Free Virtual Bank Account Providers

Where can you get an instant virtual bank account? Free virtual bank accounts can be much more convenient and involve a lot less bureaucracy and paperwork than accounts with traditional banks. They also tend to be cheaper (free!) and offer a lot more flexibility, especially when it comes to international payments. Global virtual bank account providers, such as Wise.com and Revolut, are serving both private and business customers in the US, the EU and other countries.

Some online banks listed in this article provide free virtual IBAN account and are also ideal for virtual bank account for non-residents. Here’s a quick summary:

What is a virtual bank account?

• A virtual bank account is a bank account that you can get without physically visiting a bank premise. You do not need to fill in any paperwork or send stuff by normal mail. Often there is a video-call to verify your identity or alternatively, you have to send photos of your ID.
• Virtual bank accounts are regulated by the European Union, the United States, or other national authorities making your funds secure. Though be aware that not all of these providers have proper bank accounts and in these cases your funds are not guaranteed in case of the institution going bankrupt. If the institute does have a full bank license you have some form of guarantee of your funds up to $250,000 in the US under FDIC or up to 100,000 euro in the EU.
• Many virtual bank providers offer free or cheap Visa or Mastercard debit cards. Credit cards are an exception. Most also offer free to open virtual bank accounts, but do charge for extra features. Wise Multicurrency is overall the cheapest option for a virtual bank account with IBAN and comes with the least additional “premium” features.

Open a free virtual bank account in Europe

You can now open a free virtual bank account with many of the providers such as Wise, Revolut and N26. Another well known virtual bank account provider is Payoneer, but using Payoneer is not for free. Depending on your usage, we would either advise to use Wise or N26.

Wise is available from more countries and is very useful if you even want a US bank account besides a European IBAN virtual account. N26 is also nice, especially for consumers or freelancers. All these providers come with a virtual bank account with IBAN, which allows you to make and receive free payments in for example the SEPA zone in Euros, which includes nearly all European countries.

US Virtual Bank Account

Most virtual bank account in USA are only available for residents of the United States, but there are exceptions including Zenus Bank, which offers US Bank Accounts for Non-Residents.

Nowadays, there’s a growing number of virtual bank accounts in the US. However, US virtual account we would recommend include the following:

Wise

Wise provides a free virtual bank account in the US, with no monthly fees or minimum balances. Wise is a lot cheaper than most banks and fintech, offering most options for free including cheaper and faster international transfers. Although it’s not a traditional bank, Wise offers numerous benefits. You can send money at low fees and access the mid-market exchange rate, as well as convert between 50+ currencies whenever needed.

Additionally, you can receive international payments in various currencies using your US local bank details, available in 10 major currencies, including USD and euro. It’s a good option if you are looking for a euro account in the US. Wise also offers a debit card for a one-time fee of $9 USD, allowing spending in local currencies across 174 countries.

Wise also offers the option to open a Wise Business account, which provides various additional benefits. With a Wise Business account in the US, you can receive payments from e-commerce platforms such as Amazon or via Stripe. Additionally, you have the ability to create invoices using the free Wise invoice generator or invoice templates, as well as access accounting integrations, including a QuickBooks. Moreover, the Wise Business account offers batch payment options, allowing for fast payments to up to 1,000 people.

Revolut

Revolut is an online banking and financial services company that started in the US in 2020. It offers personal and business multicurrency accounts, allowing you to send, receive, and exchange money in over 25 currencies without any fees. Additionally, it provides debit cards, stock trading, and accounts for teenagers, among other services. Its Standard plan doesn’t have monthly fees.

While Revolut is friendly to cryptocurrency, it doesn’t offer cryptocurrency trading in the USA. However, you can invest in global companies commission-free with as little as $1. Its savings account offers up to a 4.25% Annual Percentage Yield. Other features include Early Salary, which lets you access your paycheck up to two days early, invoicing tools, expense management, team management tools, and integration with accounting software like Xero, QuickBooks, and Sage.

