A Step-by-Step Guide to Creating a Virtual Account

As the world keeps evolving, technologies keep advancing. Given this, more and more people are embracing living in a cashless world. For example, in Nigeria, the cashless policy has been around for a while and has simply revolutionized how businesses and customers interact. Customers, rather than having to carry cash around, prefer to use alternative methods to pay for goods and services. Hence, businesses have had to adapt quickly to accommodate this new development. Nowadays, many businesses accept bank transfers or use debit cards to make payments for goods and services. 

However, bank transfers can present several challenges for small business owners and enterprises. There could be payment delays, bank network problems, and high transfer fees. As a result, there is a need for a more efficient payment system, like virtual accounts. With virtual accounts, businesses can circumvent these common limitations. 

Creating a virtual bank account often involves a straightforward process, but it’s important to proceed with caution. This is done to ensure the security of your financial information. 

This post serves as a step-by-step guide to creating a virtual account and helping you experience better banking. 

We’ll get right into it!

What is a Virtual Account?

A virtual bank account operates like a traditional bank account, allowing you to perform financial transactions. However, this kind of account operates entirely online without a physical branch. Virtual banks, also known as online banks or digital banks, commonly provide virtual accounts. You should keep in mind that these accounts may operate independently or as part of a traditional brick-and-mortar bank. 

Features of a Virtual Account

The features and functionalities of virtual bank accounts can vary, but commonly include:

Deposits and Withdrawals

You can deposit money into your virtual account through various methods, such as direct deposit or bank transfers.  Sometimes, you can also deposit checks through a mobile app. In terms of withdrawals, you can use online transfers, ATMs (if the bank offers a debit card), and payments to third parties.

Payment and Transfers

Virtual bank accounts usually offer the ability to pay bills online, make person-to-person payments, and transfer money between accounts. This can be done both within the same bank and to different banks.

Debit Cards

Many virtual banks issue debit cards that can be used for in-store purchases, online shopping, and ATM withdrawals.

Benefits of Using a Virtual Account

A virtual bank account comes with several benefits, largely due to the digital-first approach of such banks. Let’s take a quick look at some of the primary advantages:

Convenience 

Virtual bank accounts are accessible 24/7 via the Internet, allowing you to manage your finances anytime and anywhere, as long as you have an internet connection. This eliminates the need to visit physical branches.

Enhanced Security

Virtual banking ensures that your security is covered at all times. For example, Changera uses high-end encryption of users’ details to ensure that there is less risk of compromise of customers’ data. In addition, there are multi-factor authentication and biometric login features to mobile apps and websites for added protection against online scams.

Lower Transaction Costs

Compared to bank transfers, virtual accounts significantly reduce the cost of payment fees. You don’t have to pay a percentage of the transaction amount each time money goes into your business account. A virtual account allows you to pay a flat fee for each of the transactions you make on the account. 

Plus, the operating and maintenance of a virtual account significantly costs less compared to a traditional account.

Improved Transaction Speed

One of the most annoying problems that affect customers and business owners alike is delayed payments. People want to be able to conduct transactions swiftly and seamlessly.

Virtual accounts have become popular due to their ability to process transactions very swiftly. 

Important Steps to Follow When Creating a Virtual Account

Before deciding to create a virtual account, you may want to consider the following steps:

Determine Your Financial Needs

First of all, you need to identify why you need a virtual bank account. Is it for everyday banking, savings, business transactions, or international payments? Consider what features are important to you, such as fee structure, interest rates, ATM access, and online banking capabilities.

Compare Your Virtual Bank Options

Look for virtual banks that fit your criteria. Consider factors like fees, interest rates, customer service, and user reviews. Also, ensure that the bank is insured and regulated by a relevant financial authority in your country. 

Gather the Necessary Documents

The next step is to prepare the necessary identification documents. Typically, this includes a government-issued ID (passport, driver’s license) and proof of address (utility bill, lease agreement). Sometimes, your National Identification Number (NIN) or Bank Verification Number (BVN) could also be a requirement.

How to Create a Virtual Account on Changera

Changera is a social fintech app that provides cross-border transfer and remittance services to individuals and businesses globally. However, beyond being a household name when it comes to international transfers, Changera offers a variety of other services. One of the services the app offers is the ability to create virtual accounts for a better banking experience. 

Follow the following steps to open a virtual account on Changera: 

• Download the Changera mobile app from Google Play Store or App Store.
• Sign up by creating an account. 
• Verify your identity by completing your KYC application. 
• Go to the “wallets” menu and create any wallet of your choice. 
• Click on “virtual accounts.”
• Create an account.

It’s as easy as that! All you need to do is download the app and you’re good to go.

Takeaway

Virtual accounts are gradually becoming the order of the day and you should try them too. The main advantage of virtual bank accounts is convenience. You can access your account, make transactions, and manage your finances anytime and anywhere, as long as you have an internet connection.

Also, if you’re looking for the best platform to create a virtual account, Changera has got you covered. Think about low costs, enhanced security, and swift customer response, Changera checks all the boxes. 

There’s no need to stall. Download the Changera mobile app from the Google Play Store or App Store today!