India’s digital economy is valued at over $400 billion and expected to contribute up to one-fifth of the economy by the end of the decade. Freelancing and remote work significantly contribute to this thriving economy, with millions of remote workers offering services to global clients through platforms such as Upwork, Fiverr, and Freelancer.com.

Traditional banks make international payments difficult due to high fees, poor exchange rates, and delays. Digital platforms like Grey solve these issues, making them popular among Indian remote workers.

This article shows why and how Indian remote workers can switch to Grey for smoother international payments.

Also read: Earn from TikTok in India without a UK bank account

The challenges of traditional banking for remote workers

Indian remote workers face several obstacles when using traditional banks for international payments:

• Expensive fees: Traditional banks charge heavily for receiving international payments in currencies like USD, GBP, or EUR, which reduces your earnings.
• Slow processing: International wire transfers can take 3–7 days, disrupting cash flow for remote workers who rely on timely payments for expenses or investments.
• Limited currency support: Most Indian banks don’t offer multi-currency accounts. Remote workers have to convert their earnings immediately, often at suboptimal rates.
• Tedious account setup: Opening accounts for international transactions requires extensive documentation, which is time-consuming and cumbersome.
• Poor integration with freelance platforms: Most traditional banks don’t support integration with freelancing platforms and might disrupt payment setups.

With these hurdles, Indian conventional banks might not be the best for India’s growing remote workforce. Grey provides a modern alternative tailored to the needs of this population.

Also read: How freelancers in India can invoice abroad clients easily

Why choose Grey?

Grey simplifies international banking for remote workers in India. Here’s why it stands out:

• Multi-currency accounts: Grey offers USD, GBP, and EUR accounts that allow remote workers to receive payments in these currencies. Users can hold, convert, and make payments at will without having to convert immediately.
• Low fees and competitive exchange rates: Grey makes international transactions more affordable with low and transparent fees, as well as competitive exchange rates compared to traditional banks. This way, remote workers can retain more income.
• Swift transactions: Payments through Grey are swift, often within minutes. This removes the long delays you might have experienced with bank transfers.
• Seamless platform integration: Grey accounts integrate easily with platforms like Fiverr and Upwork, simplifying receiving payments from clients or marketplaces.
• Versatile virtual USD debit card: Grey’s virtual USD card enables online purchases, subscriptions (e.g., Adobe, Canva), or travel expenses, offering financial flexibility.
• Invoicing tools: Grey’s built-in invoicing features enable workers to create and send professional invoices to global clients, streamlining financial management.

Also read: How to open US, UK and Euro bank accounts in India

How remote workers in India can switch from traditional banks to Grey

Transitioning from traditional banks to Grey is a step in the right direction. Setting up a Grey account takes just a few clicks and a few minutes. Here’s how Indian remote workers can make the transition:

Step 1: Sign up for a Grey account and complete KYC verification

Visit Grey’s website or download the Grey mobile app to get started. Provide your personal details and create a secure password. Then, complete your Know Your Customer (KYC) verification by uploading a valid government-issued ID, proof of address, and a selfie

Step 2: Request Foreign Bank Accounts

Verification takes anywhere from a few minutes to several hours. Once you’ve been verified, go to the “Accounts” section on the Grey dashboard to request bank account details for USD, GBP, or EUR accounts. You will immediately receive your account details, which you can share with clients or link to various platforms.

Step 3: Link account to freelancing platforms or share with clients

Update your payment preferences on your freelancing platform with your Grey account details. If you are working directly with a client or company, you can share your foreign currency accounts with them.

Also read: Top platforms to earn US dollars in India

Managing earnings with Grey

As the traditional banking system is plagued with a plethora of challenges, Grey stands as a better alternative. With multi-currency accounts, low fees, fast transfers, and seamless platform integration, Grey addresses international payment challenges, empowering workers to maximise earnings and focus on their careers.

Get started with Grey today for a financial solution tailored to your needs

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