Get Your Virtual IBAN
Have you been searching for a bank account for your money services business (MSB)? Chances are if you are an MSB then finding an MSB Friendly Bank to work with is extremely difficult. A Virtual IBAN account is probably the solution you’ve been seeking.
What is a Virtual IBAN?
A virtual Internation Bank Account Number of IBAN is like a bank account. What makes it virtual is that it is not directly offered to you by the bank, but rather by a Licensed Payment Institution. You get an IBAN issued in your company’s name, and now you can send and receive electronic payments.A Virtual IBAN offers you pseudo banking services. The only thing you cannot do is deposit a check, write a check, get loans or credits, etc. But if your requirement is to have a US Dollar, Euro or British Pound Sterling based bank account, then you’ve come to the right page.
A Virtual IBAN offers you pseudo banking services. The only thing you cannot do is deposit a check, write a check, get loans or credits, etc. But if your requirement is to have a US Dollar, Euro or British Pound Sterling based bank account, then you’ve come to the right page.The offering is for a UD Dollar (USD), British Pound (GBP) and Euro (EUR) IBAN Payment Accounts.
The offering is for a UD Dollar (USD), British Pound (GBP) and Euro (EUR) IBAN Payment Accounts.
MSB Friendly Bank provided Virtual IBANs
The offering is provided by a Licensed Payment Institution (in Europe) under the arrangement with a Bank in Hungary. We also have German and Austrian accounts, however, they are slightly more expensive and only offer Euro IBANs at the moment. Please inquire separately.Because you are NOT involved in Forex Trading or Binary Trading, but still you deal with Foreign Exchange related accounts, you will be treated as low risk.
Because you are NOT involved in Forex Trading or Binary Trading, but still you deal with Foreign Exchange related accounts, you will be treated as low risk.
The one-time Setup fees charged by the institution is US$ 900.00
Our professional fees are US$ 8,500
As this is a payment account, operated by a bona fide payment institution, they charge for money coming into the account.
Payments coming IN to your account will be treated as follows:
- Payments Received Directly From Businesses (US$ 10.00 + 0.10%)
- Payments Received Directly From Individuals (US$ 5.00 or 0.50% whichever is greater)
If you receive payment IN from a high-risk merchant, then your account would be subject to review and you would be charged high-risk payment charge (high-risk would be gambling, forex trading, binary trading, casino, adult).
To maintain the account, fees of US$ 75.00 per IBAN per month would be applied.
At present, I am helping them grow their payout in local currency business. The following countries are in which local currency payout can be done:
- South Africa
- Euro Countries
- Czech Republic
- United Kingdom
- Hong Kong
More countries and additional LCR options are being added.
Fees for local currency payouts is: US$ 12.00 for amounts between $0 – $50,000
For countries not listed above, if you wish to do a payout in one of your denominated currencies for which you have IBAN for, then the fees is US$ 25.00 (in some exotic currencies and corridors the fees can be as high as US$ 40.00) – please ask for additional clarifications.
Every Pay-in and Pay-out business needs to be KYC’d, especially Pay-Out. The Institution has the right to ask you to explain what the payment is for and provide additional information on the pay-in/pay-out party.
You are charged a percentage only when money comes IN to your account.
You can convert between EUR, GBP and USD accounts, the FX commission is 0.25% charged by the operator and the MINIMUM size for conversion is going to be US$ 50,000 or equivalent. The normal cost is 1.0%
If are serious and would like to obtain a Virtual IBAN for your business. Please fill out the MSB Bank Account Application.
Please note, business such as binary forex trading, adult, gambling, etc. are not allowed. Bitcoin/Crypto Businesses are welcomed but only if you have no-cash and no-anonymity policy in your business.