Free SEPA Bank Transfers (Virtual IBAN) for all EEA and UK Customers
Free SEPA bank transfers to your MiFinity eWallet with the MiFinity Virtual IBAN. – Receive funds and top up your eWallet for free.
How To Get Your Free Virtual IBAN
Sign up for a free MiFinity eWallet, or log into your account
Please verify your MiFinity account. Verification requires 1x proof of address and 1x proof of identity.
Select Virtual IBAN from the menu on the left-hand side.
Click ‘Submit’ to request your free IBAN
Your Virtual IBAN will now be available. If you are based in the UK, your Account Number and Sort Code will be available.
MiFinity Virtual IBANs
- Allows you to receive funds into your eWallet from any IBAN enabled bank account.
- Typically same day settlement for transactions within Europe.
- Zero fees when transferring funds into your eWallet using your IBAN.
- GBP and EUR currencies supported.
Virtual IBAN Frequently Asked Questions
What is a virtual IBAN?
A virtual IBAN is an International Bank Account Number that links your personal account to a central bank account. With MiFinity, you can use those details to transfer money from an IBAN enabled bank into your eWallet with zero fees. Think of it like a mailing address that helps your money reach the right account.
Other providers may use virtual IBANs for different purposes, such as helping businesses identify incoming customer payments.
How does a virtual IBAN work?
You enter your virtual IBAN details when making a bank transfer. The payment goes to the account linked to those details, such as your MiFinity eWallet. You make the transfer through your bank in much the same way as any other bank payment.
For businesses, assigning each customer a different virtual IBAN can make it easier to see who’s paid. Whether you can do this will depend on the service you choose.
What is the difference between a virtual IBAN and a traditional IBAN?
Both give you an International Bank Account Number to use when making a payment. A traditional IBAN identifies a single specific bank account; a virtual IBAN directs payments to an underlying account. Your MiFinity virtual IBAN is linked to your eWallet.
If you’re sending money, it usually feels like a standard bank transfer: enter the details in your banking app, check they’re right and confirm the payment.
Is a virtual IBAN a bank account?
No, it isn’t a bank account on its own. Think of it as a payment address linked to an existing account.
With MiFinity, that’s your eWallet. You use the details to add money by bank transfer.
What are the benefits of using a virtual IBAN?
A virtual IBAN can make it easier to receive and keep track of payments without opening a separate bank account for each purpose.
MiFinity users in the EEA and UK can top up their MiFinity eWallets through their usual banking app, using payment details assigned to you. It’s a handy option if you prefer making a bank transfer and there are no fees.
For MiFinity merchants, it gives eligible customers another way to fund their eWallet before paying.
What is a virtual IBAN?
A virtual IBAN is an International Bank Account Number that links your personal account to a central bank account. With MiFinity, you can use those details to transfer money from an IBAN enabled bank into your eWallet with zero fees. Think of it like a mailing address that helps your money reach the right account.
Other providers may use virtual IBANs for different purposes, such as helping businesses identify incoming customer payments.
How does a virtual IBAN work?
You enter your virtual IBAN details when making a bank transfer. The payment goes to the account linked to those details, such as your MiFinity eWallet. You make the transfer through your bank in much the same way as any other bank payment.
For businesses, assigning each customer a different virtual IBAN can make it easier to see who’s paid. Whether you can do this will depend on the service you choose.
What is the difference between a virtual IBAN and a traditional IBAN?
Both give you an International Bank Account Number to use when making a payment. A traditional IBAN identifies a single specific bank account; a virtual IBAN directs payments to an underlying account. Your MiFinity virtual IBAN is linked to your eWallet.
If you’re sending money, it usually feels like a standard bank transfer: enter the details in your banking app, check they’re right and confirm the payment.
Is a virtual IBAN a bank account?
No, it isn’t a bank account on its own. Think of it as a payment address linked to an existing account.
With MiFinity, that’s your eWallet. You use the details to add money by bank transfer.
What are the benefits of using a virtual IBAN?
A virtual IBAN can make it easier to receive and keep track of payments without opening a separate bank account for each purpose.
MiFinity users in the EEA and UK can top up their MiFinity eWallets through their usual banking app, using payment details assigned to you. It’s a handy option if you prefer making a bank transfer and there are no fees.
For MiFinity merchants, it gives eligible customers another way to fund their eWallet before paying.
Can individuals use a virtual IBAN?
Yes. Some providers offer virtual IBANs to individuals, while others focus on businesses. Availability depends on where you live and the type of account you hold.
MiFinity offers virtual IBANs to verified eWallet users in the UK and European Economic Area (EEA). You don’t need to run a business to get one.
How do I choose a virtual IBAN provider?
Start with what you need it for. Check if it’s supported where you live, look at the fees and transfer times, and make sure it accepts the currencies you use. It’s also worth checking who regulates the provider and how easy it is to get customer support if you need it.
If you’re choosing for a business, think about the day-to-day work too. Will it help your team match payments to customers? Can it work with the systems you already use?
Can I receive international payments with a virtual IBAN?
Yes, provided your account supports the transfer. Just keep in mind that having a virtual IBAN doesn’t mean you can receive money from every country or in every currency. Check what your provider accepts before arranging a payment.
With MiFinity, you can fund your eWallet using supported bank transfers in EUR or GBP.
Can a virtual IBAN support multiple currencies?
Some services support several currencies, but you may need different payment details for each one. Don’t assume that an IBAN you’ve used for euros will also accept another currency.
MiFinity’s virtual IBAN service supports EUR and GBP. That’s separate from the wider range of currencies available in the eWallet, so check which transfer details apply before making a payment.
Can businesses use virtual IBANs?
Yes. Virtual IBANs are available for personal and business use, depending on the provider.
Businesses may use virtual IBANs to help match incoming payments to customers. For example, a payment arriving through a customer’s assigned IBAN can be easier to identify than one with a missing reference. If you’re a MiFinity merchant exploring this, speak to the team about your requirements.
