Transfer money overseas? If you are a freelancer receiving international payments, choosing a secure and cost-effective platform for the cross-border transactions can make the process smooth and hassle-free.
Freelancing has made the world your workplace which lets you collaborate with clients from anywhere. But like every coin has two sides, this global freedom also comes with few headaches and especially when it comes to getting paid, especially from international clients.
High fees and slow transfers with unpredictable exchange rates can shrink your paycheck.
So, as a freelancer, there are smarter ways to handle such international payments. In this blog, let’s dive into the best 5 tips and secure methods for freelancers to transfer money overseas.
Transfer money overseas: Top 5 tips for freelancers
As a freelancer working with international clients, getting paid is as important as delivering quality work. But with high fees, currency variations and slow transactions, cross-border payments become a frustrating process.
But with the right approach, you can save up your energy from this by choosing the best payment platform that suits your needs.
To find out the best platform for cross-border payments, here are 5 smart tips to help every freelancer to transfer money overseas, fast and secure.
1. Choose the right payment platform
All the platforms available in the market for online money transfer do not have the same features. Some are better for lower fees whereas some offers faster transactions.
As a freelancer, you should focus on choosing the right payment platform for seamless and secure money transfers. Here are some of the best platforms for freelancers:
- EFIcyent: It is a cross-border payment platform designed for fast, secure and cost-effective global transactions. It is best for freelancers as they can receive payments with minimal fees.
- PayPal: It is a widely used platform with a buyer and seller protection. But the international transactions fees are high.
- Wise: This platform is known for its transparent fees and real exchange rates, making it best for freelancers handling multiple currencies.
- Payoneer: It is a great option for receiving international payments, mostly if you are working on platforms like Fiverr or Upwork.
- Cryptocurrency: If you are open to crypto, platforms like Binance let you receive payments and convert them into your local currency.
2. Understand transaction fees and exchange rates
One of the biggest common mistakes that all freelancers make is ignoring the transaction fees and exchange rates. You should always check the transaction fees, hidden charges and conversion fees before making any cross-border payments.
- Flat fees or percentage fees: Some platforms charge a fixed flat rate while others cut a percentage based on the amount you are transferring.
- Hidden fees: Some platforms charge certain amounts as hidden fees which will eat up your amount transferring.
- Conversion rates: If your client pays you in a different currency, the rate applied can impact how much you actually take home.
So, before accepting the payments, always double-check the rates.
3. Set clear payment terms with clients
If you wish to avoid late payments and unnecessary hurdles, set clear payment terms with your clients. Here are some things to talk about:
- Preferred payment method: Always specify the platform you want to use to keep things smooth and easy.
- Currency of payment: If you are getting paid in your preferred currency, it helps you to escape from the conversion fees.
- Payment schedule: Decide in advance when exactly you will be paid, whether it is weekly or monthly.
Always be clear on your payment terms with your international client to avoid unnecessary drama during the time of payment.
4. Stay on top of your bank’s policies
If you are directly getting paid into your local bank account, it might contain some hidden fees and delays. Here’s what to lookout for:
- Bank fees for international transfers: Some banks charge a hefty amount for incoming foreign payments, cutting down your earnings.
- Processing time: Bank transfers aren’t always the fastest and you should at least expect a wait time of 3-5 business days.
- Freelancer-friendly accounts: Check out the banks that offer special accounts for freelancers with better exchange rates and lower fees.
5. Stay safe from scams and fraud
Fraudsters and scammers are everywhere. Getting paid online also comes with its risks and freelancers are always an easy target for scammers.
- Verify clients: Always do a quick background check before committing to any international projects. Look them up on LinkedIn, check their website or browse reviews on any freelance platforms.
- Watch out for overpayments: If a client accidentally overpays and asks for a refund, then it is a classic scam and their original payment might bounce.
- Stick to secure platforms: Use trusted cross-border payment methods with buyer protection and never share your personal banking details with anyone.
- Turn on Two-Factor Authentication: 2FA is a simple extra step that adds up the strong security layer to your accounts.
Conclusion
Getting paid as a freelancer shouldn’t feel like a big task. With some smart moves, you can make sure that you receive your payments on time, without any hidden fees eating up your hard-earned money.
So, take control of your cross-border payments by making these smart choices to save up. Because freelancing is all about freedom and it also should come with financial freedom.
Why let transferring money overseas stop you from being one?
Don’t let international payments stop you from making cross-border payments.