What is a vIBAN?
A virtual IBAN is an IBAN (International Bank Account Number) reference issued by a bank to allow incoming payments to be rerouted to a different, physical bank account.
Virtual IBAN accounts can be used to send and receive payments worldwide, allowing businesses to extend their value chain to provide settlement services to its global customers.
Freemarket and vIBAN accounts
Freemarket can request a vIBAN on the customer’s behalf to a bank for multiple currencies. This will allow the client to provide their own account number stating their own company name instead of Freemarket’s for transactions.
The request should be placed with an Account Manager. We will follow the internal Compliance procedure to create the account.
How does the vIBAN work?
From the customer’s point of view, a virtual IBAN works in exactly the same way as a regular IBAN account – once they make a payment, their funds will end up in the physical bank account linked to the virtual IBAN.
The vIBAN account is made of:
Account Owner Name: the client name (to be provided by the client – must be the company registered company name or individual’s legal name)
BIC: A bank identifier code (BIC) is a unique identifier for a specific financial institution. This will be provided by the bank upon vIBAN creation.
In addition, the bank can provide:
Sort code: identifies both the bank (in the first digit or the first two digits) and the branch where the account is held.
Account number: the domestic bank account number

- Knowledge Base Articles
- How to make a transfer
- Where do I transfer funds?
- Have you received my funds?
- How to cancel a transaction
- How do I know if my exchange has been completed?
- Creating a new exchange instruction
- What is a scheduled exchange?
- How long does it take to get my currency?
- Is there a minimum or maximum amount that I can exchange?
- Why hasn’t my exchange happened yet?
- Withdrawal approval function
- Why was my withdrawal cancelled?
- Do you make payments to third parties?
- How to make a withdrawal
- Why hasn’t the beneficiary received the funds?
- I have received a notification that I should withdraw my remaining balance but I can’t click on ‘Withdraw Balance’
- How long does it take to register?
- How to register: Personal Account
- How to register: Business Account
- Is it free to register?
- Why was my account rejected?
- What kind of documents should I submit for review with Compliance?
- When will my account be approved/rejected/reviewed?
- How to change your name and password
- How does it work?
- Freemarket & vIBANs
- How much do you charge?
- Unsupported jurisdictions
- How safe is my money?
- Risk appetite
- Customer complaints procedure
- Batch withdrawal function