What is the Virtual US Bank Account on Rise?
The Virtual US Bank Account is a USD account in your name that allows you to receive payments directly into your Rise USD wallet. You can use it to get paid by clients, employers, or platforms, especially for freelance or remote work.
Who can get a Virtual US Bank Account?
Any Nigerian user on Rise who is fully verified and provides the required details can apply for the virtual USD account. As long as you complete KYC and meet the requirements, you can use it from anywhere in the world.
How long does it take to get the account?
Once your application is submitted, it takes 24 hours to be processed. You’ll be notified via email and in-app push notifications once it’s ready.
What types of payments can I receive with the account?
You can receive payments via ACH and FEDWIRE transfers.
Can I use this account to receive freelance or remote job payments?
Yes, you can share your Dollar virtual account details with clients, and on platforms like Deel, Upwork, etc.
What are the fees for using the Virtual US Bank Account
Transaction Fees for ACH:
Deposits of $1,000 or less: 1% fee
Deposits above $1,000: 0.5% fee
Transaction Fees for FEDWIRE:
Deposits of $1,000 or less: 1% + $20 fee
Deposits above $1,000: 0.5% + $20 fee
Monthly Maintenance Fee:
$3 monthly maintenance fee (We waive this if you have up to $500 on Rise, OR you receive over $500 monthly via the virtual USD account). This fee is charged at the end of the month.
Can my Virtual US Bank Account be deactivated?
Your dollar virtual account can only be deactivated if it’s inactive for a long period or your wallet balance is unable to cover the maintenance fees. Here are the details of how that works
Account deactivation due to inactivity.
We deactivate your virtual USD account if you do not use the virtual account to receive payments for 6 months after it was previously active. I.e you’ve used the account in the past, but do not use it for up to 6 months.
If you’ve never used your virtual account to receive payment, it is deactivated after 3 months.
b. Account deactivation if maintenance fee is unpaid.
At the end of the month, if you’re to pay the maintenance fee, we deduct it from your USD wallet. If the money in your USD wallet is insufficient, we notify you and give you 28 days to fund your wallet so we can deduct the maintenance fee. If at the end of the 28-day period we’re still unable to deduct the fee, your virtual USD account will be deactivated.
Can I reactivate my account?
Yes, you can always reactivate your account at any time. The virtual account details will still remain unchanged.
My account application was rejected. Why?
Your account application can be rejected if it fails any of the compliance checks by the bank. Some of the reasons why your account may fail compliance checks include;
You submitted an ID document that has expired.
You submitted an ID document that’s not supported, e.g, NIN slip
The image you submitted of your ID document or proof of address is blurry or does not capture the full document