S O F T W A R E S P I C E

During the early days, there were very limited options available to receive overseas payments. Freelancers other then the United States of America had to pay hefty fees to withdraw funds in to their bank account. I was working on Upwork which is one of the best freelancing websites, I paid $30 USD fee for the first withdrawal and that was really a big amount for me. There were on other online payment methods supported at that time. But with the fastest growth in the freelance market, having more online payment methods for freelancers around the world became the top priority.

Online payment methods play a vital role in the fastest-growing freelancers earnings. Online payment methods make it really easy to get paid while working from anywhere in the world. Either you work online in Dubai Down Town, New York, London or in a small village far far away, these online payment methods will not let your wallet go out of cash.

Paypal is the world’s largest and most trusted online payment method with 295 million registered users worldwide. But the ugly truth is, it still does not work in many countries in the world. But there is no need to worried about as Payoneer. Skrill, Stripe are the world’s famous online payment solutions that work approximately in every part of the world. Using these online payment methods, you can receive your hard-earned money in any part of the world.

Let’s explore them one by one.

1. Payoneer

It is the love of every freelancer because it is fast, secure and provides an excellent customer experience. Payoneer was founded back in 2005 and after achieving a number of milestones in the past 15 years, it has become the most popular payment brand. Payoneer has 

Payoneer is supported in more than 200 countries in 150+ currencies. That means you can accept payments in multiple currencies like USD, EUR, GBP, JPY, AUD, CAD & MXN in your local bank account. Payoneer has 17 global offices and provide 24/7 support in multiple languages. According to the people reviews on multiple forums, it is now considered as the best online payment method in the world.

How Payoneer Works?

If you are a freelancer on any of the world’s best freelancing sites like Fiverr, Upwork or PeoplePerHour, you need to have a Payoneer account to receive payments. Payoneer is now supported as a payment method in all these freelancing platforms. 

  1. Register to Payoneer by providing all the required details including contact, security and bank details.
  2. Once the Payoneer account is active, set it up as a payment method in earnings or payment section.
  3. Upon funds withdrawal, the earned money will be transferred to your Payoneer account.
  4. Payoneer will transfer the payments in your local bank account in your local currency.
  5. Also you can withdraw your money at the ATMs anywhere in the world.
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Payoneer to Payoneer accounts funds transfer is free.

Mobile Apps

Withdrawal Fee

The fee for each withdrawal is 2% of the total amount, which include the fee for the conversion and the transfer. So charges may vary depending upon your country. The fees to receive payments via credit card is 3% of the total amount and 1% if you receive payments via E-check. When submitting the payment your clients will view an automatic calculation of the fee that is to be charged.

In short, that would be around $3 USD per withdrawal. If there are any additional charges, that may have been charged by your respective bank.

2. Skrill

It is a UK based company formerly known as Moneybookers headquartered in London. Skrill supports more than 40 currencies. Skrill was launched back in 2001 and now it is one of the fastest growing company in the UK. Skrill also works in around 200 countries in the world and have around 40 million users worldwide. Skrill is now integrated by the world’s most famous brands like Skype, eBay and Facebook for money transfers.

How Skrill Works?

Being a freelancer, you can receive money via Skrill. It just takes a couple of minutes to create a free account on Skrill. You can sign up here.

There are 3 major ways to receive money via Skrill.

  1. Skrill Wallet
  2. Bank Account
  3. Mobile Money Wallet

You will be able to receive funds on your registered email. In bank account option, funds will be transferred directly to your bank and in Mobile money wallet, you will receive money on your registered mobile number. In my opinion, these are the best choices for a freelancer to get the earned money easily either on email, bank account or mobile.

My suggestion is to use bank account to receive funds because it is a direct deposit in your bank in the local currency. Then you can use your local bank’s ATM card to avoid further charges. Furthermore, it is very fast, simple and highly convenient to get funds securely.

In Skrill there are NO transfer charges when you send money directly to a bank account.

Mobile Apps

Skrill has mobile applications for both Apple and Android users.

  • Download from Apple App store
  • Download from Google Play store

Withdrawal Fee

There is big news for you, receiving money via Skrill is always free of charge. So that means there will be no charges when you transfer funds from Skrill to the local bank. That is why I have suggested you guys this method to receive money.

However, minimum 0.50 Euro is the minimum fee to send money through Skrill.

