Hungary is the birthplace of the Rubik’s cube, a really fun puzzle that I just can’t wrap my head around.

However, for freelancers in Hungary, solving the puzzle of managing foreign payments isn’t nearly as complicated. USD Coin (USDC), a stable and efficient digital currency, offers a straightforward solution.

This guide explains how freelancers in Hungary can receive foreign payments, convert them to USDC, and manage their funds with Grey.

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

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

For freelancers working with international clients, converting foreign currencies to USDC comes with several advantages:

Stable value: As a stablecoin tied to the U.S. dollar, USDC provides a predictable value, helping freelancers avoid the volatility of other cryptocurrencies.

Low fees: USDC transactions are cost-effective, especially for cross-border payments.

Quick access to funds: Blockchain technology allows for near-instant transfers, so you can have quick access to their funds.

Flexible conversion: You can hold USDC and convert it to Hungarian Forint (HUF) or other currencies when the exchange rates are in your favour.

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

How to receive and convert foreign currency to USDC

Grey offers a secure, straightforward method for freelancers to manage USDC payments. Here’s how you can send and convert USDC using Grey:

Open the Grey app

Log in to your Grey account through the app or website for secure access to your USD and other currency balances.

Select your USD balance

Navigate to the “Accounts” section and select your USD balance. This will serve as the starting point for initiating USDC transfers.

Tap “Send via crypto”

Choose the “Send money” option, then select “Send via crypto” to begin the USDC transfer process.

Enter transaction details

Carefully input the recipient’s wallet address and select the correct network. Grey supports Solana (SOL) and Binance Smart Chain (BEP-20).

Input the transfer amount and review the details

Specify the USDC amount to send and double-check all transaction details, including the wallet address and network, to avoid errors.

Confirm and complete the transfer

Once satisfied with the details, tap “Send.” Grey will prompt you to enter your two-factor authentication (2FA) code for added security.

Transaction success

The USDC will arrive in the recipient’s wallet after processing. The recipient can keep the USDC, convert it into local currency, or use it as needed.

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

How to convert USDC to Hungarian forint

To convert USDC into Hungarian forint (HUF), use a crypto exchange or a local service that supports USDC-to-HUF transactions. Some platforms offer direct exchange, while others may require intermediary trades via USD or EUR.

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

What are the considerations for freelancers holding and converting USDC?

While holding USDC may be convenient, there are a few factors to consider:

Network compatibility: Ensure the network used for USDC matches your wallet and conversion services to avoid transaction issues.

Fee awareness: Although USDC has low transaction fees, network fees may vary depending on the blockchain.

Tax compliance: Hungary’s tax laws treat cryptocurrencies as taxable assets. Consult a local tax advisor to understand your reporting obligations when holding or converting USDC.

Using Grey to simplify USDC management

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

Grey makes receiving and managing USDC payouts effortless for freelancers in Hungary. Start today by creating your Grey account and unlock the benefits of global financial freedom.

The future of global banking is here, designed for you to carry your dreams across borders.

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