Password must be 8-15 alphanumeric characters with these requirements
- Minimum one number (0-9)
- Minimum lowercase letter (a-z)
- Minimum one uppercase letter (A-Z)
- Minimum one special character "#?!@$%^&*-+<=>"
- Example password 99azTR?!@
Opening a bank account to accept funds from Virtual Terminal 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 see the differences between a Virtual POS Terminal and a bank account.
Many people confuse the terms Virtual POS Terminal (merchant number + payment gateway) with a bank account (account to deposit funds). The difference between the two accounts offered by the banks is that the bank account collects the funds without obligation to have a credit with the bank, while a Virtual POS Terminal has a credit account with the bank (merchant account number).
The bank is paying daily the credit operations that the Virtual POS Terminal has made by wire transfer, and that is why the bank values the nature of the business, the risk and the country where the sales have to be paid. When you contract a Virtual POS Terminal, 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 your country.
The cons of receiving funds from the sales in your country of residence are:
The pros of receiving funds from the sales outside of your country of residence are:
Customers who need to open a bank account abroad have 2 options: European Union and outside the European Union.
The payment system of wire transfer in the European Union works by IBAN. The advantage of this payment system is that it is very economical and the funds kept in the banks 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 payment by bank transfer outside the European Union works by SWIFT. Unlike IBAN the process is slower (2-5 days) and is more opaque. 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.