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Nowadays, online payment services like Transferwise, Payoneer and Paysera have been widely used. It enables people outside US to receive payment from companies. These services gives you a bank account details when you sign up to receive your payment.

They called it (virtual bank address) to receive payments. So this is not real account in the bank but just a virtual address? How these online payment services enables you to receive money from different countries as if you have a local account in those countries? Does this mean my payments goes through (let's say transferwise) real bank account and they give give me something like sub account details which is my virtual bank address? I want to know how these companies operate the transfer process?

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  • $\begingroup$ They are banks. That's how they give you bank accounts. $\endgroup$ – user253751 Nov 16 '20 at 18:17
  • $\begingroup$ @user253751 Are you sure they are banks? Wikipedia suggests they are electronic payment companies $\endgroup$ – Henry Nov 16 '20 at 19:15
  • $\begingroup$ Well if they issue bank accounts then by definition they're banks, right? They might not do all the stuff that normal banks do, for example they only let you send your money to a different account instead of going to their office and taking cash out? $\endgroup$ – user253751 Nov 16 '20 at 19:16
  • $\begingroup$ They are not banks, And I remember that I read about Transferwise that the details gives you to receive your payments are not an actual bank account. That's why I need to know how they work and what is virtual bank address, How they issue it, and more details to know! $\endgroup$ – Abdulrahman Mohamed Nov 16 '20 at 21:51

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