As remote work gains traction worldwide, Ugandan freelancers and entrepreneurs aren’t left behind as they are working with more international clients than ever. However, managing cross-border payments can still pose challenges. That’s where USD Coin (USDC), a stable digital currency tied to the U.S. dollar, comes in handy.

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 as a freelancer in Uganda?

Freelancers working with global clients can benefit greatly from converting foreign currencies to USDC:

• Stable value: USDC is pegged to the U.S. dollar, offering a predictable value and eliminating the volatility common with other cryptocurrencies.
• Lower fees: USDC transactions typically have lower costs compared to traditional bank transfers, saving freelancers money.
• Fast transfers: Blockchain technology ensures quick payment processing, providing almost immediate access to funds.
• Flexibility: Freelancers can hold USDC for stability and convert it to Ugandan Shillings (UGX) when the exchange rate is favourable.

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 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 dollar payments and convert to USDC in Mexico

Converting USDC to Ugandan Shillings (UGX)

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

Considerations for freelancers holding and converting USDC

While USDC offers a stable and efficient solution, freelancers in Uganda should keep the following in mind:

• Network compatibility: Ensure the network used for USDC matches your wallet and conversion services to avoid transaction errors.
• Fee awareness: USDC transactions have low fees, but blockchain network fees can vary.
• Tax compliance: Uganda treats cryptocurrencies as financial assets. Consult a local tax advisor to understand your obligations 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, 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 Uganda.

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