Virtual Bank Account - FAQ
Veem’s Virtual Bank Account enables businesses to collect payments globally with ease —no branch visits or U.S. presence required. Each account provides dedicated local banking details and supports direct wire transfers deposited straight into your account. For users managing multiple currencies, the Veem Wallet offers added flexibility. Together, these tools simplify and secure cross-border payment collection.
What is a Virtual Bank Account?
A Virtual Bank Account provides you with localized banking credentials—such as account and routing numbers—allowing you to receive payments just like a traditional bank account, but without the need for a physical bank branch or extended application procedures.
When will this be available?
Virtual Bank Accounts will be available to select customers starting October 1, 2025. Availability will expand to more customers in the future — stay tuned for updates.
Do I need to be in the US to open a USD Virtual Bank Account?
No. With Veem, you can access U.S. banking details digitally regardless of your location or business entity status. Global businesses can easily obtain U.S. account details online.
Do I need to go through a credit check?
No credit checks or in-person branch visits are required. All registration and verification steps are handled securely and digitally within your Veem account.
How much does it cost to use a Virtual Bank Account?
You can join the waitlist and open your Virtual Bank Account at no cost. Standard Veem transaction fees only apply when funds are transferred or converted.
How do I receive payments into my Virtual Bank Account?
Your Virtual Bank Account is designed to receive incoming wires. Once you share the provided wire instructions, payers can send money directly from their bank using standard wire transfers. Funds are deposited straight into your account without additional steps.
Can I open a Virtual Bank Account in multiple currencies?
Currently, each Virtual Bank Account is issued in a single currency. Besides USD, soon you’ll be able to open accounts in CAD, EUR, and GBP. If you require management of multiple currencies within a single account, the Veem Wallet offers this functionality.
How does a Virtual Bank Account differ from a Virtual Debit Card?
A Virtual Bank Account is intended for sending, receiving, and holding payments, while the Veem Debit Card is designed for spending wherever Visa is accepted. Use your Virtual Bank Account for deposits and transfers, and your Virtual Debit Card for everyday expenditures.
How does a Virtual Bank Account differ from a Veem Wallet?
With the Veem Wallet, you can hold and transact in multiple currencies, but you do not receive unique banking coordinates. The Virtual Bank Account provides dedicated U.S. account and routing numbers, making it straightforward for clients, marketplaces, and payroll platforms to remit payments directly to you.
What happens if I close my Veem account?
If you close your Veem account, your Virtual Bank Account will also be deactivated. Be sure to transfer any remaining funds before closing to avoid delays or loss of access.
Is my Virtual Bank Account secure?
Absolutely. Veem uses advanced encryption, multi-factor authentication, and bank-grade security to protect your data and funds. All transactions are monitored for suspicious activity.
Is there a limit to how much I can receive?
No limit to how much you can receive.
How long does it take for funds to appear in my Virtual Bank Account?
Incoming wire and ACH transfers typically arrive within 1–3 business days, depending on the sender’s bank and location. Veem will notify you once funds are successfully deposited.
Can I withdraw funds from my Virtual Bank Account?
Yes. You can transfer funds from your Virtual Bank Account to your local bank or Veem Wallet anytime. Transfers are processed securely, with standard Veem transaction timelines and fees.
Are my funds held in a real bank?
Yes. Veem partners with regulated financial institutions to issue and safeguard Virtual Bank Accounts. Funds are held in reputable, licensed partner banks, ensuring security and compliance with financial regulations.