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{Africa} USD Virtual Account FAQs

Get answers to frequently asked questions about the USD Virtual Account Number.

Christine avatar
Written by Christine
Updated this week

What is a USD Virtual Account Number, and what is its purpose?

A USD Virtual Account Number is a unique bank account number denominated in United States Dollars (USD). This virtual account allows you to receive USD payments, transfers, and deposits from platforms such as Upwork, Deel, Payoneer, Gusto, Fiverr, TikTok, etc.

Types of payments we support

  • First-Party Payments: Someone sending funds to himself.
    ​For example, John Doe sends funds to himself via Wise, where the name on the Wise account matches the name on his Chipper account.

  • Payroll Payments: A payroll platform distributing payroll to an individual.
    ​For example, ABC Resource distributing payroll to John Doe.

  • Business Payments: Businesses paying contractors or vendors.
    ​For example, XYZ Widgets sending a payment to John Doe for services rendered.

  • Family Payments: Transfers between family members with the same last name.
    ​For example, Esther Doe sending funds to John Doe.

  • International ACH Transactions (IATs) from platforms like PayPal, Apple, and Amazon.

  • Wire Transfers

Types of payments that may require additional information

  • Person-to-Person Third-party Payments: Someone sending funds to another person who doesn't meet the business or family criteria, e.g., John Doe sending funds to Dan Stevens.

This payment type may be initially held and then released after you provide more information about the transaction, i.e., the relationship between the sender and the recipient.

Is the USD Virtual Account available globally?

At the moment, this is available to verified Nigerian and Ghanaian customers seeking methods to get paid internationally.

We are already working to launch this in other African countries.

What type of Bank Account is the USD Virtual Bank Account? Personal or Business Checking account?

It is a Personal Checking account

How much is the USD Virtual Account creation fee? Why was I charged NGN 5,000?

The account creation fee is NGN 5,000. It's important to note that this fee covers various aspects of account setup and security measures. We strive to provide a reliable and secure platform for your financial transactions, and this fee contributes to maintaining the quality of our services.

Is the ₦5,000 account creation fee refundable?

No, the account creation fee is non-refundable.

How long does it take to create and start using my USD Virtual Account?

The USD account number is issued upon the completion of the review process, which typically takes 24–48 business hours.

What fees apply to the USD Virtual Account?

  • Deposit Fee - 1.25% of the transaction amount received.

  • Monthly Maintenance Fee - USD 1.50 Monthly

  • USD Virtual Account Fee - NGN 5,000

Where will the funds received via this account number go (be credited into)?

Any funds sent to your Chipper USD virtual account number will be credited to your Chipper USD wallet.

What is the timeline for ACH Transfers?

ACH transfers typically take 1-3 banking days to be completed. (Please note that this excludes weekends and public holidays)

Is it possible to receive money from a Nigerian USD domiciliary account with this USD Virtual Account?

No. The USD Virtual Account is specifically for receiving international USD transfers and payments. It is not intended for receiving transfers from Nigerian USD domiciliary accounts.

Do I need to create a USD Virtual Account to get a Chipper USD Virtual Card?

No, the USD virtual account and the USD virtual card are two distinct products. The USD virtual account is for receiving USD payments, while the USD virtual card is for making online payments.

Is there a minimum balance requirement for the USD Virtual Account?

None at the moment

Are there any currency conversion fees associated with the USD Virtual Account?

Your USD virtual account will always receive USD. There is no currency conversion fee from us. If there is any conversion fee for funds sent to your US Virtual Account Number, it would be debited by the originating bank or service.

Is there a limit to the number of transactions I can make with the USD Virtual Account?

There is no limit to the number/count of transactions.

Can I receive funds in a different currency into my USD Virtual Account?

No, we currently do not accept transfers of any other currency aside from USD.

How long would it take before the USD Virtual Account expires?

It does not expire.

Do you need further assistance?

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