAN will receive funds in GBP; irrespective of the source account currency. Once we receive the funds in the IBAN, we credit equivalent amount to linked card account. If the IBAN currency and the linked card currency are different, we will do currency conversion (at competitive rates) before crediting the card account.

Funds are received by us in the currency of your Virtual IBAN. EUR denominated IBANs will receive funds in EUR and GBP denominated IBANs will receive funds in GBP, irrespective of the source account currency. Once we receive the funds in the IBAN, we will credit the equivalent amount to your linked MyChoice card account. If the IBAN currency and the linked card currency are different, we will do a currency conversion (at competitive rates) before crediting your MyChoice card account.

Funds are received by us in the currency of your Virtual IBAN. EUR denominated IBANs will receive funds in EUR and GBP denominated IBANs will receive funds in GBP, irrespective of the source account currency. Once we receive the funds in the IBAN, we will credit the equivalent amount to your linked MyChoice card account. If the IBAN currency and the linked card currency are different, we will do a currency conversion (at competitive rates) before crediting your MyChoice card account.

Funds are converted at competitive market rates.

You can request either EUR or GBP IBANs (depending on your preference and where you are going to send the money from). We will convert the funds received in EUR / GBP IBAN to USD and credit to your card account.

Funds are credited to your pre-funding account after they are received in your Virtual IBAN. It may take up to 5 business days for the funds to appear in your Virtual IBAN based on the country of origination. SEPA transfers or domestic transfers are usually completed in a day, while international transfers may take more time. Your sending bank should be able to tell you how much time it may take for the funds to arrive in your Virtual IBAN, based on the country of the IBAN.

Virtual IBANs are in the name of WaveCrest — the issuer for MyChoice Card.

No. Virtual IBANs are only allowed to receive funds to be credited to the linked MyChoice card account.

No. You cannot set up direct debits from your Virtual IBAN.

Fees & Limits

There are no fees for receiving funds. There is a onetime setup fee of USD 5.00, EUR 5.00 or GBP 5.00 GBP depending on your MyChoice card’s default currency.

Your card monthly maintenance fee will increase from 1.00 to 3.00 (USD, EUR or GBP)

There is a onetime setup fee of USD 5.00, EUR 5.00 or GBP 5.00 GBP depending on your card’s default currency. Your card monthly maintenance fee increases from 1.00 to 3.00 (USD, EUR or GBP)

There will be two setup fees of USD 5.00, EUR 5.00 or GBP 5.00 GBP each per IBAN request, depending on your card’s default currency. Your card monthly maintenance fee will be increased from 1.00 to 3.00 (USD, EUR or GBP)

There will be a setup fee of USD 5.00, EUR 5.00 or GBP 5.00 GBP depending on your card’s currency, per IBAN request.

Your card monthly maintenance fee will be increased from 1.00 to 3.00 (USD, EUR or GBP) per card.

There are no fees for receiving transfers

Yes. Please check the limits section here.