Digital Wallet (borderderless banking) options for Remote Companies

One of the biggest problems that remote workers face is how to get their hard earned money in the easiest way possible. Several important factors make this problem appear to be much worse than it actually it, including different currencies, time zones and the destination itself.

With the automation of banks and the more frequent use of digital wallets, there are now several big players looking to stir up the market. Which of these deals offer the real benefits and which ones you should be vary of? Read the article below and find out!

Payoneer

Even if you find yourself halfway across the planet, the only thing that matters with Payoneer is that your client resides in one of the supported locations (US, EU, UK, Australia, Canada, Japan and China). The users can withdraw the funds to one of their local banks, and most importantly, they can do it in the local currency.

Even better, there are no additional fees being charged when transferring money from one Payoneer account to the other. The fees vary from 1-3% upon receiving funds, and include additional fees when loading the money to other MasterCards. Ultimately, with the annual fee of $30, as well as additional expenses after every inquiry, withdrawal and declined transactions, this service is definitely not completely free, so take that into consideration.

PayPal

Yes, we have to mention probably the biggest platform in the business. Naturally, you probably know by now that PayPal is not perfect and that it has its limitations, but it’s still a force to be reckoned with. It is supported in 150+ countries in the world, and it can be easily connected with most bank accounts.

Unfortunately, because there is a certain amount of time when it comes to processing the payments between PayPal and credit cards, you might have to wait up a couple of days before the funds reach you, which can be incredibly frustrating. Still, fees are very reasonable for such a large platform, and the online security remains one of the best out there. Sometimes, the best idea is to stick to the things that you already know, rather than exploring the unknown.

Freshbooks

A cloud software service that is perfect for tracking the work of an entire team of remote workers, is there even such a thing? Of course there is, and you’re reading about it right here. Now, there are tons of tracking software out there, but none of them offer as many opportunities as this one right here.

Payments are done through Apple Pay or via credit cards, where MasterCard, Visa and American Express are all included. Naturally, the fees tend to vary a bit from one option to another, but the differences are subtle at best. The way we see it, what makes Freshbooks so awesome is the scheduled billing service it has, which takes place once a week. That way, both the employees and employers recognize that they get what they need right on time, with no unnecessary delays.

Venmo

Have you ever considered using a digital wallet app that somewhat resembles social media networks? Yes, we are well aware of how strange this might sound, but stick with us for a second. Venmo works on a very simple principle. In order to send or receive money, you have to be connected to the other person via an account made on this app.

The process of sending and receiving funds could not be any easier. Just choose a person you want to send the funds to, write a short message if you want to, and well, send the money to where it needs to go. While the app itself is free to download, some additional fees are applied. What’s important to know is that Venmo supports most US-based phone numbers and banks. It might seem strange to put your trust in such an app, but millions of people are already doing it, so why get left behind if you don’t have to?