Sling Money’s US and European Virtual Accounts
Sling Money’s virtual accounts allow users based in over 119 countries to receive payments in USD and EUR directly into their Sling Wallet. These accounts are provided by Bridge, a regulated financial infrastructure partner of Sling Money.
Details on the Virtual Account Setup
Users can access either a US account or an International Bank Account Number (IBAN) for Europe. With this feature, customers can get paid as if they were locals in both USD and EUR within their Sling Wallet. The company leverages ACH and wire rails for USD accounts while operating on SEPA for EUR accounts to ensure efficient deposits.
Operations of the Virtual Accounts
Bridge directly converts incoming transactions into USDP (Pax Dollar) or EURC (Euro Coin), which are then transferred into the customer’s wallet. Users have flexibility in handling these funds—holding them as stablecoins, withdrawing them as stablecoins, or converting them to local currencies with a small fee through Sling Money’s network of instant payment partners.
Target Audience and Benefits
Sling Money aims to serve freelancers, remote workers, global nomads, creators, students studying abroad, and international families. This feature enables these users to receive wages, payouts, reimbursements, and transfers conveniently.
Fees and Transaction Costs
While transactions within the Sling Money platform remain free, there is a fee associated with some Virtual Accounts based on the user’s country of residence. For example, US residents can enjoy free USD deposits, while EUR deposits for them cost 0.1%. Individuals in countries where the dominant currency is EUR will find EUR deposits free and USD ones costing 0.1%. Users from other parts of the world face a 0.1% fee on all Virtual Account deposits.