Beyond the postcard-worthy views in Cyprus, the island is becoming a modern hub for freelancers and digital nomads navigating the global economy. Managing their foreign payments can however feel like deciphering a mysterious ancient script.

Luckily, USD Coin (USDC) simplifies this process, offering a stable, efficient, and borderless solution.

Here’s how freelancers and remote workers in Cyprus can streamline the process of receiving foreign payments, converting them into USDC, and managing their funds effortlessly with Grey.

Also read: How to receive and convert foreign currencies to USDC

Why convert foreign payments to USDC as a freelancer in Cyprus?

For freelancers in Cyprus working with international clients, converting foreign currencies to USDC offers several advantages:

• Stable value: USDC is a stablecoin tied to the U.S. dollar, offering predictable value and avoiding the volatility of other cryptocurrencies.
• Low fees: Compared to traditional bank transfers, USDC transactions come with significantly lower fees.
• Quick access to funds: Blockchain technology ensures near-instant processing, so you get paid faster.
• Flexible conversion: Hold USDC and convert it to Euros (EUR) when exchange rates are favourable, giving you more control over your finances.

Also read: How to receive and convert foreign currencies to USDC in Germany

How to receive and convert foreign currency to USDC

Grey offers a seamless way to receive and convert foreign currencies into USDC. Here's how:

Open the Grey app

Log in to your Grey account via the app or website to securely access your USD and other currency balances.

Select your USD balance

Navigate to the “Accounts” section and select your USD balance to initiate a USDC transfer.

Tap “Send via crypto”

Select “Send money,” then choose “Send via crypto” to begin the process of sending USDC.

Enter transaction details

Carefully input the recipient’s wallet address and choose the correct network (Solana or Binance Smart Chain) to ensure a successful transfer.

Input the transfer amount and review the details

Enter the amount of USDC to send. Double-check all information, including the wallet address and network, before proceeding.

Confirm and complete the transfer

Once all details are verified, tap “Send” to complete the transaction. Grey will request two-factor authentication (2FA) for added security.

Transaction success

The recipient will receive the USDC shortly after processing. They can hold it, convert it to local currency, or use it for other purposes.

Also read: How to receive dollar payments and convert to USDC in Latvia

Converting USDC to Euros

To convert USDC into Euros (EUR), use a crypto exchange or a local service that supports USDC-to-EUR transactions. Some exchanges offer direct conversions, while others may involve intermediary trades through USD or BTC.

what are the considerations for freelancers holding and converting USDC?

While holding USDC is convenient, here are a few factors to consider:

• Network compatibility: Ensure the network used for USDC matches your wallet and the conversion service you use.
• Fee awareness: Although USDC transactions generally have low fees, network charges can vary.
• Tax compliance:  Cyprus has specific regulations on cryptocurrency transactions. Consult a local tax advisor to ensure you’re meeting your obligations.

Also read: How to receive dollar payments and convert to USDC in Italy

Using Grey to simplify USDC management

With Grey, you can send USDC to supported wallets, manage funds with ease, and take advantage of robust security measures like two-factor authentication (2FA).

Sign up with Grey today and enjoy seamless international payments without the hassle.

‍