Solving the International Payment Problems of 2019!
The world has become smaller, it is more connected, the way we communicate, the way we work and the way we transfer money from person to person is ever evolving, so much has changed in the past decade! The traditional 9–5 office is dying out as more people are choosing to work remotely, which allows us access to a different kind of lifestyle, enabling us to do what we want from where we want via a mobile distributed network.
As technology advances, more businesses are recognising that talent is not necessarily grouped in one geographic location and we are seeing a rise in the number of job adverts placed for ‘freelance’, ‘remote’, ‘GIG’, workers.
This allows those that live in remote locations, those who do not want to be tied down to one place and those whose personal circumstances require them to work from home, to pursue an online remote career.
Working as a digital nomad has become a popular trend, especially for the innovative millennials who seek to explore the world, earn a living and shape a successful career at the same time.
This shift in the working lifestyle has many benefits for both employers and employees, most notably with cutting down on expenses and fees.
The International Payments Headache
Despite advances in technology, there is one pressing issue that is still causing a headache for both employers and employees of the remote community — cross-border international payments!
Banks and payment platforms such as PayPal charge hefty fees for International transactions, which can take days to execute. For many, opening a bank account can be difficult especially if you are travelling the world, or are not an ‘official resident’ of the country that you are currently based in!
And it doesn’t stop at the transaction fee, there is also the issue of unreasonable currency exchange rates. If you are a freelance worker with a few different clients from around the world then you will be charged per payment per client, which can add up to a large part of your salary.
If you are someone who needs to send money to a family member overseas or pay for bills or debts in another country this can again add further stress and charges to your finances — suddenly the ‘Digital Nomad’ dream seems like a frustrating international payment nightmare!
The International Payment Solution
What is needed is a payment solution that is borderless, that does not incur hefty fees per transaction and that is almost instant! What if there was already an option that would allow you to do this and much more? Welcome to the cryptocurrency revolution — and you thought it was just about investing?!
Opting to be paid in Bitcoin or another cryptocurrency, which as a borderless currency will not only eliminate transaction fees but will also allow you to receive and send your currency to and from anywhere, almost instantly. And so, If for example, you are living in Asia and you are due to receive a payment from Europe, which you then need to transfer to the UK to pay some bills, with cryptocurrency this could all be sent and received on the same day!
Choosing cryptocurrency as a payment method enables you to receive payment by the hour, day, week or month around the clock 24/7 and instantly, which means that you are in control of how you work and when you get paid. Paying employees in cryptocurrency is also a huge benefit to any business, especially large international corporations who also suffer the burn of international transaction costs and the cost of running a full-time payroll department (Which, is equally as expensive).
Aside from borderless, instant transactions, there are many additional benefits to having your salary paid in cryptocurrency. You will no longer fall victim to unreasonable exchange rates, and nowadays almost anything can be paid for in cryptocurrency. Our previous blogs take a look at what you can pay for with cryptocurrency and where you can go on holiday with cryptocurrency, so there is no need to worry that by receiving payment in crypto you will be unable to spend your money as payment options are advancing by the day around the world.
It is also possible to make small payments with cryptocurrency for things such as a blog membership, to download a music album or movie, or to subscribe to your favourite news publication, often the cost of such things are only a few USD or Euro, however when using a bank to action the transfer, the cost will become significantly more, and depending on which country you are in the option of transferring a small amount might not even be available. And then, of course, there is the added bonus that Cryptocurrency can make for a good long-term investment opportunity, allowing you to gain from saving part of your crypto salary each month!
Innovative Payment Options
But, what if you opt to be paid in cryptocurrency but still need access to fiat currency? How would you manage this?
The cryptocurrency sector is advancing by the day and we are continuously seeing innovative projects enter the market, which supports alternative payments, such as UK based payment platform PayGlobal, the first company to offer Cryptocurrency to Fiat transfers onto existing bank cards, providing its customers with a quick and easy way to access their funds. The UK based e-wallet service, which is licensed by the Financial Conduct Authority (FCA) currently supports Bitcoin, Etherum and XRP. In addition to supporting conversions from cryptocurrency to fiat on to existing bank cards, PayGlobal also provides the option of directly sending cryptocurrency to a wireless ATM machine and withdrawing the funds in fiat! The PayGlobal service is currently serving customers throughout the European Union, Australia, Singapore, Mexico and Nigeria!
By opting to have your salary paid in crypto and by using a service such as PayGlobal you can have the best of both worlds. You can enjoy the digital nomad lifestyle, own crypto, save crypto, transfer crypto into fiat and save on international transaction fees and exchange rates.
Whatever your international payment needs, whether it be to receive your salary, send money to your family or to simply pay bills in another country, alternative payment options such as cryptocurrency provides you with a fast, efficient borderless payment option, which will save you both time and money!