

If you’re a remote worker, freelancer, or digital nomad working with US clients, chances are you’ve experienced double currency conversion without even knowing it. It happens when your payment is converted more than once, say from USD to EUR, then to your local currency.
Let’s say a client pays you $1,000. The payment platform might convert it to euros before sending it to your bank, which converts it into naira or shillings. After two rounds of exchange rates and platform fees, you might receive only $900 worth in your currency. That’s $100 gone, not in taxes, not in bad work, but simply in silent charges from the payment system.
Read also: Freelancer's guide to handling currency fluctuations
1. You lose more money than you think: Most platforms don’t tell you how much you’re being charged in exchange rates. They just show you what arrives. Over time, you could lose hundreds of dollars a year, simply through currency jumps.
2. Unfavourable exchange rates: Banks and platforms usually convert your money at a rate that works for them, not you. You might be getting 3–5% less than the actual market rate.
3. Harder to track income: With different amounts showing at every stage, keeping proper records becomes confusing, especially during tax season.
4. Delayed access to funds: Payments are routed through multiple platforms or intermediaries, each with its processing time. This delay can affect cash flow, especially when you rely on timely payments for bills, savings, or business expenses.
Read also: Five major factors that determine foreign exchange rates
A US bank account allows you to receive payments in dollars without immediate conversion. Your US clients can pay you like a local, and your money stays in dollars until you choose what to do with it.
Use Grey, which shows live exchange rates so you can decide when to convert your funds. This lets you take advantage of stronger rates, not whatever’s offered by default.
Some cards and wallets automatically convert incoming funds, often at poor rates. Choose services that let you hold money in the original currency, giving you more control over when and how to convert.
More people who work with US clients are starting to see how much money they lose when their payments are changed from one currency to another. They want to save more and stop losing money for no good reason. That’s why many are switching to Grey, which offers a USD account and competitive rates to ensure you keep more of your money.
Sign up today at Greyor download the app to get started.
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