Virtual Accounts Overview

Virtual Accounts a.k.a Multi-Currency Account (MCA), Vostro, Nostro

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 that account.

Enabling Virtual Accounts is handled on a request-only basis to provide more control for your financial institution regarding users who have these accounts enabled.

To enable an account, 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 - we will only enable for the explicit name you request unless you also instruct a specific or all subsidiaries")

• Currencies you would like to enable

  USD Virtual Account is typically not recommended to be enabled. Most Financial Institutions have a SWIFT/BIC that can be utilized to receive international USD transactions. Utilizing your SWIFT would allow the payments directly to your account instead of through PayRecs. If you have a unique scenario for a USD virtual account, please inform the support team in your request.

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

List of Supported MCA Currencies

📄 Incoming Wires