Prex has launched a virtual euro account with an International Bank Account Number, or IBAN, for Chilean residents who need to receive payments from Europe. The new feature expands the fintech's multi-currency ecosystem and addresses the growing number of Chilean professionals working for clients and companies abroad. It is fully online, free of charge, and designed to reduce the friction commonly associated with cross-border payment collection.
A Virtual IBAN for Direct Euro Transfers
The functionality allows users to create a virtual account in euros entirely online and at no cost. It generates an IBAN assigned directly to each user, a standardized code that identifies a bank account within Europe. This enables people to receive transfers from abroad in euros while preserving the value of the original currency.
Once the euros are credited in the app, users decide how to manage their funds according to their needs. They can maintain a euro balance, convert the money into Chilean pesos or US dollars, or use the Prex card for direct payments in euros while traveling in Europe. This flexibility supports both local spending and international mobility.
Responding to Cross-Border Work Trends
Chile has experienced a sustained increase in professionals delivering services to clients and companies overseas. Many of these workers receive income in different currencies, and Europe has become an especially attractive market for remote and independent work. Until now, collecting such payments often involved friction, high fees, or complex intermediary arrangements.
Prex says the new alternative removes several of those barriers by connecting users directly with the European market. The account can be activated without visiting a branch or maintaining a physical account in another country. It broadens the options available to freelancers and anyone who needs to receive euros from Europe.
Strengthening a Multi-Currency Ecosystem
Ignacio Nina, Country Manager of Prex for Chile and Peru, said Chileans are becoming increasingly international. He noted that tools which simplify the collection and management of income from other countries are highly important. He added that the IBAN integration expands alternatives for receiving international payments and managing funds within a single application.
This euro account builds on previous Prex solutions aimed at managing international collections and handling multiple currencies. Freelancers and people who receive frequent income from abroad can now manage their funds more directly and with less friction. The company views the launch as part of a broader effort to support an increasingly global user base.
Accessing the New Euro Account
Users can find additional information on how to activate the IBAN account through Prex's help center. The virtual account is available to residents in Chile and is offered as a free addition to the platform, with no physical bank account required in Europe. The activation process is designed to be simple, fully digital, and accessible from the same Prex app.
The new functionality forms part of Prex's ongoing strategy to serve a more internationally connected customer base. By allowing users to hold and spend euros without a European bank account, the company is positioning itself as a practical alternative for cross-border financial management. The feature is expected to appeal especially to independent workers and frequent travelers.
In summary, Prex's virtual euro account with an IBAN adds practical value for Chileans engaged in international work. It reduces traditional barriers such as physical accounts and complex intermediaries while allowing flexible management of multiple currencies. As cross-border employment continues to expand, accessible tools like this are likely to become more relevant for independent professionals.