At Worksuite, we understand the importance of receiving payments to the bank account of your choice. To ensure we support the changing needs of our clients' diverse freelancer populations worldwide, we process bank transfers to both traditional banks and "virtual" bank accounts.


A virtual bank, also referred to as an online bank or digital bank, is a financial institution that operates entirely online, without traditional brick-and-mortar branches.


Potential benefits (note that Worksuite does not endorse any particular platform):

  • Accessibility: Freelancers can manage their finances conveniently from anywhere with Internet access, without the need to visit a physical bank branch
  • Cost Savings: Virtual banks often have lower fees and minimum balance requirements compared to traditional banks, making them cost-effective options for freelancers
  • Efficiency: With 24/7 access and streamlined digital processes, virtual banks offer efficient banking solutions that align with the fast-paced nature of freelance work


Virtual bank accounts offer flexibility, cost-effectiveness, and user-friendly interfaces. These innovative platforms are designed to simplify the management of international transactions, making them an ideal choice for freelancers who operate across different countries and currencies.

Let’s explore three of the most used virtual bank solutions by our freelancers: Payoneer, Wise, and Revolut

TABLE OF CONTENTS

Payoneer


Founded in 2005, Payoneer stands as a robust financial platform that empowers freelancers to receive payments from clients across the globe. With its mission to streamline global commerce, Payoneer has become a pivotal player in facilitating cross-border transactions, offering users a suite of services that extend beyond simple payment processing. 


  • Allowed Currencies: Payoneer offers multi-currency accounts, allowing freelancers to receive and hold funds in various currencies such as USD, EUR, GBP, JPY, CAD, and more.


  • Transfer Fees: Payoneer charges fees for currency conversion and withdrawals to local bank accounts, which vary depending on the transaction. 


  • Main Features: 
    • Allows payments via SWIFT and Direct Deposit, depending on the receiving account you choose.
    • Prepaid debit card for offline and online purchases.

Wise (formerly TransferWise)


Wise, launched in 2011, offers a multi-currency account that allows freelancers to hold, manage, and exchange money in over 50 currencies at competitive exchange rates. Wise’s approach is grounded in providing a clear fee structure and eliminating hidden costs, which is particularly beneficial for freelancers dealing with clients and expenses in different currencies.


  • Allowed Currencies: Wise allows users to hold and exchange over 50 currencies in their accounts, making it highly versatile for international transactions.


  • Transfer Fees: Fees are based on a percentage of the transfer amount and a small fixed fee, with the promise of no hidden costs. The fees vary depending on the currency of the receiving bank account.


  • Main Features: 
    • Real-time exchange rates for currency conversion.
    • Instant virtual cards are available for immediate use.
    • Allows payments via SWIFT and Direct Deposit, depending on the receiving account you choose.

Revolut


Revolut began in 2015 as a digital banking alternative, aiming to adapt financial services to the modern-day user. It offers a comprehensive banking experience with features like currency exchange, budgeting tools, and instant spending notifications. 


  • Allowed Currencies: Revolut supports spending and ATM withdrawals in 120 currencies and holding funds in 29 currencies.


  • Transfer Fees: Revolut offers fee-free currency exchange up to a certain limit per month, after which a small fee applies.


  • Main Features:
    • Instant payment notifications and budgeting tools
    • Disposable virtual cards for secure online shopping
    • Savings vaults and cryptocurrency exchange

Adding your virtual bank details to Worksuite

The process for adding bank details to your virtual account is the same as for a regular bank account. Please follow the instructions below:


1. Go to Settings -> Bank Details by clicking on the circle with your avatar:


2. Select the desired Bank Account Country and Currency from the two top dropdowns. 



3. Select options to enter your bank details in the successive fields, which vary in accordance with your country and currency selection.



4. Enter the rest of your bank details according to the help sidebar, contextual hints. 


5. Provide the address of the recipient (the account holder on record with the bank). Note that these fields do not request the address of your bank.


6. Fill out intermediary account information. Note that this information is optional. Upon completion, click on the "Save Changes" button to verify if the entered information is valid.



7. After saving your bank details, you will see a status information box at the top of the form. 


Questions & Support

For any questions related to payment status or bank details confirmation, please contact our Help Desk via the Support button from your Worksuite profile or by submitting a support request from the top of any page in this Help Center.