Q1. What is a Virtual Account or IBAN?
A Virtual account or IBAN (International Bank Account Number) is a unique identifier, linked to a primary bank account, used to facilitate payments or collections without needing multiple physical bank accounts.
Q2. What Virtual Account services do WeWire provide?
WeWire offers seamless payment collections, efficient funds transfers, easy reconciliation, and currency conversion at competitive rates, through virtual accounts.
Q3. How does a Virtual Account or IBAN solution work?
Once a virtual account has been created, payments made to this account are automatically routed to your primary account. This process simplifies reconciliation and facilitates further payment processing.
Q4. What currencies are supported by WeWire’s Virtual Accounts?
WeWire currently supports four(4) currencies: USD, EUR, GBP, and NGN virtual accounts.
Q5. Can Virtual accounts process international transactions?
Yes, WeWire’s Virtual Accounts support both domestic and international transactions efficiently.
Q6. How long does it take to process a transaction through our Virtual Account?
Transaction times vary depending on the payment method and currency involved. Most transactions are processed within minutes to a few hours, ensuring fast and reliable service.
Q7. Are Virtual Accounts secure?
Yes, WeWire ensures all virtual accounts are secured with advanced encryption, fraud detection systems, and adhere to strict financial compliance standards.
Q8. Are there fees associated with using Virtual Accounts or IBANs?
Yes, fees vary depending on usage and transaction volume. Contact our team for customized pricing structure tailored to your needs..
Q9. Can Virtual Accounts generate reconciliation reports?
Yes, WeWire provides detailed reconciliation reports for businesses, making it easier for businesses to track and manage their financial transactions.