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If you are working as a freelancer and need to pay international suppliers and receive international payments from your clients on a regular basis, it is pertinent that you learn how to get the most out of your international payments. The last thing you want on your hands is losing significant amounts of money to poor exchange rates and hidden fees. Read our five tips on how to successfully manage international payments as a freelancer.
1. Pay Attention to Currency Exchange Rates
When it comes to freelance payments and currency exchange rate matters, the rates you are offered usually depend on factors such as:
- Time of transaction
- Currencies you are buying and selling
- The volatility of the currencies
- The total amount of money you are transferring
- Timeframe(s) you are working to
At Sharemoney, you can rest assured that we offer one of the best country-to-country currency exchange rates.
2. Beware of Hidden Charges
Today, the global economy experiences swinging values of the pound against the dollar as well as the euro against other denominations. That’s why it can pay off to shop around for the best when freelancing internationally. In addition, you need to be aware of the costs of making or receiving a payment – the exchange rate and fees.
An exchange rate is a rate at which brokers and banks buy and sell money to each other. In addition, exchange rates usually change by the minute. The issue is that some banks claim to be commission–free but will eventually load the exchange rate. What makes managing international payments complicated is it’s difficult to determine the exact rate for comparison purposes as some providers simply do not provide the information. Fees basically refer to overseas banks receiving fees and transfer charges.
When you are managing international payments as a freelancer, make sure you find out how many pounds, Swiss francs, dollars, or Euros you will actually receive for your money, after all charges.
3. Know the Importance of Timing
The timing of receiving or making a payment is extremely important, especially if you are receiving or sending larger amounts of money, which is often the case with international freelancers. You need to pay adequate attention to the latest exchange rate updates and not leave your decision to complete the payment at the last minute, hoping to get a good rate. Remember, the larger the amount that needs to be moved overseas, the more important it is to maximize the timing of your money transfer as well as minimize the risk that the exchange rate could get worse.
4. Always Use Established Remittance Services
If you decide to use a remittance service when managing international payments, make sure you find out how long they have been in business, their credentials, whether they are properly regulated, if they have direct access to SWIFT, etc. What’s SWIFT? It is the world’s largest settlements and payments network for both international and domestic trades. SWIFT also enhances security and enables faster payments.
5. Why Choose Sharemoney When Managing Your International Payments?
Sharemoney is an excellent option to manage international payments. This is because:
- Apart from offering great currency exchange rates, which we mentioned above are important for freelancer payments, we also empower you to make payments at a lower cost. You never have to worry about hidden charges and you can send and receive money in full. What’s more, all you need to do is pay a starting fee of $3.99 for your transactions.
- We work with a wide range of banks, in many different countries, including Argentina, Vietnam, Mexico, and many more.
- Using Sharemoney is certainly a convenient choice as you never have to leave your place of work to manage freelancing payments. In addition, we will be able to fund your transfer via your debit card, credit card, or bank account. If you have any questions regarding the process, simply refer to our How it Works page.
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