Sling Money rolls out Virtual Accounts feature

Sling Money’s US and European Virtual Accounts are set to allow users to receive payments for freelance, project-based, or salaried work more efficiently and conveniently. The new capability enables customers in over 119 countries to get paid in USD and EUR directly into Sling Money. These accounts are offered by Bridge, a regulated financial infrastructure provider, which Sling Money has as a partner.

Further details on Sling Money’s Virtual Accounts 

The company’s users can access a US account and a routing number of a European IBAN, supporting them in getting paid like a local in both USD and EUR, in their Sling Wallet. USD accounts utilise ACH and wire rails, and EUR accounts operate over SEPA, in turn ensuring an efficient and secure deposit process. Bridge then directly converts incoming transactions into USDP (Pax Dollar) or EURC (Euro Coin), transferring them into the customer’s wallet. Users can either hold incoming payments as stablecoins within Sling’s app, withdraw them as stablecoins, or convert them into local currencies for a fee through the company’s network of instant payment partners.

Furthermore, through this feature, Sling Money aims to serve the needs of freelancers, remote workers, global nomads, creators, students studying abroad, and international families. By leveraging Virtual Accounts, customers can benefit from the ability to receive wages, payouts, reimbursements, and transfers.

Sling Money underlined its commitment to making global money movement as efficient and cost-effective as possible. However, even if transactions between Sling Money users remain free of charge, the company mentioned that there will be a fee associated with some Virtual Accounts. These rates are based on the user’s country of residence. For example, people who live in the US benefit from free USD deposits, while EUR ones cost 0.1%. For individuals residing in a country where the dominant currency is EUR, EUR deposits are free, and USD ones cost 0.1%. If users live in any other part of the world, all Virtual Account deposits cost 0.1%.