Virtual Accounts in Sling Money
The newly introduced US and European Virtual Accounts enable customers 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 provider with whom Sling Money collaborates.
Sling Money users can access these accounts via a US-based account or a routing number for an European IBAN. This setup allows customers to receive payments as if they were local in both USD and EUR. Transactions using ACH and wire rails are processed for USD, while SEPA handles transactions for EUR. Once the transaction is complete, Bridge converts it into USDP (Pax Dollar) or EURC (Euro Coin), which are then transferred directly into the customer’s Sling Wallet.
Users have several options with their incoming payments: they can hold them as stablecoins within Sling’s app, withdraw them in stablecoin form, or convert them to local currencies for a fee via Sling Money’s network of instant payment partners. This flexibility caters to various needs, including freelancers, remote workers, global nomads, creators, students studying abroad, and international families.
Transaction Fees
While transactions between Sling Money users remain free, there are fees associated with some Virtual Accounts based on the user’s country of residence. For instance, US-based users benefit from free USD deposits, whereas EUR ones incur a 0.1% fee. Similarly, for individuals in countries where the dominant currency is EUR, EUR deposits are free, and USD ones cost 0.1%. Users from other regions pay a 0.1% fee on all Virtual Account transactions.
Source: Link to Sling Money’s blog post about fund transfers via US or Europe.
