A virtual bank account, also known as a digital bank account, is a fully online banking service that allows you to manage your money from anywhere without visiting a physical branch. You can send/receive money, make purchases, pay bills, and even receive a debit or virtual card.
These accounts are often provided by neobanks (digital-only banks) or financial technology companies (fintechs).
Why Open a Foreign Virtual Bank Account?
Opening a virtual bank account in a foreign country has many advantages, including:
Multi-currency accounts: Easily hold and manage multiple currencies.
Lower fees: Save on international transaction and conversion fees.
Access to global markets: Ideal for e-commerce sellers or freelancers with international clients.
Remote access: Manage your account from anywhere with internet access.
No residency required: Some banks let you open an account without living in the country.
Requirements to Open a Virtual Bank Account Abroad
The requirements may vary depending on the provider and country, but most virtual banks will ask for:
Valid passport or ID
Proof of address (e.g., utility bill, lease agreement)
Phone number and email address
Tax ID or national insurance number (for some countries)
Selfie or video verification (to confirm identity)
Some accounts are easier to open than others, especially if you choose a fintech company that doesn’t require a local address.
How to Open a Virtual Bank Account Abroad: Step-by-Step
Here’s a general step-by-step guide that works for most countries and platforms:
Step 1: Choose the Right Provider
Decide whether you want a personal or business account. Then research the best virtual banks for your needs. We’ll list some options below by region.
Step 2: Check Eligibility
Each bank or app has different eligibility rules. Some accept users worldwide, others only from certain countries. Read their FAQ or contact support if unsure.
Step 3: Register Online
Go to the provider’s website or download their mobile app. Fill out the application form with your name, email, and phone number.
Step 4: Submit Documents
Upload scanned copies or photos of your ID, proof of address, and other required documents. Some platforms ask for a selfie or short video.
Step 5: Get Approved
Verification can take a few minutes to a few days. Once approved, you’ll get account details, and in some cases, a debit or virtual card.
Step 6: Start Using Your Account
You can now send/receive money, make purchases, or integrate the account with PayPal, Stripe, Amazon, etc.
Best Virtual Bank Options by Region
Europe
Wise (formerly TransferWise): UK-based; supports 50+ currencies; ideal for freelancers and small businesses.
Revolut: Offers personal and business accounts; supports stock and crypto trading.
N26: Based in Germany, operates across the EU; offers travel insurance and budgeting tools.
North America
Payoneer: Popular for freelancers and remote workers; allows receiving money in USD, EUR, GBP, and more.
Chime (USA): Great for US residents; no monthly fees or overdraft charges.
Mercury (USA): Best for startups and tech companies; US-based bank account for non-residents.
Asia
Airwallex: Perfect for cross-border businesses; offers multi-currency wallets and cards.
Payoneer (again): Strong presence in Asia; used widely by freelancers in India, Pakistan, and Bangladesh.
Wise: Also a top pick for Asian users wanting to receive USD/EUR payments.
Middle East & Africa
Eversend: Great for users in Africa; offers multi-currency wallets, remittance, and bill payments.
Chipper Cash: Popular in countries like Nigeria, Ghana, and Uganda.
Wise & Payoneer: Still among the most reliable options.
Latin America
Nubank (Brazil): Popular in Brazil; offers easy account setup and good support.
Wise & Payoneer: Reliable for freelancers and online workers in the region.
Tips for Choosing the Right Virtual Bank
Check for hidden fees: Some providers offer free accounts but charge for transfers or currency conversion.
Currency support: Make sure your preferred currencies are supported.
Card availability: If you want a virtual or physical debit card, ensure the provider offers one in your region.
Customer support: Choose a provider with good reviews and responsive support.
Integration: Check if it works with PayPal, Stripe, Amazon, or other platforms you use.
Legal and Tax Considerations
Opening a virtual bank account in a foreign country is usually legal, but make sure to report it if required by your country’s tax laws. Some countries require residents to declare foreign accounts.
Also, always comply with anti-money laundering (AML) laws, and avoid using foreign accounts to bypass local regulations or evade taxes.
Final Thoughts
Opening a virtual bank account abroad in 2025 is easier than ever thanks to fintech innovations and digital banking platforms. Whether you're a freelancer, business owner, or just someone who travels a lot, a foreign virtual account can help you save money, manage international payments, and increase your financial flexibility.
Take your time to research, compare options, and choose a provider that matches your goals and lifestyle.