A Local Account is similar to a Global Account, in that you get unique bank account details in your chosen currency, and can use it to receive payments from customers. The difference lies in the types of payments you can receive and send from this account, and what account details can be used for receiving and sending these funds.

For Local Accounts, you receive local account details. For a GBP account, this is a sort code and account number. This means GBP bank account holders can pay you using local rails (Faster Payments for Pound Sterling, SEPA for the Euro, ACH/Fedwire for USD), with minimal fees and transaction times, compared to SWIFT transactions.

Local account holders can also use these accounts to send payments via local rails. This is a major advantage for Verto customers, as again, transaction times are very fast via local rails and far cheaper than SWIFT payments.

To find out how to open a Global or Local Account, click here

If you have additional questions about Local Accounts please reach out to us via live chat, or at support@vertofx.com