Virtual USD Accounts for Freelancers: How They Work and Which is Best
A virtual USD account gives you a US routing number and account number — your clients pay you 'locally' in the US, avoiding international wire fees. Here's how it works and which platform's virtual account is cheapest.
Quick summary
How virtual USD accounts work
When you open a Wise Business account, you get a real US bank account number (held at an FDIC-insured partner bank). Your US client pays this as a local ACH transfer — no SWIFT fee, no correspondent bank, no wire fee. Wise holds the USD in their US pool and pays you from their INR/PHP/NGN pool in your country.
- Wise: Virtual USD account (routing + account number), plus EUR IBAN, GBP sort code, AUD BSB, CAD, NZD, SGD — 9 currencies total.
- Payoneer: USD virtual account (routing + account number). Also EUR, GBP, AUD, CAD, JPY.
- Airwallex: USD virtual account plus 12+ local currency accounts.
- Revolut Business: USD IBAN (for EU/UK companies). Local account details in 25 currencies.
Which virtual USD account pays out the most?
The virtual USD account itself is free on all platforms. The cost comes when you convert USD to your local currency:
- Wise: 0.45% FX margin → $995.50 per $1,000 converted
- Airwallex: 0.5% FX margin → $995.00 per $1,000 converted
- Payoneer: 2.0% FX margin → $980.00 per $1,000 converted (before withdrawal fees)
- PayPal: 3-4% FX margin → ~$960-970 per $1,000 converted
Virtual USD account comparison: Wise vs Mercury vs Payoneer vs Relay
Multiple providers offer virtual USD accounts for freelancers. Here's how they compare on the key dimensions:
- Wise: US routing number + account number via ACH. USD held in Wise at 0% custody fee. Convert to 40+ currencies at mid-market. Available to non-US residents in 170+ countries. No monthly fee.
- Mercury (US only): Full US bank account. FDIC insured. Free ACH and domestic wires. But requires US legal entity — not available to non-US freelancers without a US LLC.
- Payoneer: US payment details via ACH. 2% withdrawal fee. Built-in marketplace integrations (Upwork, Amazon). Available globally. Better for marketplace sellers than service freelancers.
- Relay: US business bank account requiring US entity. Strong for US-based small businesses.
- Bottom line for international freelancers: Wise is the default. Mercury/Relay are better if you have or plan to open a US LLC.
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ForexFee guides are based on publicly available information and live rate data from Wise's comparison API. For pricing, KYC requirements and current promotions, always check each provider's official site. See our methodology for how we source and rank rates.