Navigating European Banking with GBO: Your High-Risk Business Solution Provider

Opening a business bank account in Europe presents unique challenges, especially for high-risk clients. GBO is your expert partner, offering customized banking solutions to navigate this complex landscape.


GBO’s success factors:

  • 15 Years of Experience: A legacy of trust and reliability in the financial sector.
  • Professional Banking Knowledge: Expert insights into the banking industry.
  • Deep Understanding of Bank Operations: Insights into the inner workings of financial institutions.
  • AML and Compliance Expertise: Ensuring your business adheres to regulatory standards.
  • Extensive Network: Access to a wide range of banks, EMIs, and payment institutions.


We offer a variety of banking services to meet diverse industry needs:

  • SEPA and SWIFT Accounts: Efficient cross-border transactions.
  • Multi-Currency Accounts: Manage multiple currencies with ease.
  • Instant SEPA Transactions: Fast transfers within the SEPA zone.
  • SEPA Direct Debit: Streamlined recurring payments.

We Will Assist You To Open a Business Bank Account in Europe

WhatsApp us: +972504938469, email us:

    What Do Virtual Bank Account Offer?

    The term “FINTECH” is used by many of the companies operating as virtual banks, since they may not be licensed as banks in the EU.

    Most of the virtual bank account describe the services they provide with some or all of the following terms:

    • Receive, transfer and withdrawal of funds globally
    • Mobile banking
    • Virtual IBAN
    • Foreign Exchange (FX/Forex)
    • International Business
    • POS
    • Electronic Money Institution
    • FCA
    • Multicurrency E-Wallet

    What are your requirements for virtual bank account in europe?

    The features to look for when choosing should include one or more of the following (tailor the choice to your own specific needs):

    • Dedicated IBAN plus multiple linked virtual IBANs
    • IBANs support different currencies in one single account
    • Instant payouts and withdrawals from business to personal IBAN
    • Multicurrency accounts
    • Fast processing of payments and bank transfers in SEPA zone
    • Fully automatic online procedures
    • 100% digital access
    • Make and receive cross-border bank transfers
    • Payment processing gateway
    • Engineered for business use
    • Fast on-boarding
    • Offers multiple accounts


    Best Virtual Business Bank Account in Europe


    Rising above banking experience. Valyuz offers Debit Card, SWIFT, SEPA, Currency Exchange, Valyuz provide IBANs in major currencies such as EUR, USD and GBP. Learn more here for recommendations for safe use and risk disclosure.

    Banking Circle

    Headquarters in London, England & Copenhagen, Sweden

    Provides for: Forex, Payments, Global Accounts, Cross Border Payments, B2B Payments, Banking, Lending, Payments, and FX Payments

    Competitive advantages claimed:

    • Fast account set-up
    • Available in 24 currencies
    • One IBAN across 24 currencies, enabling easy account detail management
    • Improved payments acceptance, settlement times and reconciliation because payments are made in the name of your underlying client
    • Reduced AML and KYC risk as a result of end-to-end transparency and clear segregation of funds
    • Local clearing capability plus cross border payments through the SWIFT network
    • Same-day settlement for SEPA payments
    • Ability to leverage the Banking Circle network to make and receive payments instantly
    • Payments and FX API connectivity
    • Access to an award-winning FX platform via desktop, tablet and mobile


    Provides for: Digital Banking and Virtual IBANs

    Provides for: IBAN accounts, international payments, BaaS, API, FX solution, foreign exchange payments, multi-currency account, B2B solutions, B2B finance, and payment services

    Competitive advantages claimed:

    • Single view on all accounts
    • Open accounts in any currency, and connect existing bank accounts for a complete overview of all accounts.
    • Transparent rates and fees.
    • Provides real-time access to the foreign exchange market as well as full visibility over the rates and spread applied to transactions.
    • High-speed reliable payments to 150+ countries through a best-in-class web platform boasting.
    • state-of-the-art security.


    There is a distinction between a virtual IBAN and a virtual account. Explained below is how businesses can use multiple virtual IBAN accounts to receive payments which are channeled to a physical bank account where the funds can be allocated to “subaccounts” or virtual accounts each earmarked for a specific purpose.

    Provides for: Digital Banking, Virtual IBANs and Authorised Payment Institution

    Headquarters in London, England & Prague, Czech Republic

    Competitive advantages claimed:

    • Supports incoming and outgoing international payments through:
    • SWIFT multi-currency for international payments
    • SEPA Euro within the Euro zone
    • GBP Faster Payments and CHAPS in the UK
    • FX in 134 currencies


    Provides for: Payment services, Financial and Merchant accounts, Virtual IBANs, Multi Currency Accounts, Prepaid Cards

    Headquarters in Pickering, England

    Competitive advantages claimed:

    • Customers can exchange in over 40 global currencies
    • Implemented enhanced KYC, data security and encryption software.


