Freelancers represent a powerful workforce today in every country of the world. It is said that almost half of the Millennial generation works freelance. UK alone has 2 million freelancers, in the US they’re projected to hit 42% by 2020. Many of them work for international clients, and despite the growth of the industry, they’re still facing some challenges when it comes to international payments.
Alongside the job itself, freelancers also have other tasks: organizing their payments, preparing invoices, keeping track of transactions, constantly checking for received payments and verifying amounts, eventually following up if there was a problem with the payment, etc. There is no payroll management or accounting department to do this job for them.
International clients usually pay in their own currency, and sometimes, whether they realize it or not, freelancers can lose money due to exchange rates when receiving payments from them. Some transfer services publicize a small transaction fee, but in reality they have high exchange rates behind the low fee that end up being just as expensive.
Traditional banks are the least recommended option. They charge high fees for foreign transfers and the conversion rate is not really that good. Other P2P services fail to be available in every country or situation. If you’re a freelancer, the most cost-effective solution would be to work with a multi-currency service provider.
As you compare solutions, do consider the GLOBCOIN multi-currency account and MasterCard.
This platform offers access to multi-currency payments and savings. As a freelancer you can convert currencies at the interbank rate, spend and withdraw money abroad. We apply no commission and no hidden fees, unlike a traditional bank. The GLOBCOIN card is free of charge and without obligation, you can load your account via bank transfer or debit/credit card in the currency of your choice. And the app can be easily downloaded to check your balance and convert currencies in your wallet, while you’re on the go, anywhere in the world.
We make your life easier and cheaper, and we give you full control when it comes to managing your foreign currency exposure.