This digital age comes with digital problems that require digital solutions. As countries are now more connected than ever, remote workers and their employers can live on different continents, speak different languages, and spend in different currencies. Freelancers, expats, and businesses are seeking efficient, secure, and cost-effective solutions for managing global payments because conventional banks are expensive, have time-consuming paperwork, and delay international payments.

Fortunately, virtual accounts are transforming how freelancers, digital nomads, startups, and businesses make international payments. With faster processing, lower fees, and multi-currency support, virtual accounts provide a seamless, flexible, and borderless payment experience.

This guide walks you through everything you need to know about using virtual accounts for global payments in 2025.

Also read: The best international bank accounts for freelancers and remote workers

What are virtual accounts?

Virtual accounts are unique, non-physical bank account numbers linked to a main bank account. They allow businesses and individuals to manage payments and collections more easily, without needing to open multiple physical accounts. Each virtual account has its own unique identifier, such as an account number or IBAN, which you can use to send and receive payments in specific currencies. This simplifies online banking for freelancers and business owners.

For platforms like Grey, virtual accounts simplify global payments by offering multi-currency support and seamless integration with international banking systems.

Why virtual accounts are essential for global payments in 2025

With modernisation, the world’s financial systems continue to evolve, creating a growing demand for swift, low-cost international transactions. Virtual accounts address these needs by offering:

• Multi-currency flexibility: Virtual accounts enable users to hold and transact in multiple currencies, including USD, EUR, GBP, and other local currencies, without the need for separate physical accounts. This is particularly valuable for businesses operating in multiple markets, families managing expenses or remittances in various currencies, and freelancers working with international clients.
• Cost efficiency: Traditional international transfers often charge high fees and unfavourable exchange rates. Virtual accounts reduce costs by enabling local currency transactions and minimising conversion fees. Many virtual accounts providers ensure there are no hidden fees or markups.
• Speed and efficiency: With virtual accounts, payments can be processed faster, often within minutes to hours, compared to days for traditional bank transfers.
• Simplicity: Ease is a marker of modernisation. People are looking for simple ways to set up their payment system. This is where virtual accounts come in. Creating a virtual account is so straightforward that it can be done from the comfort of your home and doesn’t require visiting a banking hall or lengthy paperwork.

You can get a multi-currency account on Grey with minutes. It offers users accounts in USD, EUR, and GBP, enabling seamless global transactions with competitive exchange rates and low fees.

Also read: How to receive payments from freelance platforms easily in 2025

How virtual accounts work on Grey

Grey is designed to simplify international payments for individuals and businesses. It enables users to send, receive, and manage funds globally efficiently. Here’s how it works:

• Account creation: Users sign up on Grey and create accounts in their desired currencies (e.g., USD, EUR, GBP). These accounts are linked to a master account but function independently for receiving and sending payments.
• Receiving payments: International clients or customers can send funds to a user’s virtual account using its unique account details. For example, a freelancer in the Philippines can provide a virtual USD bank account number to a client in the US, who can then pay as if it were a local transfer.
• Currency conversion: Grey offers competitive exchange rates for converting funds between currencies. Users can convert received funds and withdraw to a local bank account or wallet at the best market rates.
• Sending payments: Users can initiate outbound payments to international recipients using their virtual accounts, benefiting from faster processing and lower fees compared to traditional banks.
• Integration with payment systems: Grey’s virtual accounts are compatible with global payment networks like SWIFT and SEPA.

Benefits of using virtual accounts on Grey for global payments

Over the years, Grey has proven relevant in meeting the needs of modern businesses, freelancers, and individuals. Here are the benefits of getting virtual accounts on Grey.

• Accessibility: As a leading global digital payment platform, Grey is reputable for its reliability and accessibility. You can use your Grey account to manage transactions at any time and from anywhere in the world with internet access.
• Transparent pricing: Grey offers competitive fees and exchange rates, with no hidden charges, making it a cost-effective alternative to traditional banks.
• User-friendly interface: The platform’s intuitive dashboard allows users to manage multiple virtual accounts, track transactions, and initiate payments without hassles.
• Security: Grey employs robust encryption and compliance measures to protect user funds and data, ensuring safe transactions.
• Support for freelancers and SMEs: Virtual accounts simplify online banking for freelancers receiving international payments from clients abroad or small businesses managing supplier payments across borders. They provide invoice automation to help you appear more professional, track your income and streamline your finances. It also integrates seamlessly with global platforms, whether you are a freelancer on Upwork or Fiverr, or selling crafts on Etsy.
• USD debit card: Grey offers a versatile USD debit card that works well with most payment gateways. This takes your ease of payment to a whole different level, whether you are shopping online or paying for subscriptions.
• USDC transactions: As an evolving payment system, Grey also supports USDC transactions, reflecting the world's increasing adoption of digital currencies.

Also read: How to manage multiple currencies as an expatriate with Grey

Setting up virtual accounts on Grey

Setting up virtual accounts to receive international payments on Grey is pretty straightforward.

• Sign up: Create an account on Grey’s website or mobile app. You will be required to upload a valid ID, proof of address and your photo for verification.
• Choose your currencies: Request for bank accounts in the currencies you will be managing (e.g., USD, EUR, GBP). Grey provides unique account details for each currency.
• Share account details: Provide your virtual account details to clients or partners for receiving payments. For example, share a GBP virtual account number with a UK-based client.

Virtual accounts are revolutionising global payments by offering a flexible, cost-effective, and efficient solution for managing cross-border transactions. Grey makes these accounts accessible to everyone, from remote workers to businesses. By understanding how to effectively leverage virtual accounts, you can streamline your finances and reduce costs. Whether you’re receiving payments from international clients or paying suppliers abroad, Grey’s virtual accounts provide the tools you need to succeed.

Get started with Grey today to enjoy seamless global transactions with virtual accounts.

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