For most account owners in Nigeria, bank trouble is not an uncommon event. Most times, the long queues, numerous forms, and requirements may be enough to disrupt a seamless banking experience. What about sending and receiving money abroad? We all know how difficult it can be to open a domiciliary account, not to mention the exorbitant onshore and offshore charges. Of course, this means that at one point or the other, you’ve wondered if there is an easier way to conduct your banking transactions.

What if we told you there is indeed a better alternative to traditional brick-and-mortar banks? In fact, the days of waiting in long queues for financial transactions may be over.

Say hello to virtual banks that are sure to revolutionize your banking experience. The convenience and ease of use that virtual banks promise are definitely welcomed by many Nigerians who have their fair share of dealing with traditional banks.

This article gives you insight into what virtual bank accounts are, how they work, and how they’re slowly reducing the trend of traditional banks in the country. Enjoy your read!

 What Is a Virtual Bank Account?

As the name implies, virtual bank accounts are non-physical accounts that you can fully operate through mobile or desktop interface, and offer access to various financial services. You may also refer to them as digital bank accounts that provide the following services:

• Creating an account
• Checking account information
• Making deposits
• Withdrawals
• Bill payments.

Basically, a virtual bank account offers you everything that a traditional bank does, only that you don’t need to waste time in any banking hall. With a smartphone and internet connection, you have the luxury of carrying out financial transactions without taking a step out of your house.

The low fees, good customer support, ease of use, and seamless internet-based experience that come with virtual banks have allowed them to be greatly preferred to traditional banks over the years.

If you’re looking to streamline your banking portfolio, you should look into creating a virtual account to save money and time.

Who Provides Virtual Bank Accounts?

A virtual bank works just like a traditional bank. In fact, the major difference is that a virtual bank provides all its services electronically and has no physical premises. All bank processes such as creating an account, taking out loans, making deposits, receiving money, or making transfers, are done completely using the internet or a mobile app.

To answer the question, “Who provides a virtual bank account?” any fintech company can provide a virtual bank account.

Changera, one of the uprising fintech platforms, is a leading digital cross-border social payment fintech that allows users to access their money without limits globally.

Recently, they announced the launch of one of their most requested features- USD virtual accounts! This feature allows users to receive money from international banks in the US to their Changera mobile app using a virtual account linked to their USD wallets.

Are Virtual Bank Accounts the Way to Go?

There’s no doubt that virtual banking gives you more power and control over your banking experience compared to traditional bank accounts. To save yourself from the stress of dealing with long queues in traditional banking halls, you should get on the wave of digital banking.

Ready to hop on the trend of virtual banking? Try one of the most reliable virtual banking platforms- Changera.

With Changera, you’ll get the following benefits:

Guaranteed Security

Virtual banking ensures that your security is covered at all times. Changera uses high-end encryption of users’ details to ensure that there is less risk of compromise of customers’ data. In addition, there are multi-factor authentication and biometric login features to mobile apps and websites for added protection against online scams.

Convenience

Using a virtual account saves you the stress of long queues and unappealing customer support that are common to physical branches of traditional banks. You can access banking services anywhere you are around the world without any hassle. All you need is your smartphone and internet access.

No Additional Fees

Traditional banks can come with a lot of ridiculous bank charges and additional fees. This is completely avoided with a virtual account. All you need to do is pay a small transaction convenience fee and the bank takes care of the rest. You don’t need a minimum balance to create a Changera account, it is completely free!

Close Account Management

Budget planning and better account management are way easier with virtual banks. This is because of the customizable nature of virtual banking which provides features like round-up savings and saving targets. Plus, virtual banks are usually incorporated with artificial intelligence, which gives customers spending insights and helps them set financial goals.

24/7 Customer Support

Most virtual banks offer online and 24/7 customer service which saves customers time and effort compared to traditional banks where they may have to queue for long hours. Additionally, virtual banks employ advanced technology, which simplifies most banking operations.

Foreign transactions

Recently, changera launched a new feature that allows users to receive money in dollars via USD virtual accounts. You don’t have to endure the stress of opening a domiciliary account. It is now easy to send money from international banks in the US to your Changera mobile wallet.

Conclusion

Virtual banks are steadily becoming more accepted and the trend of traditional banks is slowly reducing. One major factor contributing to the rise in virtual bank accounts is the convenience that they offer. Also, virtual banks are making the most of modern technology to provide the most innovative services to their customers.

When considering a virtual bank to choose from, there are numerous factors to consider, including convenience and flexibility with technology. Thankfully, a platform like Changera offers all these benefits with its unique features and services. Choose ease, Choose virtual banking.

You can also try platforms like bitmama to get access to virtual cards today in order to sort payments like Spotify, Netflix, AliExpress etc.

Try the Changera mobile app today!
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