Latvia may be a small Baltic nation, but it punches well above its weight when it comes to culture and innovation. It is also fast becoming a hotspot for freelancers and remote workers. As global clients become the norm, managing foreign payments has become an essential part of the freelancing equation.

An important element in this is USD Coin (USDC), a stablecoin pegged to the U.S. dollar. For freelancers in Latvia, USDC provides a secure, cost-effective, and fast way to receive and manage international payments. Here’s your guide to receiving foreign currencies and converting them to USDC with Grey.

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

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

For freelancers in Latvia 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 conversions: You can hold USDC until you get the most favourable exchange rate or convert it to euros (EUR) as needed.

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

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 and convert foreign currencies to USDC in Romania

How to convert USDC to euros (EUR)

To convert USDC to euros, use a crypto exchange or local service that supports USDC-to-EUR transactions. Some platforms allow direct conversions, while others may require intermediary steps involving 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: Cryptocurrency is considered an asset in Latvia. Consult a tax advisor to ensure compliance with local regulations.

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

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).

Create your Grey account today to unlock the full potential of USDC as a freelancer in Latvia.

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