    Headquarters: Riga, Latvia

    Provides for: virtual IBANs, SEPA & SWIFT transfers, FX and Online Banking

    Competitive advantages claimed:

    • Proprietary API offers connectivity and integration
    • SEPA and international money transfers
    • Payment gateway product for PSPs
    • Multi-currency accounts
    • Virtual IBANs and card issuing

    Business virtual IBAN providers

    Most of the Fintech companies listed above offer business as well as private virtual IBAN services. Listed below are more companies that specialize in B2B activity.

    Provides for: fintech, international payment transfers, and international trade payment

    Competitive advantages claimed:

    • Proprietary API able to issue IBANs on the fly
    • Connect accounting software to virtual IBANs
    • Dynamically update software according to receivables
    • Pay people anywhere in the world
    • Log changes to your ledger to auditing software
    • Resolve reconciliation issues of all kinds


    Provides for: Virtual IBAN, FX, Hedging, Finance, Forex, Currency risk, FX risk, FX forwards, Export/Import, Payments, International Business, Treasury, Currencies, Foreign Exchange, Banking Technology, and Fintech

    Competitive advantages claimed:

    • Awarded the Best e-FX Platform for Corporates at the 2019 FX Week e-FX Awards
    • Best Risk Management Solution
    • Best Virtual Accounts Project
    • Best Solution Innovation – FX Risk
    • Best e-FX Platform for Corporates

    Both virtual IBAN accounts and virtual business accounts help to reduce costs, simplify administration and consolidate a company’s banking accounts.


    Revolut Headquarters in London, England

    Provides for: Mobile Banking, Card Payments, Money Remittance and Foreign Exchange


    Headquarters in London, England

    Provides for: Virtual IBAN, FX, Hedging, Finance, Forex, Currency risk, FX risk, FX forwards, Export/Import, Payments, International Business, Treasury, Currencies, Foreign Exchange, Banking Technology, and Fintech

    Competitive advantages claimed:

    • Awarded the Best e-FX Platform for Corporates at the 2019 FX Week e-FX Awards
    • Best Risk Management Solution
    • Best Virtual Accounts Project
    • Best Solution Innovation – FX Risk
    • Best e-FX Platform for Corporates


    Headquarters in Sofia, Bulgaria & Bromley, Kent, UK

    Provides for: POS, Mobile Apps, NFC, Loyalty and Rewards, Card Issuing, Multicurrency E-Wallet, Account Management, and Money Transfers

    Competitive advantages claimed:

    • Streamlined process with less bureaucracy
    • Proprietary API
    • Fast on-boarding and quick payment processing. Fully automatic procedure
    • 100% digital – get up and running quickly
    • Make and receive cross-border bank transfers
    • IBANs support different currencies in one single account
    • Instant payouts and withdrawals from business to personal IBAN


    Headquarters in Saffron Walden, Essex, UK

    Provides for: Payment processing gateway, Fintech, Dedicated IBAN, Multicurrency account, Electronic Money Institution, and FCA

    Competitive advantages claimed:

    • provides International, SWIFT & SEPA money transfers through IBAN facilities
    • reduced time to complete overseas transactions, drive lower charges


    Headquarters in Vilniaus, Lithuania

    Provides for: Receive, transfer and withdrawal of funds globally

    Competitive advantages claimed:

    • Best-in-class rates and fees
    • Mastercard is accepted
    • Prepaid card to obtain instant access to funds around the globe
    • safe online payments with 3D Secure
    • push and SMS notification about transactions


    Headquarters: Amsterdam NV

    Provides for: SEPA Transfers, SEPA IBAN

    Competitive advantages claimed:

    • as many sub-accounts as required. Each comes with its own IBAN
    • can be used for direct debits, online payments
    • can link cards to two sub-accounts at the same time
    • patent-pending Dual PIN technology.

    Raiffeisen Bank International AG

    Provides for: Payment services, Financial and Merchant accounts, Corporate, Retails and Institutional banking, Virtual IBANs

    Headquarters: Public company (The Austrian Regional Raiffeisen Banks hold approximately 58.8 per cent of the shares).

