Getting paid is the primary goal for any freelancer, regardless of the platform they use or the country they come from. The Platform you use to get your gigs, your client’s home country, and the available payment method in your country will determine how you will receive your payments. USD, EUR, and GBP are among the currencies freelancers and independent contractors prefer to receive their payments.
Freelancers and independent contractors use international banking to receive, send, and convert funds. Freelancing platforms like Upwork, Fiverr, and Guru allow freelancers and independent contractors to accept payments directly from their clients, so having basic knowledge of how international banking works is a must for them.
Below is how international banking works for freelancers and independent contractors
This method allows freelancers and remote workers to receive payment directly to their local bank accounts. For a freelancing platform like Upwork, all you need to do is choose the wire transfer method as a method you will likely receive your payments and insert your local bank account details there.
Payments via wire transfer methods are expensive and take a long time to process; in particular, you might be charged up to 50 USD as a service fee and wait up to 7 days for your payment to arrive. Some of the details you might asked by your clients or freelancing platforms when requesting payment using this method are
According to Freelancers in America (FIA), over 57.3 million freelancers in the USA contribute more than 1.4 trillion USD to their national economy. Due to the high number of freelancers and independent contractors in the USA, many freelancing platforms prefer to pay US freelancers directly.
This method is cheaper and faster than other methods used in freelancing platforms. Freelancers in the USA can easily use this method directly through their home country’s bank account.Non-US freelancers can take advantage of third-party platforms that will enable them to use this method.
Below are two methods which freelancers and independent contractors can use to get a foreign US bank account
Grey helps freelancers and independent contractors create free USD, EUR, and GBP accounts, which they can use to send, receive, and convert foreign currencies.Grey also helps freelancers and digital nomads create automatic invoices and send them to clients anywhere in the world.
Many freelancers and digital nomads use Grey virtual dollar cards, which they can use to pay for online subscriptions, such as Adobe and Canva, and shop online anywhere in the world.
Lastly, Grey has multiple payout methods, such as through bank accounts, mobile money, and crypto (USDC), which are essential to ensure you receive your cash instantly regardless of the country you are in.
Also, read how non-US citizens can open a US bank account online.
This is the most common means freelancers and independent contractors use to receive their clients’ payments. PayPal is a digital payment system which lets individuals and businesses to make and receive payments online. It is widely accepted by merchants and online retailers, making it a popular choice for online transactions. Almost all freelancing platforms allow freelancers to receive payments through PayPal, and many clients prefer to use this method to pay their freelancers.
Paypal might be a difficult method to use for freelancers living in developing countries, as it doesn’t operate in many of them. With Grey, you can get a free US, UK, or Euro bank account, link to Paypal, receive payments, and withdraw funds from Paypal into your local currency.
Read more: How to receive payments from PayPal
This is also the oldest and most common method freelancers and independent clients use to receive payment from their clients. All you need to do is sign up with Payoneer and get your Payoneer account, which you can use to receive payments.
After receiving payments, you can withdraw from Payoneer to your international bank accounts.
STEP 1 - Create a foreign account on Grey (US, UK, EUR).
STEP 2 - Add your foreign account to Payoneer and withdraw.
STEP 3 - You can leave your funds in your Grey balance or convert them to any of our supported currencies.
Cryptocurrency technologies have revolutionised the financial sector by reducing transactional fees and making transactions faster. Many international clients, especially those from countries with complex financial restrictions, prefer to pay their freelancers using cryptocurrencies. Some freelancing platforms also allow cryptocurrency payouts.
Having a crypto wallet is the only way freelancers and independent contractors can receive crypto payments. However, you can receive foreign currencies (USD, GBP, and EUR) and convert them to USDC with Grey. You can send USDC to a compatible crypto wallet or exchange it for your local currency. Grey supports networks like Solana and Binance Smart Chain, adding security and convenience to the transaction process.
Also read: How to receive and convert foreign currencies to USDC
Freelancers and independent contractors worldwide use Grey to receive payment from their clients directly and via freelancing platforms. Be part of 1M+ freelancers who use Grey to receive their payments. Get your free foreign bank accounts now.
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