Revolutionizing International Payments with Rapyd's Virtual Accounts

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Revolutionizing International Payments with Rapyd's Virtual Accounts

What is a Virtual Account?

Rapyd Virtual Accounts are digital account numbers, like virtual IBAN accounts, linked to your Rapyd Wallet. These accounts are country-specific and function as local bank accounts in their respective countries. Users can receive payments via bank transfers in their local currency using these account numbers, which can be reused as long as the Rapyd account is active.

Why Use Virtual Accounts?

Virtual Accounts provide a fast, digital, and cost-effective solution for international payments. By utilizing Virtual Accounts through Rapyd, businesses can streamline their payment processes, reduce costs associated with cross-border transactions, and offer a seamless payment experience to their global workforce or partners.

How to Create Virtual Accounts

Creating Virtual Accounts with Rapyd is a straightforward process. Users can refer to the documentation provided by Rapyd to understand the steps involved in setting up Virtual Accounts. By following the guidelines, businesses can easily generate Virtual Account numbers tailored to specific countries, enabling efficient payment handling for their international operations.

Cost of Virtual Accounts

Rapyd offers Virtual Accounts at competitive pricing, making it a cost-effective solution for businesses of all sizes. By leveraging Rapyd's Virtual Accounts, companies can avoid hefty fees associated with traditional cross-border payments and achieve significant savings in their international payment operations.

Getting Paid with Virtual Accounts

Using Rapyd's Virtual Accounts, businesses can receive payments from their global clientele in a seamless and efficient manner. With Virtual Accounts acting as local bank accounts in various countries, companies can easily collect payments like a local entity, enhancing their operational efficiency and customer service.

Sending Payouts with Virtual Accounts

Rapyd's Virtual Accounts also facilitate the smooth disbursal of funds to international recipients. By utilizing Virtual Accounts for payouts, businesses can ensure timely and secure transfer of funds to their workforce, partners, or beneficiaries across different geographies, eliminating the complexities associated with traditional payout methods.

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Revolutionizing International Workforce Payments with Rapyd Virtual Accounts

Understanding Virtual Accounts

Rapyd Virtual Accounts are account numbers, such as virtual IBAN accounts, that are linked to your Rapyd Wallet. These accounts are assigned to a specific country and act as local bank accounts within that country. They resemble standard bank account numbers, allowing customers to easily make bank transfers in their local currency. Moreover, customers can reuse the same account number as long as their Rapyd account remains active.

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Rapyd operates as a group of regulated entities offering payment services across various jurisdictions. Depending on your business's location and the type of service you need, different Rapyd entities may be involved in providing these services. To ensure the best fit for your requirements, specific information about your company will be requested during the onboarding process. For example, if your business is based in Germany, you will be onboarded to Rapyd's European entity. Once the appropriate Rapyd entity is identified, the jurisdiction-specific terms and conditions that govern the relationship will apply. It is essential to note that if you have already signed a partner agreement with Rapyd, the jurisdiction-specific terms and conditions may not apply.

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