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A virtual account gives your customer a set of bank details they can receive money into. When someone sends a payment to those details, the money is converted and settled to the blockchain address you choose. This guide walks through both halves of that flow in the Dashboard: creating the account, then receiving the first deposit into it.

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What do I need before I start?

1

An approved customer

Virtual accounts belong to a customer, so the customer has to exist and be approved first. Create the customer, submit their documents, and wait for the status to show as approved. Verification is not instant, and you cannot open a virtual account for a customer who is still under review.
2

Confirmation that the customer is eligible

Not every approved customer can hold a virtual account. Check the customer’s eligibility in the Capabilities tab of the customer before you start, so you do not fill in the form only to be turned down at the end.Image
Not sure whether a customer is eligible? Contact us in your dedicated Slack channel and we will confirm.

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How do I create the virtual account?

1

Open the customer

Go to Customer details for the customer you want the account for, then open the Virtual Accounts tab.
Customer details screen with the Virtual Accounts tab selected

The Virtual Accounts tab on a customer's details

2

Select Create virtual account.

The Create virtual account button on the Virtual Accounts tab

Starting a new virtual account

3

Choose your virtual account specification

This is the fiat side of the account, meaning the bank details your customer will hand out.
  • Source payment rail is the payment network the money arrives on, such as SWIFT, ACH, or Fedwire.
  • Currency is the currency the account receives.
  • Banking partner is the bank that issues the account and takes in the payment. The partners you can pick from depend on how your account is set up, and not every partner supports every rail.
  • Developer fees are the fees you charge on top of each deposit. You can set a fixed amount, a percentage, or both.
Form fields for source payment rail, currency, banking partner, and developer fees

The source details for a new virtual account

4

Choose where the money should end up

This is the crypto side of the account. Pick the destination blockchain, the currency you want to receive, and the wallet address the settled funds should go to.Double-check the wallet address before you continue. Funds sent to a wrong address cannot be recovered.
Form fields for destination blockchain, currency, and wallet address

The destination details for a new virtual account

Select Continue to submit the request.
5

Wait for the request to be reviewed

New accounts are reviewed before they open. Come back to the Virtual Accounts tab and check the Status column to follow progress.
Virtual Accounts tab listing two accounts with their status shown as Active

The Status column on the Virtual Accounts tab

6

Open the account details

Once the status shows Active, the account is ready. Open it to see the bank details your customer can be paid into, under Payment rail instructions. Each field has a copy button beside it, and PDF instructions downloads the whole set as a document.
Virtual account panel showing the payment rail instructions, a copy button on each field, and a PDF instructions download

The payment rail instructions on an active virtual account

A customer can hold only one virtual account per currency and payment rail.

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How do I receive the first deposit?

1

Share the account details

Send the deposit details to whoever is paying in. From the account you can either copy the details directly or download them as a PDF instruction sheet to forward on.Share every field exactly as shown. A payment sent with incomplete details may be delayed or returned.
2

Watch for the payment

Once the payment has been made, it appears in the Transactions tab. Payments are not instant, and how long they take depends on the rail the sender used.
Transactions tab listing an onramp and a crypto deposit, both marked Completed

A completed deposit in the Transactions tab

3

See the settled funds

When the deposit completes, the amount received is converted and settled to the destination address you set when you created the account. The transaction record shows both sides, so you can see what arrived as fiat and what settled as crypto.

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Do I have to do this for every customer?

Yes. A virtual account is tied to one customer, so each customer needs their own. Once an account is active it stays available, so you only go through this once per customer, per currency and rail.
Need a hand with your first account?Contact us in your dedicated Slack channel and we will walk through it with you.