The United Arab Emirates is famous for its ambitious projects. It’s been able to transform huge chunks of its arid lands into futuristic metropolises. It’s no surprise that the region has become a magnet for global freelancers. However, managing international payments can still be a tricky oasis to find.

That’s where USD Coin (USDC) comes in, a stablecoin solution that’s pegged against the US dollar.

This guide will walk you through the process of receiving foreign payments, converting them to USDC, and managing funds efficiently using Grey.

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

Why convert foreign payments to USDC in the UAE?

For freelancers working with international clients, USDC offers several advantages:

• Stable value: USDC is tied to the U.S. dollar, ensuring predictable value and shielding you from cryptocurrency volatility.
• Lower fees: Compared to traditional bank transfers, USDC transactions often come with lower fees, saving you money on cross-border payments.
• Fast transfers: Blockchain technology allows near-instant transactions, giving you quick access to your funds.
• Flexibility: Hold USDC for stability or convert it to AED when exchange rates are favourable, giving you greater control over your finances.

Also Read: Send instant USDC payouts to 40+ countries with Grey

Receiving and converting 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 start the USDC transfer process.

Tap “Send via crypto”

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

Enter transaction details

Input the recipient’s wallet address carefully and select the correct network. 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 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 Mexico

Converting USDC to United Arab Emirates Dirham (AED)

To convert USDC into AED, use a crypto exchange or local service that supports USDC-to-AED transactions. Many platforms offer direct conversions, while others may require intermediary trades through USD or BTC.

Considerations for freelancers holding and converting USDC

While USDC is a practical solution for financial management for freelancers, here are a few things to consider:

• Network compatibility: Ensure the network used for USDC matches your wallet and conversion services to avoid transaction issues.
• Fee awareness: USDC has low transaction fees, but network fees may vary depending on the blockchain.
• Tax compliance: The UAE has evolving regulations for cryptocurrencies. Stay updated on tax requirements to ensure compliance when holding or converting USDC.

Also Read: How to receive dollar payments and convert to USDC in Chile

Using Grey to simplify USDC management

With Grey, you can send USDC to supported wallets, easily manage funds, 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 the UAE.

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