Introducing USD SWIFT virtual accounts: Receive payments from 150+ countries

Due is introducing named USD virtual accounts for receiving international payments. You get a dedicated USD account issued under your company name. It accepts payments from 150+ countries via SWIFT, with no correspondent banking fees and no need to open a US bank account.

Traditional banking forces you to open a new account in every country you operate. Each one takes weeks to set up and adds ongoing compliance work. Virtual accounts remove that step. One account receives payments from anywhere. Funds arrive in 1-3 days, and you can convert to USDC or hold as USDC in your Due account.

In this guide, we'll cover how USD virtual accounts work and how to set one up with Due.

What are USD virtual accounts?

A USD virtual account is a dedicated US dollar account number that receives payments on real banking infrastructure without requiring the holder to open a traditional bank account. Each virtual account has its own banking details: account number, routing number, and SWIFT code.

Because the details are unique to each account, incoming payments are attributed automatically, with no reference codes needed. Businesses use virtual accounts to collect international payments through one account instead of maintaining separate banking relationships in each country.

From the sender's perspective, nothing changes. Paying a virtual account works like a standard international wire. The sender uses the account holder's name and banking details, initiates a SWIFT transfer from their own bank, and the payment settles through normal banking channels.

USD virtual accounts with Due

Due issues USD virtual accounts under your company name, on banking infrastructure operated through partnerships with regulated financial institutions. The accounts come with:

• No monthly maintenance fees.
• No minimum balance requirements.
• No account opening process in each country you receive from.
• Instant wallet crediting once the transfer settles.
• A flat $1 monthly fee per active virtual account (one with at least one transaction that month).

Why are USD virtual accounts popular for businesses?

USD virtual accounts address critical pain points in international payment collection. Because each account is issued directly under your business name, clients send payments to an account that clearly identifies your company, which cuts down on reconciliation errors and reference-code mismatches. Any business or individual in a country with SWIFT banking access can send you USD through that same account, so European clients, Asian partners, and Latin American buyers all pay the same details without you maintaining separate banking relationships in each region.

The cost structure also compares favorably to a standard wire. Traditional international transfers pass through 2-4 intermediary banks, each deducting $10-30 in fees; virtual accounts remove those intermediaries, though Due's own channel fee still applies and is disclosed upfront via the API quote. Settlement is faster too: payments arrive in your Due wallet in 1-3 days once the SWIFT transfer settles, against the 3-5 business days typical of traditional processing.

On the currency side, you can hold received USD as USDC in your Due account and instantly convert to other supported currencies at transparent, disclosed FX rates, or withdraw to your primary bank account, converting only when the rate works in your favor. Due also handles KYC and AML requirements for receiving international payments and manages cross-border regulatory reporting, so you don't need a separate compliance framework in each jurisdiction.

How do USD virtual accounts work?

USD virtual accounts use the SWIFT network to receive international payments through Due's banking infrastructure. Here's the payment flow:

For businesses receiving payments

1. Due issues you a dedicated USD virtual account with unique banking details (account number, routing number, SWIFT/BIC code) under your company name
2. You share these details with international clients on invoices or payment instructions
3. Clients initiate a SWIFT wire transfer from their bank to your virtual account
4. The payment routes through the SWIFT network to Due's banking partner
5. Due credits your wallet when the transfer settles (typically 1-3 days)
6. You can hold the funds as USDC, convert to other currencies, or withdraw to your primary bank account

For clients sending payments

Paying you looks like any other international wire. Your client:

1. Enters your company name and account details in their own banking app or wire form.
2. Sends the payment just like they would to any US-based vendor.
3. Uses their existing banking setup, with no special requirements on their end.

How to receive international payments using Due's USD virtual accounts

Setting up virtual accounts with Due takes minutes:

1. Create your Due business account. Sign up with your company details and complete business KYC verification (typically 1-2 business days for incorporation document review and beneficial ownership verification).
2. Generate your USD virtual account. Specify USD as your input currency and your preferred settlement destination (hold as USDC, or settle to your bank account). Due creates a dedicated virtual account with unique banking details under your company name.
3. Share account details with clients. Provide your virtual account number, routing number, and SWIFT code on invoices and payment instructions. These details work with any bank globally that can send USD wires.
4. Receive payments automatically. When clients send wires to your virtual account, funds are attributed automatically. No reference codes needed. Deposits convert instantly based on your chosen settlement method.
5. Use received funds immediately. Once settled, funds are available in your Due wallet. Hold USDC balances, convert to other supported currencies at transparent, disclosed FX rates, or withdraw to your primary business bank account.

The same virtual account details work indefinitely for recurring payments. Clients can save your information in their banking systems for future invoices.

Benefits of using USD virtual accounts for international payments

Using Due's virtual accounts offers several advantages over traditional cross-border payment collection:

Receiving and sending cross-border payments with Due

USD virtual accounts cover the receiving side. For sending, Due connects to local payment rails in 80+ countries, including BRE-B in Colombia and Pix in Brazil. Both sides run through the same API, with compliance and currency conversion handled by Due.

Due provides:

• Named USD virtual accounts: Receive international wires from 150+ countries through dedicated accounts under your company name, with fees disclosed upfront and no correspondent bank deductions.
• Local payment rails worldwide: Connect to BRE-B in Colombia, Pix in Brazil, InstaPay in the Philippines, and dozens of other instant payment systems, so recipients get paid through the methods they already use.
• Disclosed FX rates: Conversions carry a disclosed FX markup, below the 2-4% markups typical of banks and traditional providers.
• API-first infrastructure: One integration covers virtual accounts for receiving and payment rails across 80+ countries for sending, without separate banking relationships per market.
• Built-in compliance: Due handles AML/KYC verification, local regulatory requirements, and cross-border reporting across the countries you transact with.
• Multi-currency accounts: Hold, convert, and send in multiple currencies from a single platform instead of maintaining bank accounts in each country.

‍Book a demo to see how virtual accounts fit your payment flows, or sign up to get started.