In 2016, the Czech Republic officially adopted the shorter, more modern name, "Czechia”.  Similarly, Czech freelancers and remote workers are embracing modern solutions like USD Coin (USDC) for managing cross-border payments.

This guide will show you how to receive foreign payments, convert them into USDC, and manage your funds seamlessly in the Czech Republic with Grey.

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

For freelancers and remote workers, converting foreign payments to USDC offers a host of benefits:

• Stable value: USDC is a stablecoin tied to the U.S. dollar, eliminating the volatility associated with other cryptocurrencies.
• Lower fees: Cross-border USDC transactions are typically more affordable than traditional bank transfers.
• Fast transfers: Blockchain technology enables near-instant transfers, giving you quick access to funds.
• Flexible conversion: Freelancers can hold USDC until exchange rates are favourable or convert it to Czech koruna (CZK) when needed.

Also Read: How to receive and convert foreign currencies to USDC in Algeria

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 through the website or app 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”.

Enter transaction details

Input the recipient’s wallet address carefully. Ensure you select the correct network, as Grey supports Solana (SOL) and Binance Smart Chain (BEP-20).

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 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 Uganda

How to convert USDC to Czech koruna (CZK)

To convert USDC to CZK, use a crypto exchange or local service that supports USDC-to-CZK transactions. Some exchanges provide direct conversion options, while others may require intermediary trades through USD or BTC.

What are the considerations for freelancers holding and converting USDC

• Network compatibility: Ensure the network used for USDC matches your wallet or conversion platform.
• Fee awareness: While USDC has low transaction fees, blockchain network fees can vary.
• Tax compliance: The Czech Republic treats cryptocurrency as an asset. Consult a tax advisor to stay compliant with local regulations.

Also Read: How to receive and convert foreign currencies to USDC in the United Arab Emirates

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.