Virtual IBAN - Frequently asked questions

You will find the answers to the most common questions about Virtual IBANs here. If you can’t see the answer to your question below please contact [email protected]

What is a Virtual IBAN?

Your Virtual IBAN is an international bank account in the name of your business. The account can send and receive funds through SEPA, CHAPS/UK Faster Payments and through International SWIFT network. Any funds sent to your Virtual IBAN are automatically credited to your linked pre-funding account. Once you have set up your Virtual IBAN, you will also be able to send funds from your pre-funding account to external bank accounts (within the existing rules and limits of your program).  Funds sent to external bank accounts will show your business name as the payor.

Which country will the IBAN be issued by?

The multi-currency IBAN to be used for SWIFT transfers is issued by Denmark.

The EUR IBAN for SEPA transfers is issued by Germany.

The GBP IBAN for Faster Payments / CHAPS transfer is issued by the UK.

Is this service available for both business accounts and card accounts?

Yes, but there are differences between these two services. Please click here for the cardholder IBAN service.

Is the IBAN service available to all WaveCrest Business Partners?

Virtual IBANs are offered in partnership with WaveCrest’s solution provider. Qualification criteria for Virtual IBANs is different to WaveCrest’s KYB criteria for business partner accounts. This service is not available to companies doing business in some higher risk industries, such as cryptocurrency, precious metals and stones, armaments and defence manufacture and sales.

When you complete the request form, the WaveCrest team will determine your eligibility.

Can I make USD transfers to my Virtual IBAN?

You can make USD transfers to your Virtual IBAN. We will credit your USD pre-funding account with the USD equivalent amount received in the Virtual IBAN.

Can I use this IBAN to both receive money to my pre-funding account and send money from it?

Yes.

Can I send funds to my Virtual IBAN in a currency other than my pre-funding account currency (eg. send JPY to my USD account)?

Yes, you can send funds to your Virtual IBAN in any of the 24 currencies that are supported. If the incoming funds are in the same currency as one of your pre-funding accounts, they will automatically be credited to the respective pre-funding account (eg. EUR funds received will be credited to your EUR pre-funding account). If you don’t have a pre-funding account in the same currency as the funds received, the funds will be converted to the ‘default currency’, which you will choose during enrolment and be credited to the respective pre-funding account. (eg. If you have chosen USD as your default currency, funds received in JPY or CAD will be automatically be converted to USD and be credited to your USD pre-funding account).

What will the currency exchange rate be?

Currency rates fluctuate but funds are converted at competitive market rates.

Can I change my default currency?

You can log in to your Business Partner account and change the default currency associated with your multi-currency Virtual IBAN.

Which currencies can I make transfers in?

For currencies supported by Multi-Currency IBAN, click here.

Can I send money in a currency other than these 24 currencies?

If you send money in a currency other than the 24 currencies supported by multi-currency IBAN, the originating bank will convert the funds to GBP, and the funds will be posted to your GBP pre-funding account. If you do not hold a GBP pre-funding account, it will be converted to your default currency and be credited to the corresponding pre-funding account.

Alternatively, you can instruct your originating bank to convert and send the funds in the currency of your pre-funding account. Funds will then be received in your Virtual IBAN, in your desired currency and will be credited to your corresponding pre-funding account.

Can businesses or individuals other than our company send funds to our IBAN?

Transfers to your Virtual IBAN from other businesses (companies) is allowed. Transfers from individuals are not allowed and may be rejected.

Can I send money to bank accounts that are not in our company’s name?

Yes, you may send money to bank accounts not in your company’s name. Payments will show your company as the Payor.

When I send money to a bank account, whose name will appear as the sender?

Your business name will appear as the ‘sender’ on the bank statement of the recipient’s account.

Will it be possible to send/receive SEPA transfers?

You must use your EUR IBAN to send and receive SEPA transfers.

Will it be possible to send/receive UK domestic transfers?

You must use your GBP IBAN to send and receive UK domestic transfers (Faster Payments / CHAPS)

Will it be possible to send/receive international transfers?

You must use your Multi-currency IBAN to send and receive international transfers.

Which countries can I send money to?

You can send money to most countries except those listed in the UN sanctions list.

Will the funds received be automatically credited to my pre-funding account?

Funds received in the Virtual IBAN will be credited to your pre-funding account by 9:00 pm CEST/CET on the same day as receipt of funds. Funds received after 9:00 pm CEST/CET are credited to your pre-funding account the next day.

How long will it take for the funds to be credited to my pre-funding account after the transfer is initiated?

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.

Will the SEPA transfers be credited to my pre-funding account on the same day?

Funds received in your Virtual IBAN before 9:00 pm CEST/CET are credited to your pre-funding account the same day. Funds received after the cut-off time are credited the next day.

What is the application process for the Virtual IBAN service?

In order to apply for the virtual IBAN service, you must first complete the form available here, to determine your eligibility for this service.

Alternatively, you may

  1.       Log in to your Business Partner Portal and navigate to the “Add Funds” page under “Business Account”.
  2.       Navigate to “Transfer to Exclusive IBAN” tab and request your exclusive IBAN.
  3.       Provide answers to the questions asked, and submit your request.

We will reach out to you with additional details that we may require in order to complete your application process.