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 users to receive USD payments, transfers, and deposits for services rendered, wages, and payroll.
Users can use this virtual account to receive funds from sources like PayPal, clients, and businesses. These sources must be strictly sent through US Bank Transfer instructions to the virtual account number. All transactions not sent through US Bank Transfer instructions will not credit the account.
Is the USD Virtual Account Number available globally?
At the moment, this is only available to verified Nigerian customers seeking methods to get paid internationally.
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 ₦5,000?
The account creation fee is ₦5,000. It's important to note that this fee covers various aspects of account setup, security measures, and maintenance. We strive to provide a reliable and secure platform for your financial transactions, and this fee contributes to maintaining the quality of our services. We believe that the benefits and features you gain access to with your Chipper USD Virtual Account are worth the investment.
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 Number?
Instantly, upon the completion of the required verification. If this isn't the case for you, please don't hesitate to reach out to our support team.
How do I verify my identity for the USD Virtual Account Number?
Please click on the following article to learn more: How to create a USD Virtual Account Number.
Is there a fee for receiving funds via the USD Virtual Account Number?
Yes, please see below the different fees for ACH and Wire transfers;
ACH Transfers:
$1 for deposits up to $100
1% for deposits over $100
Wire Transfers:
$12 for deposits up to $1,200
1% for deposits over $1,200
Where will the funds received via this account number go (be credited into)?
Any funds credited to your Chipper USD virtual account number will be credited to your Chipper USD wallet/balance.
What is the maximum credit limit (amount) for the USD Virtual Account?
$12,000 monthly. Where you exceed these limits, we will request additional source of funds information for the banking service.
What is the difference between ACH Transfers and Wire Transfers?
| ACH Transfer | Wire Transfer |
Timelines | Up to 3 banking days | Up to 1 banking day |
Payment Options | Bank Transfer | Bank transfer, credit card, debit card |
Cost |
|
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Can I receive USD payments from International Clients, Cryptocurrency Exchanges, Crowdfunding Platforms, or payment platforms like PayPal or Skrill?
Yes, you can use it to receive USD from various sources, including:
Freelancing Platforms: Receive payments from freelancing websites like Upwork, Fiverr, and Freelancer.
International Clients: If you have international clients or customers, they can send USD payments to you via your USD virtual account number.
Online Marketplaces: Receive USD payments from online marketplaces like Amazon, eBay, and Shopify.
Anywhere that you can get paid via US Bank Transfer
These are just a few examples of the areas and sources from which you can receive USD. If you have specific questions about receiving USD from a particular source or need assistance with any aspect of your account, please feel free to reach out to our support team for assistance.
Can I withdraw funds from my USD Virtual Account Number to my local bank account?
Yes. Your USD Virtual Account Number is linked to your Chipper USD wallet/balance. Hence, you can cash out the funds to any of the local accounts below:
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/payments. It is not intended for receiving transfers from Nigerian USD domiciliary accounts.
What is the USD Virtual Account Number's daily withdrawal limit?
Your normal daily withdrawal limit applies here.
Can I withdraw funds from my Chipper wallet to the USD Virtual Account Number?
No, this is not possible.
Is the USD Virtual Account Number secure?
Yes
Is there a minimum balance requirement for the USD Virtual Account Number?
None at the moment
Are there any currency conversion fees associated with the USD Virtual Account Number?
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 Number?
There is no limit to the number/count of transactions.
Can I set up automatic transfers to my USD Virtual Account Number?
Chipper does not currently support automatic debits/transfers on your US Virtual Account Number. This would have to be arranged by the originating senders' bank.
Can I receive funds in a different currency into my USD Virtual Account Number?
No, we currently do not accept international wire 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?