It's a huge accomplishment to begin your freelance or remote work career. Streamlining worldwide revenue while working from home requires years of knowledge and work. However, your partner payment platform—a significant contributor to this peace—is frequently disregarded.
The only choices available to remote workers in Pakistan are digital wallets and freelancer accounts from local banks. For this reason, you require a cutting-edge solution that is customized to meet your needs, which we will explore in more detail in this blog.
What Qualities Should a Freelance Payment Solution Offer?
Although each user may have different goals, there are a few features that all digital nomads seek in a payment system.
Features to look for in your payment solution as a freelancer or a remote worker.
Security
Advanced digital fraud is a risk associated with digital banking. As a result, every user places a high premium on security. You need to be aware of the security precautions your payment system takes to protect your money.
Charges
How you are billed for using these services is another important consideration. You don't want to spend a fortune on services that you can obtain for pennies elsewhere. You will only be charged fairly by a payment company that recognizes your efforts to generate a worldwide income.
FX Rates
Exchange rates have a significant impact on your paycheck when you receive payments from all over the world. With incredible foreign exchange rates and expenses, you need a payment platform that will support you.
Accessibility
You must have an account that lets you access your money while you're on the move. A simply accessible, dynamic, and responsive mobile application that enables fast transfers as needed.
Client Support
As with any solution, there are times when you need to call in the company's customer care. You need a quick-response customer support team that is prepared to assist you and address your issue at that hour.
Transparency
Try to obtain all the information before creating an account, including FX rates, fees, and charges. It's likely that these things won't work out for you if they are unclear and the business is not honest about them. Choose just those options that are fully open about such information.
Top Freelancer Bank Accounts in Pakistan
In Pakistan, freelancers have multiple solutions, from local banks offering freelancer accounts to digital wallets, which provide more flexibility. Let’s dive into the best freelance bank account in Pakistan.
Conventional Banks
In Pakistan, freelancer bank accounts are available at practically all traditional banks. Let's look at a few of these accounts and their offerings.
HBL Freelance Account
HBL allows freelancing customers to receive payments in many currencies utilizing the freelancer account. Any funds will be converted to PKR, nevertheless, as the account is a PKR account. You can link your freelancer account to an Exporter's Special Foreign Currency Account (ESFCA). You will be able to keep half of your savings in the earned currency as a result.
Although freelancer accounts are also available from other large banks like JS Bank, Standard Chartered, UBL, Alfalah, etc., their conditions and restrictions are comparable.
Digital wallets
Digital wallets are an additional choice for freelancers. Digital wallets have various advantages like reduced costs, transaction tracking, etc., even though they lack the conveniences of a real branch. Let's discuss a few digital wallets that independent contractors in Pakistan can find useful.
Payoneer
Pakistani freelancers have long had access to Payoneer, an international e-wallet. You can receive payments from all across the world with the multi-currency account that Payoneer provides. After that, you can move the funds to a bank account in your area. Payoneer is not the most cost-effective choice for independent contractors because it primarily concentrates on business-to-business payments.
SadaPay
The native digital wallet in Pakistan, SadaPay, has suddenly become a fantastic option for independent contractors. With SadaPay's SadaBiz account, independent contractors can get paid from any location in the world.
The SadaPay app creates a link for you to share with your client each time you need payment. Your client's debit or credit cards can be used to pay you. This option does not require a SWIFT code and only works with cards. Nevertheless, the card processing fee is a drawback that raises the expense of utilizing this method.
US-Based Financial Institutions
US-based banking is one special choice for Pakistani digital nomads. This entails opening an Elevate Pay bank account in the United States as a citizen of Pakistan. Let's discuss how that operates.
Elevate Pay
Elevate Pay is providing emerging markets with a much-needed answer while also altering their dynamics. The ability to receive money in your Elevate Pay account and keep it in USD for as long as you like will help you defeat inflation. With the best FX rates and a fixed cost of $1.50, you may also move money to your local bank account or digital wallet. Even better, you receive a routing number and account number that you may use to receive USD from any location in the world.
Final Thoughts
It can be difficult to choose the best payment partner when you're a digital nomad in Pakistan. With this information, you get a good bird’s-eye view of all the freelancer accounts in Pakistan and how they work. You can categorize them and see where you perfectly fit in. You should easily be able to make the right choice that is in your best interest.
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