Online bank accounts with virtual debit cards are becoming a popular alternative in some of the top banking hubs around the world.
In fact, for non-residents, digital nomads, expats, and even entrepreneurs – online accounts with virtual debit cards have become an important part of their banking stack.
This is true whether applicants are looking for access to EU member states, SEPA countries, SWIFT banking, or other transfer networks.
In this article, we’ll look at several important considerations related to these types of accounts, who they’re for, and if they could be a good option for you.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Virtual Debit Card 101
- Virtual Card vs Physical Card
- How Can I Get a Virtual Debit Card Online?
- Which Mobile Banking Apps Give You a Virtual Card?
- Do You Want Help Opening Bank Accounts?
Virtual Debit Card 101
There’s a lot to love about online banks with virtual debit cards. They’re convenient, they’re usually safe, and they typically have a much better online experience for customers.
But, what exactly is a virtual debit card?
A virtual debit card is just like a physical debit card, just virtual. It only exists online or in an app. You can use it for online purchases or add it to a digital wallet like Apple Pay.
To get a virtual debit card, you’ll need to sign up for an account with a specialized provider or an online bank. Once you have an account, you can generate a virtual debit card. Then use your virtual debit card to make purchases, just like a regular debit card.
Some digital banks allow you to generate hundreds or even thousands of virtual debit card numbers. Sometimes they’re referred to as temporary card numbers. And, they can be used for just about any online purchase.
Alternatively, if you’re looking for a guide on how to open accounts in Europe, specifically how to open a bank account in France as a non-resident, you can access our free guide linked here to get started.
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Online Bank Account With Instant Debit Card & No Deposit
It’s now possible to get an online bank account with virtual debit cards with no need for an initial deposit. But avoiding a deposit isn’t the reason why most people and businesses want virtual debit cards, as we’ll explain below.
But first, it’s important to note that non-residents seeking guidance on opening accounts remotely, such as opening a bank account in Denmark, need to understand that this is going to be a challenge. This is especially true if you have no ties to Denmark. It’s important to look at all the options available to you before choosing where to open an account.
Virtual Card vs Physical Card
A physical card is a plastic (or metal) card you can carry in your wallet. A virtual card is a digital version of a physical card that you can use to make purchases.
Physical Debit Card Benefits & Risks
There are some benefits to using a physical debit card:
- You can use it anywhere that accepts Visa or Mastercard
- It’s more convenient than carrying cash
- You can use it to make online or in-person purchases
However, the risks associated with using a physical debit card that’s directly connected to your bank account often outweigh the rewards:
- Debit card skimming and theft are easy and commonplace. This makes using debit cards at ATMs, crowded areas, or just about anywhere a risk these days.
- If your physical debit card is stolen, someone can use it to make purchases and withdraw funds directly from your bank account.
- Unlike credit cards, debit cards do not typically offer consumer protection when making purchases.
- Unlike virtual cards, you can only have one debit card number per card.
Virtual Debit Card Benefits & Risks
There are several benefits of using a virtual card over a physical card. For one, it’s more secure since there’s no risk of a physical card getting lost or stolen.
Additionally, you can use virtual card numbers to make online purchases – instead of entering your physical card information.
Finally, virtual cards can be used as temporary or disposable cards that you can cancel after each use. Similarly, there are various types of purchase limits consumers can put in place to protect themselves.
Many consumers even use purchase limits to protect themselves from recurring subscriptions they don’t want or forget to cancel.
How Can I Get a Virtual Debit Card Online?
Getting a virtual debit card is easy and can be done in minutes. The first step is finding a reputable provider that offers this service.
That said, there can be significant challenges when opening this type of account if you are a non-resident or you’re looking to open for a foreign or non-resident company. However, despite the challenges, it is often still possible.
Which Mobile Banking Apps Give You a Virtual Card?
Most mobile banking apps offer a virtual debit card. The cards they offer are directly linked to your account. You can then use the funds in your account to make purchases or withdrawals.
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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