Indonesia’s digital economy is estimated to be approximately USD 146 billion, the highest in Southeast Asia, with freelancing playing a significant role. The country’s booming freelance economy has millions of freelancers offering services to global clients through platforms like Upwork, Fiverr, and Freelancer.com. There is also a growing need for efficient and affordable platforms to manage international payments.

While traditional banks may be reliable for local transactions, they may not be ideal for managing cross-border payments. The banks charge high fees, offer poor exchange rates, and have slow processing times.

Emerging digital payment platforms like Grey are addressing these challenges for freelancers in Indonesia. Grey is a fintech platform designed to simplify international banking for freelancers. This article explores why and how Indonesian freelancers can make the switch from traditional banks to Grey, highlighting the benefits and how to get started.

Also read: Grey vs. local banks: The best currency exchange choice in Indonesia

The challenges of traditional banking for freelancers

Freelancers in Indonesia face various challenges when using traditional banks for managing their international earnings. These challenges include:

• High transaction fees: Traditional banks often charge significant fees for receiving international payments, especially in foreign currencies like USD, GBP, or EUR. These fees, combined with poor exchange rates, can erode a freelancer’s earnings.
• Delayed payments: International wire transfers through traditional banks can take up to seven days to process. This delays access to funds and disrupts cash flow. This is particularly problematic for freelancers who rely on timely payments to cover expenses or invest in their businesses.
• Limited currency support: Most Indonesian banks don’t offer multi-currency accounts. As such, freelancers are forced to convert foreign earnings immediately, often at unfavourable rates. This lack of flexibility can lead to significant financial losses, particularly during periods of volatile exchange rates.
• Complex paperwork: Opening and maintaining accounts for international transactions with traditional banks often requires extensive documentation, which can be time-consuming and cumbersome for freelancers.
• Lack of integration with freelance platforms: Most traditional banks are not optimised for integration with freelancing platforms. This makes it difficult to set up direct payment methods without incurring additional costs or delays.

These challenges make traditional banking less than ideal for Indonesian freelancers working with international clients. Fortunately, fintech solutions like Grey offer a modern alternative tailored to the needs of the gig economy.

Why choose Grey?

Grey offers multicurrency accounts in USD, GBP, and EUR to freelancers in Indonesia. Here’s why Grey stands out as a preferred choice for freelancers:

• Multi-currency accounts: Grey allows freelancers to open accounts in USD, GBP, and EUR. With these accounts, freelancers can receive payments directly in these currencies without immediate conversion. This flexibility allows freelancers to hold funds until exchange rates are favourable, maximising their earnings.
• Low fees and competitive exchange rates: Grey offers transparent, low-cost transaction fees and competitive exchange rates compared to traditional banks. This ensures freelancers keep more of their hard-earned money.
• Fast transfers: Payments received through Grey are processed quickly, often within minutes, allowing freelancers to access funds without the long delays associated with traditional bank transfers.
• Seamless integration with freelance platforms: Grey accounts can be easily linked to platforms like Fiverr and Upwork. This simplifies the process of receiving payments directly from clients or marketplaces.
• Virtual USD debit card: Grey offers a virtual USD card that freelancers can use for online purchases, subscriptions (e.g., Adobe, Canva), or travel expenses, providing added financial flexibility.

Learn how to get an instant USD debit card in Indonesia

• User-friendly interface: Grey’s mobile app and website are intuitive, allowing freelancers to manage accounts, track transactions, and convert currencies with ease.
• Invoicing tools: Grey offers built-in invoicing features, enabling freelancers to create and send professional invoices to clients worldwide, streamlining financial management.

These features make Grey an attractive alternative for freelancers seeking to overcome the limitations of traditional banking.

Also read: How freelancers in Indonesia can receive payments from the US, UK & EU clients

Step-by-step guide to switching to Grey

Switching from a traditional bank to Grey is straightforward and can be completed in a few simple steps. Here’s how Indonesian freelancers can make the transition:

Step 1: Sign up for a Grey account

Visit Grey’s website or download the Grey mobile app from the App Store or Google Play. Click the “Sign Up” or “Get Started” button and provide your basic details, including your email address, phone number, and a secure password. You’ll need to select Indonesia as your country of residence.

Step 2: Complete KYC verification

To comply with financial regulations, Grey requires users to complete a Know Your Customer (KYC) process. Upload a valid government-issued ID (e.g., KTP or passport) and a selfie for identity verification. You may also need to verify your email and phone number via OTP (one-time password). This step ensures the security of your account and prevents fraud.

Step 3: Request foreign bank accounts

Once your account is verified, navigate to the “Accounts” section on the Grey dashboard. Request bank account details for USD, GBP, or EUR, depending on your needs. These accounts are generated instantly, allowing you to share them with clients or link them to freelancing platforms.

Step 4: Link Grey to freelancing platforms

Log in to your freelancing platform (e.g., Fiverr, Upwork) and update your payment preferences. Enter your account details for the desired currency. This ensures payments are deposited directly into your Grey account.

Step 5: Receive and manage payments

Once your Grey account is linked, you can start receiving payments from clients or platforms in USD, GBP, or EUR. You can hold these funds in their original currency, convert them to IDR at competitive rates and withdraw them to your local Indonesian bank account. Grey’s real-time exchange rate updates, available on its rates page, help you choose the best time to convert.

Step 6: Withdraw funds to a local bank

To transfer funds to your local Indonesian bank account, navigate to the “Send Money” section in the Grey app or website. Enter your local bank details, and confirm the transfer. Most withdrawals are processed quickly, often within minutes, ensuring you have fast access to your earnings.

Benefits of switching to Grey

Switching to Grey offers Indonesian freelancers several advantages that enhance their financial freedom and professional growth:

• Cost savings: By avoiding high bank fees and poor exchange rates, freelancers can retain more of their earnings.
• Time efficiency: Fast transfers and seamless platform integration save time, allowing freelancers to focus on their work rather than chasing payments.
• Global reach: Grey’s multi-currency accounts and virtual Mastercard enable freelancers to work with clients worldwide and spend their earnings globally, whether for business tools or personal expenses.
• Financial control: The ability to hold funds in foreign currencies and convert them strategically gives freelancers greater control over their finances, especially in Indonesia’s volatile exchange rate environment.
• Invoicing with ease: Using Grey’s invoicing tools and foreign accounts enhances your professional image, potentially leading to repeat business and referrals.

Also read: The best digital nomad jobs to earn from anywhere in Indonesia

Receiving freelance earnings with Grey

Switching from traditional banks to Grey is a game-changer for Indonesian freelancers. With its multi-currency accounts, low fees, fast transfers, and seamless integration with freelancing platforms, Grey addresses the challenges of international payments, empowering freelancers to keep more of their earnings and focus on their craft.

Get started with Grey today and discover a financial solution tailored to your needs.

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