Although Togo is relatively small in size, it is making huge strides in embracing the digital economy, with freelancers and entrepreneurs increasingly tapping into global markets. Yet, receiving and managing international payments can still pose challenges. USD Coin (USDC) is a stable, efficient digital currency that many freelancers have embraced as a solution to this problem.

This guide will show freelancers in Togo how to seamlessly receive foreign payments, convert them to USDC, and manage their funds securely with Grey.

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

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

Freelancers in Togo can benefit significantly from converting foreign payments to USDC:

• Stable value: As a stablecoin tied to the U.S. dollar, USDC avoids the volatility of other cryptocurrencies, providing freelancers with a predictable value.
• Lower fees: USDC transactions often come with lower costs than traditional bank transfers, saving you money on international payments.
• Fast transfers: Blockchain technology ensures that payments are processed quickly, giving freelancers near-instant access to their funds.
• Flexibility: Freelancers can hold USDC and convert it to CFA Franc (XOF) when needed, allowing better control over exchange rates.

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

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 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 you’ve verified the information, tap “Send.” Grey will prompt you to enter your two-factor authentication (2FA) code 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 Uganda

Converting USDC to CFA Franc (XOF)

To convert USDC into CFA Francs, you can use a crypto exchange or local service that supports USDC-to-XOF transactions. Some platforms allow direct conversions, while others might require intermediary trades through USD or BTC.

Considerations for freelancers holding and converting USDC

While USDC offers many advantages, here are a few things to keep in mind:

• Network compatibility: Ensure that the network you use for USDC matches your wallet and conversion service to avoid any transaction errors.
• Fee awareness: USDC has low transaction fees, but network fees may vary depending on the blockchain.
• Tax compliance: Togo treats cryptocurrencies as financial assets. Consult a local tax advisor to understand your obligations when holding or converting USDC.

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

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 Togo.

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