Although i do lotta freelance work with International companies in Europe and U.S while living in Nigeria. MY clients do have interest in being billed in foreign currency which was a good outcome in my geographical region. Earning as a freelancer you will have the privilege to earn in multiple stream of currencies.
When i first started to bill my work and earn in foreign currencies, I used a quick fix to estimate my payout, firstly go to grey.co to check the most current rates since i have a virtual foreign account with grey. Secondly, I plug in my payment figures and assume that i should receive the amount shown.
Grey gives quotes using the mid-market rate . this is not even close to the low rate Nigeria banks usually give out. Earning in foreign currency could me you decide on whether to speculate your funds by keeping out 30% of unforeseen circumstances since naira is now a commodity goods i.e. naira is Lower value currency against other foreign currency. Cultivate the habit of speculating your earnings from freelancing or remote jobs to increase your purchasing power in Nigeria
Getting paid as a freelancer
Whether you work as a self-employed web developer, programmer or take on one of the many freelance marketing jobs being advertised, your time is precious. So naturally, you’ll need to make sure you get paid on time and in full. Remember, any time spent chasing unpaid invoices is time you’re not earning.
Receive payments for free with an international business account from PAYONEER
Becoming a global freelancer is much easier than you think. Your secret weapon to getting paid: a free Payoneer for freelancers account.
Open your account for free and you’ll soon be able to
- Invoice global clients in your own currency
- Receive payments for your work in multiple currencies, with no fees
- Get your own US, Eurozone, Australian, New Zealand, and UK account details for free, in minutes
- Always get the mid-market exchange rate
Pros
Global Reach: Payoneer is available in over 170 countries and it supports multiple currencies like EUR, USD, GBP etc. Making it ideal for freelancers, remote workers to earn remotely in Nigeria
Multiple Payment Options: Users can receive funds from clients or marketplaces, transfer funds to their bank accounts, or use the Payoneer Prepaid Mastercard for ATM withdrawals and purchases.
Competitive Currency Conversion Rates: While there is a small fee for currency conversion, Payoneer’s rates are often competitive, especially for cross-border transactions.
Fast Payments: Payments within the Payoneer network (from one Payoneer account to another) are instant and free, allowing for quick transfers among Payoneer users.
Partnerships with Major Platforms: Payoneer is partnered with platforms like Amazon, Fiverr, Upwork, and Airbnb, Oneforma, Clickworker etc simplifying payouts for freelancers, sellers and remote workers on these platforms. With this platform you can earn a side gig remotely. Pick a niche and enjoy whatever services you want to render and make sure you’re good at what you do best.
CONS
Fees: While Payoneer is convenient, there are fees for ATM withdrawals, currency conversions, and transfers to non-Payoneer accounts, which can add up.
ATM Limitations: Some users report challenges with ATM withdrawals, including additional fees and restrictions on ATM networks in certain countries
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Not FDIC-Insured: Unlike banks, funds stored in Payoneer are not insured, which could be a consideration for users with significant balances. You could lose your funds in due to unforeseen circumstances like government policies. A case study of how the Nigerian government ban the use of cryptocurrencies
Account Maintenance Fee: Payoneer charges an annual fee for accounts that use the prepaid card, and some inactive accounts may incur additional fees. Payoneer charges $30 annual tax fees do both active and non active users which is quite much in Nigeria economy.
Limited Savings Options: Unlike traditional banks, Payoneer does not offer interest-bearing accounts or other financial products like loans or savings plans, so you don’t have to think your money will grow in the foreign currency but you can’t still speculate and save your foreign currency because it might favor you in the long run supply when converting to your currency in Naira, but try not to forget the annual payment fee
Here’s a look at the main pros and cons of using PayPal:
PROS
Wide Acceptance: PayPal is accepted by millions of merchants worldwide, making it easy to use for online shopping, subscriptions, and payments.
Having a Nigeria dollar account, you can link your dollar card to your PayPal account to make online payment.
Buyer and Seller Protection: PayPal offers protection for both buyers and sellers on eligible transactions, including dispute resolution for issues like unauthorized transactions and non-delivery of goods.
Secure Transactions: PayPal uses encryption and other security measures, allowing users to make purchases without sharing bank or card details directly with merchants.
Fast and Easy Transfers: Sending money to friends and family or receiving payments is quick and can often be done instantly within the PayPal network.
Multiple Funding Options: Users can link multiple bank accounts, credit cards, and debit cards, giving flexibility in choosing how to fund transactions.
International Payments: PayPal supports multiple currencies, making it a popular choice for international freelancers, online businesses and personal cross-border transactions.
Cons
Fees: PayPal fees can add up, especially for international transactions, currency conversions, or business account transactions (usually around 2.9% + a fixed fee).
Account Freezing: PayPal occasionally freezes accounts for security checks, and resolving these holds or limitations can be time-consuming. Having a PayPal account in Nigeria is limited, you simply going to enjoy with a virtual foreign checking account via your dollar card. if you exceed the amount, you might be restricted always scrutinizes funds coming in your PayPal account be careful not to get your account freeze, if so you might wait for 3-6 months before your account review from PayPal.
Limited Customer Support: Some users reported difficulty in reaching out to PayPal’s customer support for account issues, disputes, and troubleshooting. The fees and potential for account holds may be a downside, particularly for business users or those making frequent transactions.
PayPal hardly rectify issues from their support team. There’s high rate of you losing your Hard earn Funds to PayPal
Not Ideal for Long-Term Holding: PayPal balances don’t yield interest, making it less beneficial for holding significant funds for extended periods. If luckily you’re in US, you can convert your currency to any decentralized currency to speculate and earn interest with your funds for a long term.
Currency Conversion Rates: PayPal’s currency conversion fees (around 3-4%) can be costly, especially for frequent or large international transactions
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Transaction Limits: Certain accounts may have transaction or withdrawal limits, particularly for new or unverified accounts. Limited funds to receive from a new PayPal account is $200 monthly,
