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A named virtual account is a set of bank details (for example an IBAN for EUR deposits, or a US bank account number + routing number for USD deposits) that is issued in your name (or your user’s name / identity) and which acts like a “payment address” rather than a typical bank account holding funds.
In Moneda, you can open two virtual accounts: Virtual EUR Account (via IBAN) and a Virtual USD Account (via US account number) so you can deposit funds SEPA or ACH, respectively.
When the deposit is made to, the virtual account detects the incoming funds via the fiat payment rails (eg. SEPA or ACH). Our partner, MoonPay, converts the fiat into stablecoins, which are then settled into your Moneda Spending Account (EUR or USD balance). Similarly, when you withdraw funds to a bank account, the funds are transferred to a wallet address which is monitored by MoonPay. Once the the incoming funds are settled on the blockchain, our partner proceeds to transfer the corresponding fiat currency to the bank account.
To request opening a virtual account on Moneda, navigate in the app to Home > Top Up > Bank Transfer. You will need to then complete an identity verification, accept MoonPay's Terms of Service, verify your phone number, and complete an AML questionnaire. Keep in mind that the processes for identity verification (KYC) and opening a virtual account with MoonPay are independent from one another and therefor can be approved or rejected independently.
Yes, the virtual account details you receive are issued under your name. This means you can receive payments from your bank, your employer or third-parties into that dedicated account. Behind the scenes, the funds will be routed into your Moneda account in the form of stablecoins.
You can open a virtual account as long as your country is not sanctioned and you successfully complete both the KYC (Know Your Customer) process and the Anti Money Laundering (AML) questionnaire. Once verified, eligible customers can access virtual EUR and virtual USD accounts. Availability and initial limits may vary by country and risk tier.
The KYC application being successfully approved is a prerequisite to request access to regulated financial services in Moneda. These financial services are offered by third-party providers that have their own compliance processes. Sometimes said providers might reject the virtual account application to users on Moneda despite the KYC process being successfully approved. We don’t have context as to why the account is rejected. If this is your case we recommend contacting directly with MoonPay via email: support@iron.xyz.
To open a virtual account, individuals must:
• Verify their identity with a government-issued photo ID (passport worldwide; EU national ID; driver’s license in the EU, UK, or US), • Complete a quick liveness/selfie check, and • Provide a recent proof of address (e.g., utility bill or bank statement issued within the last 3 months). You will also be asked to answer a short AML questionnaire regarding details on employment, income, intended use, expected volume, and source of funds. For higher tiers, you will also be asked to submit source-of-funds documents.
These checks happen before we issue your virtual account details. Once approved you’ll see your virtual account information appear in your account details.
You’ll only be able to see your virtual account details once you’ve completed your identity verification and completed the application questionnaire. Head to Settings > Features and Limits to check the status of your application and the availability of the virtual accounts in your country. Once approved, your account details will appear automatically in your account details.
The third-party virtual accounts are unfortunately not available in some countries. Moneda has no influence in this decision as it is due to the bank’s compliance process. We’re actively working with our virtual account provider, MoonPay, to enable support for more countries over time.
At the moment transfers via SWIFT are not currently supported by the virtual accounts on Moneda.
To add money from your bank into Moneda, you need to send a normal transfer using the account details we provide in the app. Note that you will need to complete your identity verification and AML questionnaire first. Steps:
To move money out of Moneda and back into your bank account, you just need to make a withdrawal in the app. Make sure you’ve already registered your bank account in Transfer > My accounts section. Steps:
You can add a payout bank account in the app and then withdraw to it any time. Steps:
Settlement times may not be instant. This is due to the applicable jurisdiction, payment rail used, cross-border nature of a transaction, settlement protocols, processing windows, and banking infrastructure involved, and may take up to seven days. You can review the settlement times for the different payment rails available: • SEPA & SEPA Instant (EUR): usually instant, up to 3 business days. • ACH (USD): a few hours up to 4–5 business days.
Minimums are simple: €1 for EUR transfers over SEPA, and $1 for USD transfers over ACH.
Maximums are not a fixed number that is the same for everyone. Your limit is worked out for your account from the information you gave during verification, so the only accurate figure is the one shown in the app.
How the maximum works:
What happens if you go over. Your transfer is not rejected and it is not lost. It is paused, and you are asked to provide proof of source of wealth within 24 hours. Supply it and the transfer continues. Miss the window and the transfer is returned to where it came from.
Because of this, do not try to stay under a limit by breaking one transfer into several smaller ones. It does not raise your limit, since the cap is on your total volume rather than on any single transfer, and it delays things.
If you are planning a large transfer, check your remaining room in the app first, and complete source of wealth verification in advance. That is what prevents a pause at the worst moment.
If your account supports third-party payments, you can send funds to someone else’s bank account directly from Moneda.
You can receive funds to someone else’s bank account directly on Moneda. You just need to share the details of your virtual EUR or USD account that are accessible from Home > Details > Virtual Account Details.
No. Once a bank transfer has been sent, it can’t be changed, cancelled or reversed by Moneda. Transfers are processed directly by your bank or our partner. Pay-Ins • If you’ve already confirmed the payment in your banking app, only your bank may be able to recall or cancel it (depending on their policy and timing). Moneda cannot reverse inbound transfers that have already been processed. • If you’ve entered the wrong amount or recipient, contact your bank immediately. Pay-Outs • Once a withdrawal or transfer to a third-party is confirmed in the Moneda app, it’s automatically sent for processing. Moneda cannot modify or stop a withdrawal once it’s been submitted. • In case you made a mistake, reach out to the beneficiary so that they can transfer your funds back.
Switch to Moneda and unlock yield, freedom, and full ownership of your money.