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Virtual Bank Account - FAQ

Veem’s Virtual Bank Account enables Veem customers to collect payments with ease. 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 are available to all eligible Veem customers.

Do I need to be in the US to open a USD Virtual Bank Account?
No, businesses and individuals located in Veem-supported countries are eligible.

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. Depending on your eligibility, you may be able to open accounts in USD, CAD, EUR, GBP, MXN, BRL, USDC, or USDT. If you need to manage multiple currencies within a single account, the Veem Wallet offers that 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.

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.

Who is eligible for a VBA?

Eligibility depends on your account type:

  • Registered businesses & sole proprietors (US/Canada) — eligible for USDC, USDT, USD, CAD, EUR, and GBP VBAs.
  • Personal/individual accounts — eligible for VBAs in supported currencies (USD, GBP, EUR, MXN, BRL, and stablecoins like USDC/USDT) through our individual routing.
  • International registered businesses (outside US/Canada) — eligible for USD and other supported currencies.
  • You must be at least 18 years old and a legal resident of a country where Veem operates. Businesses must be duly organized and authorized to conduct business.

What documents do I need to apply?

You’ll need to provide certain documents and application details during the application process. Requirements may vary based on your account type, but commonly requested items include:

For Business Accounts:

- Government-issued photo ID for each Ultimate Beneficial Owner (UBO)

- Beneficial Ownership Information (BOI)

- Business registration certificate

- Proof of address

For Individual / Sole Proprietor Accounts:

- Government-issued photo ID (such as a driver’s license, passport, national ID card, residence permit, or equivalent)

- Proof of address (such as a utility bill or bank statement)

What are the ID requirements for US and Canadian customers?

  • US residents (citizen or non-citizen): An SSN (Social Security Number) or ITIN (Individual Taxpayer Identification Number) is strictly required. No alternatives are accepted. 
  • Canadian residents (citizen or non-citizen): A SIN or a passport number is accepted for all Canadian residents.

 

Can I have multiple VBAs?

Businesses operating multiple brands under one legal entity can request a separate VBA per brand to route incoming funds cleanly to the correct storefront. This is subject to compliance review. Please contact your account manager or support team to discuss eligibility. 

How long does the VBA application take?

After you submit your application with all required documents and information, Veemteam will review it. The review process could take 2-3 business days.

What happens after I apply?

  1. Your application moves to Pending once all fields are completed, BOI is submitted, and required documents are uploaded.
  2. Veem's team conducts a compliance review.
  3. If approved, your VBA account details (account number, routing number, etc.) will be available in your account.
  4. If additional information is needed, you will be contacted with a request for information (RFI).

How do I fund my VBA?You can fund your VBA via:

  • Wallet transfer
  • Debit Card
  • Bank Transfer
  • Wire Transfer
  • RTP (Real-Time Payments) — availability depends on your provider/region 

Can I transfer from my VBA back to my Wallet?

Yes. You can withdraw funds from your VBA to your Veem Wallet using the withdrawal endpoint or through the Veem platform. The minimum withdrawal amount is $10.00 USD.

Are all deposits monitored?

Yes. All deposits into your VBA are subject to compliance review. Veem may reject, delay, or reverse deposits that fail AML (Anti-Money Laundering), sanctions, or fraud checks. 

Can Veem revoke my VBA?

Yes. Veem may revoke or reassign VBAs at any time. Upon account closure, your VBA will be deactivated immediately. Funds received into your VBA are functionally treated as Wallet funds and will be handled per your account terms. 

 

Still need help? You can chat or call our Customer Success team here.