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

We’re happy to report that Due is introducing named USD virtual accounts for receiving international payments. Now you can get a dedicated USD account issued under your company name that 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 accounts in every country you operate, each requiring weeks of setup and ongoing compliance. Virtual accounts eliminate this. One account receives payments from anywhere, funds take up to 3 days to arrive, and you can convert to USDC/USDT or hold as USD.

In this guide, we'll explain how USD virtual accounts work and how Due makes international payment collection faster and cheaper.

What are USD virtual accounts?

USD virtual accounts are dedicated account numbers that receive international SWIFT transfers without requiring you to open a traditional bank account. Each virtual account has unique banking details (account number, routing number, and SWIFT code) issued under your company name. When clients send you money via international wire, the funds arrive in your virtual account and become immediately available in your Due wallet.

Virtual accounts operate on real banking infrastructure through Due's partnerships with regulated financial institutions. The key difference from traditional accounts: they exist within Due's platform and are designed specifically for cross-border payment collection. You don't deal with monthly maintenance fees, minimum balance requirements, or the bureaucracy of opening accounts in multiple countries.

From your clients' perspective, paying you works exactly like any other international wire transfer. They use your company name and account details, initiate a SWIFT transfer from their bank, and the payment settles through standard banking channels.

Why are USD virtual accounts popular for businesses?

USD virtual accounts address critical pain points in international payment collection:

• Named accounts under your company name: Unlike shared payment processing accounts where you rely on clients including correct reference codes, virtual accounts are issued directly under your business name. Clients send payments to an account that clearly identifies your company, eliminating reconciliation errors and payment routing issues.
• Receive from 150+ countries: Any business or individual in countries with SWIFT banking access can send you USD. Your European clients, Asian partners, and Latin American buyers all pay the same account number with no need to maintain separate banking relationships in each region.
• Zero correspondent banking deductions: Traditional international wires pass through 2-4 intermediary banks, each deducting $10-30 in fees. Virtual accounts eliminate these intermediaries entirely, so the amount your client sends is the amount you receive.
• Faster settlement: Payments arrive in your Due wallet in up to 3 days once the SWIFT transfer settles. No waiting 3-5 business days for traditional bank processing or dealing with holds on international wires.
• Multi-currency flexibility: Hold received USD in your account, instantly convert to 30+ other currencies at mid-market rates, or withdraw to your primary bank account. If you operate in EUR but invoice in USD, convert only when exchange rates are favorable.
• Simplified compliance: Due handles KYC and AML requirements for receiving international payments. You don't need to establish separate compliance frameworks in each jurisdiction or manage cross-border regulatory reporting.

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
6. You can hold USD, convert to other currencies, or withdraw to your primary bank account

For clients sending payments:

From their perspective, they're sending a standard international wire to a US bank account. They enter your company name and account details in their banking app or wire transfer form, just like paying any other US-based vendor. The process works with their existing banking setup with no special requirements.

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 USD, auto-convert to USDC/USDT, 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 to your account 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 USD balances, convert to 30+ other currencies at mid-market 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:

Due simplifies cross-border payments so you can focus on growth

Due eliminates the complexity of international payments. Whether you're receiving payments via USD virtual accounts, sending money to Colombia via BRE-B, Brazil via Pix, or any of 80+ other countries, we handle the technical infrastructure, regulatory compliance, and currency conversion so you can move money as easily as making a domestic transfer.

What Due offers:

• Named USD virtual accounts: Receive international wires from 150+ countries through dedicated accounts under your company name. Zero incoming fees, zero correspondent bank deductions, zero hassle.
• Access to local payment rails worldwide: Connect to BRE-B in Colombia, Pix in Brazil, InstaPay in the Philippines, and dozens of other instant payment systems. Send money to recipients through the methods they actually use, not outdated wire transfers.
• True mid-market rates: Pay competitive rates on all conversions, not the 2-4% markups charged by banks and traditional providers. Transparent pricing with no hidden fees or correspondent bank deductions.
• API-first infrastructure: Integrate once and access virtual accounts for receiving plus payment rails across 80+ countries for sending. Scale your business without managing multiple banking relationships or compliance frameworks.
• Built-in compliance: We handle AML/KYC verification, local regulatory requirements, and cross-border reporting. You stay compliant by default, regardless of which countries you're transacting with.
• Multi-currency accounts: Hold, convert, and send in 30+ currencies from a single platform. Eliminate the need for multiple bank accounts across different countries.

See how Due can help your business move money faster and cheaper across 80+ countries. Book a demo to learn more, or sign up to get started today.

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