Virtual Accounts Overview
These are unique accounts tied to your company that can hold foreign currency. You'll have the ability to receive incoming wires in a foreign currency, fund the account from your bank account, and make outbound payments from the account.
Virtual Accounts are enabled on a request-only basis to provide more control for your financial institution.
To request access to virtual accounts, please ask your financial institution to place a request with the PayRecs support team and to provide the following information:
Company Name (please consider if this is the "parent" company or a subsidiary - PayRecs will only enable a virtual account for the explicit name you request unless you also instruct specific or all subsidiaries.
Currencies you would like to enable
Once enabled, the account will be visible under the "Accounts" menu in the PayRecs platform.
Outbound Payment - Allows you to send a wire from this account to a recipient
Fund Account - Allows you to purchase and hold foreign currency in that account utilizing your USD accounts hosted by your Financial Institution
Please see the "Incoming Wires" option below for more information on Incoming