Sign up for Revolut US

Axos Bank

Axosis regarded as one of the top online banks in the US, offering a wide range of services including checking and savings accounts, personal and business loans, and mortgages. While there are no minimum balance requirements, you’ll need $50 to open an account. They also provide automated, commission-free trading for stocks and ETFs in their investment accounts.

Furthermore, Axos offers joint accounts alongside personal and business options. Their deposit accounts are FDIC insured up to $250,000 for individual accounts and $500,000 for joint accounts.

Chime

Chime is a leading fintech company offering free online banking services in the US with no monthly fees or minimum balance requirements. It also boasts no foreign transaction fees and access to over 60,000 fee-free ATMs at popular retailers like Walgreens, CVS, 7-Eleven, and Circle K. Notable features include early direct deposit, fee-free overdraft protection up to $200 on debit card purchases, and the option to build credit history without annual fees or interest increases through their secured credit card.

Additionally, Chime’s Savings account offers a competitive 2.00% Annual Percentage Yield (APY) with Automatic Savings features, and there are no fees associated with the Savings Account. Chime’s banking services are provided by The Bancorp Bank or Stride Bank, both members of FDIC, ensuring that funds are FDIC insured up to $250,000.

Payoneer

Payoneer’s virtual bank account in the US offers a convenient way for freelancers, businesses, and individuals to receive payments from companies worldwide. With Payoneer, you get a US bank account number and routing number, making it easy to receive payments internationally without the hassle of visiting a physical bank. This virtual account supports various currencies and provides tools for invoicing, expense management, and fund withdrawal. Payoneer account simplifies cross-border payments and financial management for users around the globe.

One of the great things about Payoneer’s virtual account is that it’s easy to use and accessible to anyone, regardless of their location. Whether you’re in the US or another country, you can sign up for a virtual account in the US as a non resident with Payoneer and start receiving payments from international clients or marketplaces like Amazon, Upwork, or Fiverr.

Current

Current is another fintech company that provides virtual banking services in the US. It offers features like building credit using the money in your account, enabling AutoPay for timely payments, and no fees like annual fees, minimum balance requirements, or bank transfer fees. With Current, you can enjoy fee-free overdraft protection and earn cash back from your debit card purchases. The Current app also allows convenient mobile check deposits. Additionally, Current offers a Teen Account that allows parents to block certain merchants and simplifies tax filing through their tax filing partner, Column Tax.

Virtual bank account in UK

You can also open a virtual bank account in the UK. The neobank space is thriving in the country just like other parts of Europe. Most virtual accounts in the UK nowadays can also come with an IBAN, which makes cross border payments to the other countries in the European SEPA zone a lot easier and cheaper.

Options available include Revolut that comes with an UK IBAN number, Account Number and Sort Code. Wise also allows you to open a Virtual bank account in UK with your own Account Number and Sort Code, a multicurrency account, including euro or US Dollar account. With Wise you can hold and manage money in more than 50 currencies. This lets you avoid exchange rate costs.

Other examples for virtual bank account UK include Monese. Just like the ones above, you don’t need to provide a proof of address; however, the account is available only to residents of the UK and the European Economic Area, which includes almost all European countries. This means you can open a British bank account from Spain and get a UK based IBAN bank account number. Atom bank, on the other hand, only supports UK citizens and residents.

Opening a virtual bank account in the UK with Starling Bank and Monzo, may give you better experiences as the offered apps are pretty lean, but the account does require you to be an official resident of the UK.

Virtual bank account in Canada

If you want to open a virtual bank account in Canada you need a Canadian photo ID. A foreign passport or study permit will not work in most cases. For more information on Canadian bank accounts check your rights on this official Canadian government website. You may be able to open a bank account if you’re not a Canadian citizen or if you live in another country, it says.

Further Reading

• Why virtual banks are the future
• What are the requirements to open a bunq account?
• List of countries from where you can get USD borderless account

The traditional banking system is about 150 years old by now. Someone is going to come along, take a chunk out of financial services, and start the ball rolling on a non-trivial amount of disruption in that space. – Why is everyone a bank?