    Competitive advantages claimed:

    • 46,000 employees service 16.7 million customers through around 2,000 business outlets. RBI is Austria’s second-largest bank with a balance sheet total of €164 billion.
    • state-of-the-art internet application provides access to comprehensive Virtual IBAN related information such as account balances, payment transactions on the physical account, single views to virtual account balances and incoming payments related to your Virtual IBANs.
    • The self-service functionality helps allocate and manage Virtual IBANs flexibly according to your needs. It is also possible to easily deactivate Virtual IBANs in the application.

    Which is the best virtual bank in Europe?

    Since most of the banks listed are small startups, we are choosing to recommend the one large publicly owned bank as the most reliable and comprehensive service provider that includes full online services covering IBANs.

    FAQ about virtual IBAN providers

    Virtual Business IBAN Account

    By using multiple virtual IBANs and one business master account companies can simplify their complex payment flows. Virtual IBANs are a practical solution for businesses with a high volume of payments, from different sources and in different currencies. Companies can centralize their payments and reconciliation process. Businesses can choose to allocate a segregated virtual IBAN to each client or to have one virtual IBAN for each currency or market. The multiple virtual IBANs are all associated with one physical master account. Payments are rerouted to the master account.

    Virtual IBANs allow businesses to send and receive payments internationally. vIBANs give companies control over their cash flow; save on transaction fees and improved liquidity. With virtual IBANs business reconciliation and settlement processes are more efficient, low-cost and streamline. The customer experience is the same but for the business virtual IBANs provide an easier way of monitoring incoming and outgoing funds. Virtual IBANs are a multi-currency, multi-jurisdiction banking solution without having multiple banking relationships.

    Business Virtual IBAN Account

    With traditional banking one IBAN is used for each account. if you want a separate account of each client, market or currency you have to set up multiple physical bank accounts. This is a complex and costly process. The alternative is to use one physical master account and multiple “virtual” IBANs for each customer, currency, market or contract. All of the virtual IBANs are connected to one traditional bank account’s IBAN. You can easily track transactions with each specific source by using their unique IBAN.

    You will know who has paid what, and no payments can get lost through incorrect bank references or wrongly filled in forms. Online banking is much easier when you just have one account to follow and not multiple accounts set up for each of your customers. Using virtual IBANs is cost-effective and you are only paying banking fees for one master account. It is possible to reroute incoming payments to a different master account using virtual IBANs. Business virtual IBANs all keep a zero balance as the incoming payments are immediately forwarded to your main account. Customer-specific virtual IBANs directly connect your customers to your business bank account. Your customers only need to remember their one personal IBAN to send money to you.

    Choosing a Virtual IBAN Provider

    When choosing a virtual IBAN provider there are certain points you should consider:

    • What are your business’s specific financial needs? Consider the scope of your operation – will you be making payments, receiving payments, cash pooling, dealing in multiple currencies in multiple jurisdictions? Choose a virtual IBAN provider that can meet the financial needs of your company and be integrated smoothly with your other payment methods and existing bank accounts.
    • Is the virtual IBAN provider regulated? A good virtual IBAN provider will be regulated by a respected authority. There are many offshore and unregulated virtual IBAN providers that should be avoided. Using a regulated virtual IBAN provider gives you a certain level of security and assurance that the provider is reliable and legitimate.
    • What is the cost of the virtual IBAN? Consider the cost of each virtual IBAN you will need. Virtual IBAN providers may offer a range of services and the final cost of your virtual IBAN may end up more than you expected at first. Prices vary considerably between providers. It is best to shop around and consider the total package offered not just the cost of the virtual IBAN itself.

    Opening a Virtual Euro Account

    A Euro account could be your solution to paying fees every time you move funds from one currency or country to another. Before opening a Euro account make sure you fully understand the fees and charges which could include a monthly fee, transfer fees and fees for receiving funds. Some Euro accounts require a minimum number of transactions each year. Some Euro accounts allow you to hold multiple currencies in the account while others do not.

    You can open a Euro account at many high street banks as well as challenger banks; FinTech companies and foreign exchange companies. Most traditional banks will only offer Euro accounts to pre-existing established customers and some banks will only offer Euro accounts to those with a minimum income or minimum bank balance. Remember that if your bank fails you are protected up to 100,000 Euro per financial institution not per account. So it is a good idea to spread your funds around several accounts in different banks or financial institutions. Check that your chosen Euro account is with a bank covered by FSCS so that you understand the compensation you would get in the event that your bank goes bankrupt.