3. Transferwise

Transferwise offers you very easy, fast and secure way to receive money. The versatile, intuitive, useful and honest. services of Transferwise make it the future of banking with great exchange rates. Transferwise has 6 million customers with excellent trust score of 4.6/5 on Trustpilot. The beauty of Transferwise is you can hold more than 50 currencies at the same time, and convert between them on the go in seconds.

In Transferwise, you can mange more than 50 currencies and it works in 50+ countries using Borderless accounts.

TransferWise is independently regulated by the Financial Conduct Authority in the UK. Transferwise carries out over £1 billion transactions every month with highest security measures. If we compare the services of Transferwise, we can save up to £35 per each £1000 transaction as compared to the other famous banks.

How Transferwise Works?

For a freelancer, in order to receive money from your international clients, you need to first create an online Borderless Account. Create that account in your local currency, you can find in the coverage section to know more about the details of supported currencies. Due to security measures, you’ll need to upload the national identity documents for full account verification. There are no foreign transaction charges and receiving money is free. The account in Transferwise is just like an international bank account and you can withdraw cash anywhere in the world.

The core features of Transferwise for Freelancers are:

  1. A Free Debit Card
  2. Receive Money just like local bank
  3. Convert currencies super fast on the best exchange rates
  4. Integrate with Xero
  5. No fee to receive funds
borderless bank account

Mobile Apps

Both mobile apps for Apple and Android are available.

Withdrawal Fee

For freelancers, there are no hidden fees or any other charges to receive funds from anywhere in the world. Yes, Its Free!

There is a 2% Fee on ATM withdrawals over £200/month.

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4. Azimo

Azimo is an excellent choice for freelancers to receive money from more than 80 countries worldwide. You can receive that money with the help of it’s award winning mobile apps in a faster and safer way. There are 3 methods supported by Azimo to receive money.

  1. Direct transfer to your local bank account, it will take 2 hours to receive the cash
  2. Cash pick up, receive the money from 6663 locations by selecting the city of your choice.
  3. Mobile top up to receive instant cash on your mobile wallet
  4. Swift transfer but it can take up to 24 hours

Azimo offers a highly cheap and affordable money transfer services. Ask your client to send it through Azimo and cash will be in your hand in the next hour. Yes that’s how fast you can send and receive money by Azimo in 80+ countries. The fastest delivery of cash makes Azimo stand out from the crowd. It has now around 1 million users world-wide. Also Azimo will keep you updated by email and push notifications about your cash delivery. Furthermore Azimo is verified by both MasterCard and Visa.

How Azimo Works?

  1. Sign up for Personal Account first in order to receive funds from international client.
  2. Choose your country and the best method to receive the amount like direct bank transfer, cash pick up and mobile top up.
  3. I would suggest to receive directly in your bank, so it will need your bank account details.
  4. After the transfer is processed, amount will be in your account in minutes.
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Mobile Apps

With excellent ratings, Azimo has both apps for Apple and Android ideal for mobile top ups.

  1. Download the Apple app from Appple store
  2. Download the Android app from Playstore

Withdrawal Fee

The withdrawal charges and exchange rates depend on your country. But Azimo offers first 2 transfers as free and there will be no charges.

Withdrawal fee can be as low as £1

Additionally it depends on the withdrawal method, that means fee is different for different withdrawal method but it can be as low as 1GBP.

5. Direct to Local Bank

It is also the best method to get your money in your bank account directly via a single click. Freelancing websites like Fiverr, Upwork and Freelancer have that online payment method.. You will be charged a fee for each withdrawal.

  1. Upwork charges 0.99 per each withdrawal
  2. Fiverr charges $3 for each bank transfer
  3. Freelancer.com is free for Express withdrawals

While I worked on Upwork, I started to use direct to local bank method to withdraw my earnings. This method has now become more faster and safer. This online payment method will need the following information.

  • IBAN [International Bank Account Number], please contact your bank to get full IBAN or you can see your cheque book, it might have been written there.
  • Bank Name
  • Bank swift code
  • Account Type (sometimes needed like current account)
  • Your country and address

It takes around 3 business days to activate the withdrawal method. Once it’s active, you can withdraw your earnings in your local currency. Keep in mind that wire transfer for USD or other foreign currency accounts have a huge fee of $25 to $30 USD. Therefore, the most cheapest way is to get your earnings in local bank account. However, there is a major drawback in this payment method is exchange rate. The exchange rate is not that good in this payment withdrawal method as compared to the methods that I mentioned above.

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