November 21, 2022
If you are a merchant accepting several currencies in your webshop, understanding what virtual IBAN account numbers is absolutely crucial. To grow your webshop and to create a smoother experience for anyone spending various currencies there, virtual IBAN numbers are a definite upgrade – here’s everything you need to know about them.
What’s an IBAN number?🔢
IBAN, or International Bank Account Number is a code associated with any given bank account number. As its name suggests, it helps banks identify accounts whilst processing money transfers worldwide. It can be made up of up to 34 letters that identify the country, the check’s number, the bank’s location, and the account’s details. Whenever you’re sending money to or receiving it from a foreign account, IBAN numbers come to play.
What’s a virtual IBAN and how’s it different?🤔
Now that you’re familiar with the acronym, virtual IBAN doesn’t sound that mysterious either. Virtual IBAN numbers are issued by banks to allow the payments your business receives to be rerouted to a physical bank account.
For your business, each virtual IBAN account number you have linked to your master account allows you to accept payments in that given currency. So, you’ll have a dedicated virtual IBAN number for every currency you’re using.
So, a virtual IBAN number essentially transforms your e-money account into a payment account. This makes transfers and top-ups much easier and more familiar – especially when it comes to digital wallets like Barion Wallet.
Virtual IBAN and Barion Wallet👛
For long-time users of Barion Wallet, topping up digital wallets has been a rather error-prone process. You had to use a uniquely generated top-up code which then had to be copied in the notes field while making the transfer. This could result in mistakes during typing, which made the process even more time-consuming. With the introduction of virtual IBAN numbers, you merely need to copy-paste your virtual IBAN account number while making a money transfer for topping up your digital wallet – without having to copy any top-up codes.
Listen to our very own Sándor Kiss, CEO at Barion, explain virtual IBAN:
As of today, Barion Wallet users have dedicated virtual IBAN account numbers for EUR, USD, and HUF currencies, with CZK also on the roadmap. You can get started by opening an account here.
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