Introducing personal virtual IBANs and UK sort codes
We’ve made a great new addition to the Payz account, which is available now to use. Customers in the EEA and UK can now send and receive EUR and GBP payments across Europe to and from their Payz account faster and cheaper by having a virtual EU IBAN or UK sort code & account number.
What is a virtual account?
It’s a unique virtual account reference number that allows you to get bank transfers across Europe in your own name, and is linked to your Payz account.
For payments in EUR, you get a virtual IBAN that consists of 34 digits.
For payments in GBP, you get a virtual UK sort code and account number.
What are the benefits of using a virtual IBAN?
• Faster and cheaperEUR/GBP transfers between your Payz account and your bank account in your own name.
• Send money to individuals and companies outside Payz with SEPA and UK domestic transfers (coming soon).
• Accept bank transfers from people and companies from all over Europe (coming soon).
• Your own unique details for bank transfers across Europe and the UK.
How can I get a virtual IBAN or UK sort code and how do I use it?
First thing’s first: open a Payz account and upgrade it to Silver level for free, by providing us with a few documents to verify your details.
Then follow the simple steps in your Payz account to get your virtual IBAN or UK sort code & account number details.
You can now use these details to send money from your bank account to yourPayz account.
And the next time you make a SEPA or UK domestic transfer to your bank account from Payz, it will appear in your bank statement as a transfer from yourself as it will be sent using the new details. For a limited time, these transfers are free of charge!*
Give it a try now – available in your Payz account and app.
* Promotion period until 24 Aug 2022. The transfer has to be made from the Payz currency account where the beneficiary details (sort code and account number) are linked to.