Freelancers who work with international clients typically check the exchange rate. The exchange rate fluctuates and the recipient of the funds are at the mercy of the money transfer. There seems to be no choice but to use that popular peer-to-peer money transfer but there is a better way to remit when using the right money services company.
Send money for free
There are transactions fees for sending money both locally and internationally. It is either the client or the freelancer that has to shoulder these fees. It might seem small to some yet when you add it up, in a year, the total cost of transaction fees may amount to hundreds of dollars. You can get rid of those fees and send funds for free when you use the peer-to-peer app of a money services company.
Local bank transfer
Digital banking makes it possible to send a secure payment services of the banking network. If you are on a payroll system with your client, the remittance option it is possible to suggest that they make local bank transfers. That eliminates having to use the traditional method of bank-to-bank transfer via the SWIFT network. When your client send your salary using the local bank transfer of a reputable money services company, it cuts down the cost of the fees. Aside from that, your funds will be credited in less than twenty-four hours.
Getting a virtual card
If you receive USD or Euro payments, you can opt to have a virtual card. It is a big advantage to own a virtual card. Storing your funds in this card will allow you to spend it online or cash out with a linked account. You’ll also be able to get an e-wallet to link to the virtual card.
The problems of using PayPal
The most popular way for a freelancer to get paid is by PayPal. There are numerous PayPal clients that have been locked out of their accounts. Funds are held by PayPal for 21 days if the account owner is new. Cashing out at PayPal is limited to one linked account. You also can never get your funds instantly cashed out to your linked account. You have to wait for at least on banking day up to four days. If you want to send money locally and internationally and avoid those problems, you can use one of the best money services companies.
P2P remittance app
There is a peer-to-peer (P2P) app for sending remittances without any fees. There is no need to pay any transaction fee at all as to send money from one app account holder to another is free. Aside from not having to pay any fees at all, the money will be credited to the recipient’s account instantly.
For advanced payment solutions
When you need advanced payment solutions, all you have to do is to download the right money services app. It is multi-functional, providing you with the payment methods mentioned above. This app also has capacity to send funds using the traditional method of bank-to-bank transfer and wire transfer.