Working remotely and earning in US dollars, pounds or euros is a dream come true for many professionals. You enjoy the freedom to work from anywhere, earn more, and save in stronger, more stable currencies.

But withdrawing foreign currencies to your local bank account isn’t always easy. You could lose a chunk of your hard-earned salary due to long processing times and poor exchange rates.

In this guide, we’ll show you the most efficient way to withdraw your remote job salary at competitive exchange rates.

Common methods used by remote workers to withdraw their salaries

• Bank transfers: Employers or clients send your payment directly to your local bank account from a foreign traditional bank. Such money transfers can take several days to reflect, and you may lose money due to high fees and poor foreign exchange rates.
• PayPal: A popular option for receiving payments. However, PayPal doesn’t support withdrawals to local banks in many countries.
• Crypto wallets: Some professionals opt to receive payments using stablecoins. While this method can avoid traditional fees, converting to local currency often requires peer-to-peer platforms, which can be risky and time-consuming.
• Black market agents: This informal method  is highly risky and unstable. There’s no guarantee you’ll get paid, and you’re far more exposed to fraud and transfer delays.

Also read: Earning in USD? Here’s how to receive your salary as a remote worker

Why use Grey to receive payment for remote work

• Competitive exchange rates: Get more value for your money, as Grey offers rates that are fair, transparent, and close to the market. You can even track live rates in real-time with our currency converter.
• Foreign accounts: You don’t have to use black market agents or middlemen to get your salary. With Grey, you can open free US, UK and EU bank accounts to receive payments directly from employers and clients.
• No hidden fees: With Grey, what you see is what you get. There are no surprise deductions or “exchange markups”; everything is clearly shown upfront, so you’ll always know what you’re receiving.
• Fast local withdrawals: You can convert your money in seconds and withdraw instantly to your local bank account. There are no delays or long processing times, just quick access to your money.
• Get paid in stablecoins: You can also receive your salary payments in USDC, and we’ll automatically convert it to USD in your account.

Also read: How to send and receive USDC directly in your USD account

How to withdraw your remote job salary with Grey

Sign up on Grey.co

Visit grey.co or download the app to create an account using your email and phone number.

Complete KYC Verification

To get full access to your account’s features, complete your KYC by uploading a valid government-issued ID (National ID, Driver’s License, or Passport) and a proof of address (recent utility bill or bank statement). Verification is typically completed within 24 hours.

Request a foreign bank account.

Once verified, you can request a US, UK, or EU bank account. Your foreign account details will be generated instantly, and you can start receiving payments!

Get paid in your preferred currency.

Share your new foreign bank details with your employer or client, and start receiving payments in USD, EUR or GBP without hassle.

Convert to your local currency.

After receiving your salary, go to your dashboard and click “Convert”, where you can choose between currencies. Before confirming, you’ll see the live exchange rate and the exact amount you’ll get.

Withdraw to your local bank.

Once converted, you can withdraw your money directly to a local bank account. It’s fast and seamless, and you’ll receive your funds instantly.

Tips to maximise your remote earnings

• Track exchange rates: Currency values change frequently, especially with inflation. Use Grey’s currency converter to monitor live rates and convert when they’re most favourable.

Also read: Freelancer's guide to handling currency fluctuations

• Minimise your conversions: If you have recurring foreign currency expenses, such as subscriptions or travel costs, you can save on conversion fees by spending directly from your free Grey US, UK, or EU account.
• Use your local withdrawal wisely: To reduce bank transaction fees, consider withdrawing in larger amounts instead of making frequent smaller withdrawals.

With Grey, remote workers worldwide can seamlessly receive foreign payments and enjoy competitive exchange rates, quick conversions, and transparent fees in one app. Sign up for a free account today to experience a smoother, more seamless financial journey with Grey.