What is a Virtual bank ?
As the name says it is a “Virtual” Financial institution that handles all it’s transactions through web
,It doesn’t include any on-ground demands
Also will let you Pay & Receive any transactions online with no issues and gives you the option to monitor your bank account 24/7 just through your mobile !
Virtual banks nowadays are being used by most of the Freelancers & Merchants due to it’s high efficiency in getting global payments done in very easy and secure way,
Also because of it’s like a shortcut from all the on-ground bank’s paper work
which is with no doubt is a serious headache for teenagers and young freelancers
The answer is simple, If you’re 18+ then you’re qualified to sign up for an account, And most of the users of online Banks like Payoneer are non-american citizens
That’s because some online programs only accepts payments through U.S banks
Or they may charge extra fees for international banks payments.
So it’s a lot easier and cheaper to create an account for any of the banks online
Note: Most of the well known virtual banks are related to American banks
What’s the best Virtual bank to sign up for ? (Our team’s POV)
With that being said, let me reveal the answer with one word ( Payoneer )
This’s not a paid advertisement or anything, But Me and My team tried a lot of services along the past 3 years while building our business and we got a serious issues with a lot of banks till we signed up for a Payoneer accounts,
First of all, We used to work at Fiverr a lot and when it was time to withdraw our funds we found limited options to transfer our funds to,
Then there was an option for Payoneer transferring so we signed up and the payments were transferred With VERY LOW FEES .
Then we needed to get cash on hand rather than online cash,
So, We ordered a Card for our account and it was delivered in less than 14 days or so. ( And that’s pretty good comparing to other deliveries to our country )
Also there support agents were very helpful when we wanted to know more about global payments system.
The only issue at Payoneer is that if you want an express transaction you’ll pay a little bit more to get it done in minimum time possible
One time we had the original fees as 0.80 Cents and transaction will be completed in 3 Business days
But if we wanted to get it done in 1 Business day then We need to pay 2$ instead of 0.8$
And actually we’re cool with 3 Business days so we didn’t face any more issues so far.
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