Instant Bank Account With Virtual Debit Card [Debit Card]

If you’re looking to open an instant bank account with a virtual debit card, you’re probably looking to apply for an international account or open a foreign bank account online.

While we don’t suggest relying on online bank accounts for all of your banking needs, they can still offer value.

That’s why we suggest integrating online banks and virtual debit cards into your international banking stack to complement your other accounts and financial service providers.

In this article, we’ll explore where you can open an instant bank account with a virtual debit card. We’ll also discuss which countries to target, which options have lower barriers to entry, and which options are best to avoid.

Feel free to jump ahead to the areas most relevant to you by using the table of contents below.

Table of Contents

  1. Instant Bank Account With Debit Card
  2. Can an Instant Bank Account Provide a Virtual Credit Card?
  3. Where to Apply for an Instant Virtual Debit Card?
  4. Frequently Asked Questions
  5. Do You Want Help Opening Bank Accounts?

Instant Bank Accounts With Debit Cards

To make sure we’re all on the same page, when we say “instant bank accounts,” we’re referring to accounts opened with digital banks, EMIs, and other fintech platforms.

These providers typically allow users to open accounts instantaneously by completing a short onboarding process, usually through a mobile application.

However, the instant account that is opened afterward often has limitations and doesn’t provide the same level of support as a traditional bank. If you plan on spending more than you have in your account, it’s important to understand the disadvantages of bank overdraft and how it can impact your account.

Nonetheless, you still get an instant account. And, in many cases, it also includes a debit card (e.g. physical, virtual, or both).

That means, if approved, you can top up your account and start using your virtual debit card to complete both online and in-person transactions in minutes.

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Can an Instant Bank Account Provide a Virtual Credit Card?

One question that we regularly receive deserves special attention — and, that is, can get a credit card through a virtual bank account?

In almost all cases, the answer is no. Digital banks, EMIs, and fintech providers typically offer payment cards in the form of debit cards, prepaid cards, and (in rare cases) charge cards.

That said, an unsecured credit card will almost always require you to have an established credit history in the country, complete a credit check, and provide significantly more supporting documentation than will be required to open an instant bank account.

This is especially true if you are trying to open an account as a non-resident in a country where you have limited or no ties, such as with one of the best banks in Mexico.

Of course, there are some exceptions.

For example, non-residents who can make sizeable deposits can often access credit cards. Likewise, some financial institutions will issue credit cards to local companies. However, the process is far from instantaneous, and the company will almost always need to have a tax identification number in the country to even submit an application.

Where to Apply for an Instant Virtual Debit Card?

The countries that are most commonly used to open an instant bank account with a virtual debit card are (not surprisingly) the ones with attractive digital banking and fintech regulations.

With this in mind, here’s a quick look at some places to consider opening these types of accounts:

United Kingdom

The United Kingdom is a leader in digital banking and financial technology (fintech) platforms. In fact, many digital banking platforms, electronic money institutions (EMIs), and payment service providers (PSPs) licensed in the UK are suitable options for both resident and non-resident foreigners as well as businesses. That said, you will still need go through a standard onboarding process, provide supporting documents, and often demonstrate ties to the UK (or other supported jurisdictions) to open an account.

Germany

Germany has had wins and losses (e.g. Wirecard) in the digital banking and payments space. At present, there are some popular digital banking options in Germany that accepting of individuals and companies in the EU. So, if you can meet the account opening requirements such as having the right passport and residency and an acceptable tax identification number, local phone, address, etc., you’ll likely be able to open an account and get a virtual debit card instantly.

Malta

Digital banking platforms in Malta specialize in high-risk, offshore, and sometimes “harder to bank” clients. In other words, if you can’t open an account in the UK or Germany, you might have some luck here. However, digital banking in Malta often comes at a cost. Due to the higher-risk nature of clients, the available platforms often charge account opening fees and higher monthly fees for the privilege of having an account.

Lithuania

Lithuania is seen as a challenger to the UK, as an up-and-coming digital banking capital of Europe. In fact, with its fintech-friendly legislation, the government has made a concerted effort to attract as many fintech platforms and entrepreneurs as possible. As a result, Lithuania is seen as a launching pad for a variety of digital banking and fintech platforms, thanks to its low-cost and easy-to-access licensing options. And while Lithuania is generally more open to non-residents, the eligibility requirements vary widely across platforms. And remember: you’ll still need to meet account opening requirements and submit supporting documents.

Frequently Asked Questions

Below are two of the most common questions that we receive from people looking to open an instant bank account with a virtual debit card. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.

How Does a Physical Debit Card Differ From a Virtual Card?

Virtual cards differ from physical debit cards in that they only exist in a number format inside the banking app or digital wallet that you use. With this in mind, you can use virtual cards for online purchases or any point of sale that accepts virtual cards.

Which Card is Best Suited For You?

To determine which virtual card is best for you, you first need to determine where you can realistically open accounts. To do this, look at your residency, citizenship, transaction requirements, and what supporting documents you are able to provide during the account opening process.

Do You Want Help Opening Bank Accounts?

If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.

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And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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