    Some Advantages of a Virtual Euro Account:

    • Receive payments in multiple currencies and hold multiple currencies in the one account (with most Euro accounts).
    • Transfer funds to friends and family overseas at a low cost and within the Eurozone for free.
    • Pay suppliers in the EU in Euro which could make purchases easier and cheaper.
    • Bank Euro, transfer Euro and receive Euro payments with ease and low fees.
    • No currency fluctuation.
    • Seamless cross-border transactions in Europe

    Who Needs an IBAN Virtual Euro Account?

    • If your company is located outside the EU and deals in import/export but has clients and suppliers in Europe.
    • If your company receives and sends payments in Euro to or from Europe.
    • Expats living in a EU country
    • Freelancers paid in Euros
    • Entrepreneurs getting paid or paying suppliers in Euro
    • Frequent travelers to Europe
    • If you regularly pay utilities, salaries, administrative costs in Euro
    • If you want to hold multiple currencies in one account
    • Send Euros to friends and family in the EU
    • If you get paid in Euro
    • If you would like a debit card that you can use to pay in Euro when traveling to Europe.

    What are Virtual IBAN Business Bank Accounts?

    Businesses set up several virtual IBAN business accounts each with a unique account number and allocate each account for a specific purpose, product, supplier or client. When a customer pays into a virtual IBAN account the funds are immediately routed onto your master account and no funds are held in the virtual IBAN account. Once received in your master account you can clearly see where funds have come from by the unique virtual account number associated with each customer, supplier or product. This reduces costs, administration and makes managing your finances much easier.

    A virtual IBAN business bank account has similar features to an account held at a brick-and-mortar bank but because it is online there is a significant reduction in costs. Virtual business accounts are linked to a physical bank account and used to streamline banking. Payments can be received by your virtual IBAN accounts and instantly forwarded to your main, account in a physical bank. Virtual IBANs are issued by a physical bank as a kind of dummy account that reroutes payments to the company’s actual physical bank account. To clients virtual IBAN accounts function as the “real” company account when in fact funds are routing from the virtual IBAN accounts to the associated physical bank account.

    Can I open a bank account online in Europe?

    You will need to be a resident of an EU member state to open a bank account with a ‘street bank’. However, if you’re a non-EU resident – no matter where you are attempting to do it from – opening an account is extremely difficult.

    Certain EU member states like Estonia are more relaxed when opening accounts for non-residents. However, you need to prove that you have ties to the country.

    The best (perhaps only) way for non-residents to open an account is to use the services of a fintech bank such as the ones listed above. These are called ‘Multi-Currency Borderless Accounts’ and the banks should accept most nationalities. The application process occurs on-line, and acceptance should be completed within 24 hours.

    What is IBAN?

    The IBAN (International Bank Account Number) banking system assigns bank accounts with their own unique number so that international transfers can be made with confidence knowing the funds will reach the correct account. When you transfer to an account with its own IBAN the funds are directed to that specific account unlike with BIC codes which direct funds to a specific bank rather than a specific account. If your business bank account has its own IBAN international transfers will be faster, easier and more secure.

    Benefits of Virtual IBAN Business Accounts

    • Reduce manual post-processing of unmatched items.
    • Reduce banking costs
    • Decrease burden of administration with straight-through reconciliation
    • Easily track where your payments have come from

    What is a Virtual Business Account with IBAN?

    Virtual accounts are administrative “sub-accounts” of the company’s master account in a brick-and-mortar bank. Virtual accounts do not need to have an IBAN as they are all part of your master account. Companies can earmark funds for a specific purpose and place them in a virtual account. For example, a payment reaches the master account and is placed in the savings virtual account; the office expenses virtual account or the virtual account for a particular project. In this way funds can be allocated without segregating them physically from the master account. In the future virtual accounts will probably be a part of all business banking and they may even be free but for now there are no free lunches (or virtual accounts) especially in banking.

    Benefits of a Business Virtual Account

    • Centralized funds making it easier to track receivables.
    • Reduced costs of administering – no need to hold multiple physical accounts
    • Simplify the accounts structure and reduce the need for cash management products
    • Save time
    • Lower administrative costs.
    • Improve cash flow and make account reconciliation faster and simpler.
    • Easily change virtual accounts and move funds between virtual accounts as your needs change.

    Do you Need a Virtual Euro Account?

    A Euro account is useful to any business that makes and receives Euro payments. Euro accounts are sometimes called borderless accounts because you can hold multiple currencies in the same Euro account. Euro accounts can be managed online making banking convenient, flexible and fast. The advantages of a Euro account include being able to make transfers using the mid-market exchange rate and paying low transaction fees unlike with most banks and money exchange services where you’ll be charged a marked up rate and encounter hidden fees.

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