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Open a bank account for payment gateway 

To open a bank account outside of your country of residence to accept payments from your online store sales is an ideal complement to save taxes and avoid paying high commissions for currency exchanges. To understand better the advantages of opening a bank account outside of your country of residence, we must analyze first the differences between a payment gateway and a bank account.

Payment gateway VS. Bank account

Many people confuse the terms payment gateway or virtual terminal (merchant account + payment gateway) with a bank account (account with a debit card to deposit funds and use it later for personal or corporate needs). The difference between these two is that a payment gateway has a credit account with the bank called merchant account number, while a bank account can be opened separately without the obligation to have a credit with a financial entity.

The acquiring bank is paying daily by wire transfer the credit operations that were processed by the virtual terminal, and that is why the main factors analyzed when granting a new merchant to an e-commerce is a nature of business, the level of risks and the country where the client has an account to collect his funds. When you contract a virtual terminal or a payment gateway, the acquiring bank or payment processor has to transfer to your bank account the funds generated from the sales. These sales can be paid in your country of residence or outside of it.

Receiving funds in your country of residence or outside.

Benefits of receiving and keeping funds outside the country of residence

  • Banks in the United Kingdom, Lithuania, Estonia, Puerto Rico and Malta have more experience in online payment methods than other countries, since they are countries whose economy is based on finance. Banks in these countries know perfectly where each transfer comes from and why.
  • Bank account maintenance fees are lower.
  • Bank accounts can be opened for low risk and high-risk businesses.
  • Your local tax agency has no excess to your banking information.
  • Bank accounts opened outside your country of residence cannot be blocked nor seized by your local fiscal authorities.
  • A bank account abroad opens the doors to bank secrecy.
  • You can contract debit or credit card to make withdrawals of cash in any country in the world without restrictions.
  • You can open bank savings accounts in other currencies and not lose money by making the change.

Disadvantages of receiving and keeping funds in the country of residence

  • Currency: Usually, local banks work only with low risk currencies, such as, Euro, US $, GBP, CAD, AU $ and Japanese Yen. If you process payments in Rubles, $ HK, Singapore SGD, INR, BGN, Swiss Francs, Israel Shekel, Norwegian Crowns etc. then you may face the problem when looking for a bank account in these currencies in your country of residence.
  • Fiscal authorities monitor all the sales processed by the payment gateway.
  • The bank can consider your bank account as of high-risk and take you through verification process every time you receive processor’s transfers.
  • Your bank account is not anonymous.
  • With a bank account in your country of residence you cannot protect your savings against seizures.
  • The bank account is subject to the law of automatic information exchange.

Where to open a bank account for my virtual terminal?

Customers who need to open a bank account abroad have 2 options: European Union and outside the European Union.

The wire transfer payment system of the European Union works by IBAN. The advantage of this payment system is that it is very economical, and the funds kept on bank accounts are insured for an amount of 100,000 euros. The recommended countries to open a bank account in the European Union are: United Kingdom, Lithuania, Estonia, Bulgaria, Czech Republic, Slovakia, Malta, Portugal, Cyprus and Switzerland.

The system of wire transfer payment outside the European Union works by SWIFT. Unlike IBAN the process is slower (2-5 days) and opaquer. The recommended countries to open a bank account outside the European Union are: Puerto Rico (USA), Belize, Hong Kong, Singapore, and St. Vincent and the Grenadines.

Davron Madjidov
Hello dear sirs! I need an OFFLINE terminal ONN or OFF LINE functions to the terminal are awarded by the BANK Therefore, an agreement is required at the Bank and the Processing Center. Interested in a terminal with manual data entry in OFFLINE mode How does he work? You need a company with a pos-terminal in which the pre-authorization complete function is enabled (work with a 6-digit authorization code) and disabled function 101 (101 protocols), which makes a request for the availability of funds on the card. Physically, there is no money on the card, the card is tied to an offshore account. Project material without legs. Taken from the processing center VISA The volume can be large Depending on the company limit The payment terminal must be enabled by the Pre-authorization Complete or Force Sale function. 2. The terminal must have Function 101 is disabled (101 protocol Client Bank Alarm). this function can be disabled and directly on the device. But the bank must be notified and give permission to processing too. To understand the terminal's performance, let them shoot a video. When working with a 6-digit offline authorization code will choose an item OFFLINE mode PRE AUTH COMP (COMPLETE is payment. Necessarily through COMPLETE), it can also be Force Sale, insert any visa card, enter the amount is exactly 1 $ / € (do not enter any other amount, otherwise the test will not pass) and enter the test code 123789 if the check comes out, then the complete is straight and our code will take it. Attached video for clarity I ask you to study and show in the BANK so that you understand what you need. And can you contact me from what’s up +998998060538 thank you And if it’s possible let me know about all procedure

Dear Davron, 

Thank you for getting in touch with our company. In order to provide you with a terminal we need to know the following information: 

1. Purpose of use of Offline and Online POS terminal (product or service that you will be selling). 

2. Nationality of shareholders of the company. 

3. Originas of incoming and outgoing payments

4. Estimated amounts you are planning to process monthly. 

5. Country where the bank account is opened. 

Please contact us vía e-mail with all this information.


sunday Bala

Now that i have registered, what next? Also, how do i connect my bank account to my tpvvirtual account?


Dear Sunday, 

In order for you to obtain an excess to payment gateway you have to send us an application by: 

1. Filling in the Pre-Approval form (can de found on the right part of the screen). 

2. Providing the following information: website for your sales, country of registration of your company, nationality of shareholders, average ticket medio, % of chargebacks, countries of incoming and outgoing payments. 

The above information can be sent to us via e-mail



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