What is a MoonPay virtual account and what can I use it for?

It's a feature available through a select number of MoonPay Partners that allows you to create a virtual account and use that account to receive funds through traditional bank transfers (USD via ACH & Wire, EUR for customers in EEA via SEPA) which are then automatically converted to a stablecoin in your non-custodial wallet (Ethereum, Solana, or Arbitrum). Learn more about the applicable fees here

Virtual Accounts are available globally (for country/state restrictions, please make sure to check below), subject to partner support and local banking availability.

Can I use the virtual account like a regular bank account (e.g., for direct debits, Venmo, Apple Pay)?

The Virtual Account currently only supports receiving bank transfers (pay-ins). It cannot be used for direct debits or linked to other payment apps such as Apple Pay or Venmo to pull funds. However we do plan to expand the feature-set in the future.

How do I set up a virtual account with MoonPay?

1. Click on the “Open a Virtual Account” banner and hit “Get Started.”
2. Choose a fiat currency that your funds will be sent from (USD or EUR)
3. Select the stablecoin you want to convert your fiat into, and select ‘create virtual account’.
4. Create a MoonPay account or use your existing MoonPay account to sign-in.
5. Read and accept the Terms of Use to continue.
6. Enter the 6-digit code sent to your phone number. If you haven’t registered a phone number yet, you’ll need to add one.
7. If you’re creating a new MoonPay account, you’ll go through a quick verification process to ensure everything is secure. If you’ve already verified your MoonPay account before, this step will be skipped.
8. We’ll then set up your Virtual Account. This may take a few minutes, and we will send you an email confirming when it's ready.
9. Your virtual account is ready! You’ll now be able to see your account details.
10. Once you make your deposit, your deposited funds will be converted into a stablecoin and sent straight to the designated wallet. For processing times, please check below.

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Note:

If you haven't verified your MoonPay account or identity yet, you'll need to complete the verification process before you can set up your virtual account. You can find more details on how to verify your account here: Verify my account details

How can I access my virtual account details?

You can access your Virtual Account details directly through the Partner interface:

1. Log in to the Partner interface.
2. Select “Top up your Virtual Account.”
3. Your unique account information will be displayed.

These account details are fixed and personal to you. You can:

• Easily copy the account numbers using the icon provided.
• Share the details with others to receive bank transfers.
• Save them as a payee in your banking app for faster top-ups in the future.

Are there any fees for converting fiat to a stablecoin?

To find more information about transaction fees, please visit this article.
To view all fees associated with your Virtual Account go to your account details page and navigate to the Fees section.

What are the deposit limits for the virtual account?

The minimum deposit amount is 1 EUR or the equivalent amount in your selected currency. Please note that applicable fees will be deducted from this amount. Learn more about the applicable fees here.

In regions where the fee is equal to or greater than the minimum, you may need to deposit a higher amount to avoid a net deposit of zero and ensure a positive balance is credited to your account.

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Note:

Applicable fees are deducted from the deposit amount.
In some regions, if the fee equals or exceeds the minimum, you may need to deposit a higher amount to ensure a positive balance is credited.

• For a breakdown of fees and deposit limits by region and risk tier, refer to this resource from Iron.
• You can also view applicable fees directly in the fee section of the Virtual Account widget.

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Note:

Deposit limits are linked to your account’s risk tier, which is determined by your verification level.
If you’d like to increase your limits, you may need to provide additional documentation.

Learn more: How do I increase my account limits?

Please keep in mind, our Customer Experience team is not able to adjust limits or risk tiers directly. These changes are subject to our verification process.

How long does it take for a deposit to be received in my virtual account?

If you’ve made a transfer to your Virtual Account but don’t yet see it reflected in your crypto asset wallet, please note that processing times for bank transfers can vary. You will receive an email as soon as your deposit has been processed. While real-time updates are not currently available within the app, understanding typical bank processing times can help set expectations.

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Note:

Processing times are dependent on your own bank. However, if your deposit has exceeded the expected processing time, please contact our support team at support.moonpay.com

In which countries is the virtual account available?

Access to Virtual Accounts is currently supported in territories approved by both Iron and MoonPay.

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Some countries supported by MoonPay may not be supported by Iron, and vice versa.
To view the most up-to-date list of supported countries, please refer to the Iron documentation
Your Virtual Account must be opened from a location supported by both provider

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Note:

Virtual Account creation is not available in New York, Alaska, Florida & Louisiana.

Troubleshooting

I got an error, and I could not create a virtual account.

If you ran into trouble creating your virtual account, we’re sorry for the inconvenience! Here are a few common reasons this might happen:

• Region Not Supported:
  Your region may not yet be enabled for this feature. We’re working on expanding to more regions in the future!
• Bank Rejected Your Info:
  Your bank might have rejected the information submitted during the setup process.
• Bank Account Mismatch:
  You may have selected a fiat currency (like USD) that doesn’t match the region of your MoonPay account.

For more information or troubleshooting, please contact our support team at support.moonpay.com

My deposit failed, or I am experiencing an error. What can I do?

If your transaction fails, you haven’t received your refund, or your deposit hasn’t shown up in your account after the expected time, please reach out to our Support Team at support.moonpay.com. We’re here to help!

What verification is required to open a Virtual Account?

To create a Virtual Account, you must complete both Know Your Customer (KYC) and Proof of Address (POA) verification with MoonPay.

• If you've already completed both KYC and POA, no further steps are needed.
• If you've completed KYC only, you'll be prompted to submit a valid proof of address before proceeding.

Who is Iron and what role do they play?

Iron is a MoonPay-owned company that provides the infrastructure for your Virtual Account. It works alongside MoonPay to ensure a smooth and secure fiat-to-crypto experience.