Landing a global remote job is an exciting milestone in your career. Global remote jobs often come with perks like higher pay, earning in a stronger currency, and the chance to collaborate with diverse teams. However, many remote workers have challenges managing cross-border payments.
Cross-border payments—transactions received from clients or employers in different countries—often require you to set up specific tools and accounts. Additionally, factors like high conversion fees, currency fluctuations and delay in receiving payments can make the process even more cumbersome.
But here’s the good news: receiving cross-border payments doesn’t have to be difficult. In this blog post, we’ll share practical tips on how to handle cross-border payments as a remote worker.
Payment Methods for Receiving Cross-border Payments
1. Bank Transfers
Bank transfers are a secure method for receiving cross-border payments as a remote worker. Since many of us use local banks for local transactions, it feels natural to consider them for international payments. However, using bank transfers to receive cross-border payments can be more complicated than it seems.
To receive foreign currency via bank transfer, you’ll need a dollar/domiciliary account with a local bank, such as Access Bank, GTBank, or FirstBank. These accounts are specifically designed for certain currencies—like USD for US Dollars or GBP for British Pounds—so you’ll need to open a separate account for each currency you plan to handle.
In addition, processing times are often slow, with cross-border payments taking several days to complete. Additionally, the fees for international transactions are significantly higher compared to other payment methods, which can reduce the amount you ultimately receive.
2. Online Payment Platforms
Online payment platforms have revolutionized how you can receive international payments as a remote worker. Options like PayPal, Payoneer, and Stripe are popular because they’re easy to use and widely accepted. However, if you’re in Nigeria, you’ve probably faced some frustrating restrictions. For example, while PayPal is available, you can’t use it to receive funds which can be disappointing because it is one of the most essential features for remote workers.
Luckily, Nigerian platforms like Mular, Grey, and Geepay solve these problems. They make receiving payments from international clients easy and flexible and are a great alternative to traditional payment platforms. By using these platforms, you can save time, avoid unnecessary fees, and focus on your work without worrying about payment hassles.
3. Crypto Wallets
If you want a faster and more flexible way to get paid, getting paid in crypto is worth considering. Cryptocurrency payments are quicker and cost much less than traditional cross-border options. Plus, crypto eliminates currency differences—you’ll get the same value whether you’re in Nigeria or the United States. For instance, 1 USDT is worth the same everywhere, giving you a consistent payment option no matter where your clients are.
Because cryptocurrency operates independently of government policies or spending, it provides stability in volatile economies. Many remote workers are now choosing crypto payments for their speed, affordability, and reliability. Platforms like Mular make things easier by allowing you to spend crypto directly as naira without extra steps or delays.
What to Consider When Receiving Cross-Border Payments
Cross-border transactions are in many ways different from local payments. They involve additional steps such as compliance with international regulations, currency conversion, and navigating fluctuating exchange rates. If you’re a remote worker, here are some key factors to keep in mind:
Transaction Fees
Most payment platforms charge a transaction fee when you receive cross-border payments. These fees vary depending on the platform. These deductions can significantly reduce your earnings, so it’s essential to research platforms that offer lower fees or explore alternatives like cryptocurrency, which often come with minimal costs.
Currency Conversion
Converting foreign currency into Naira can be tricky, particularly if you rely on traditional banks. Your bank may not support direct currency conversions, and you may need to rely on third party tools. Moreover, currency conversions come with additional fees and the conversion rate applied is based on the exchange rate at the time of the transaction, which may not always be beneficial to you.
Exchange Rates
Exchange rates, especially between the US Dollar and Naira, fluctuate frequently. This volatility can impact the value of your payments. To make the most of your earnings, monitor exchange rate trends and convert your funds when the rates are favorable.
Additionally, use payment platforms that provide real-time exchange rates, which minimize slippage. Slippage refers to the difference between the expected exchange rate and the actual rate applied during the transaction. Platforms like Mular update rates in real-time to ensure accuracy and prevent unexpected losses.
Compliance with International Regulations
Cross-border transactions must adhere to specific international payment regulations, which might require additional documentation or approvals. This can delay payments and make the process more complex.
Platform and Network Fees
International payments often incur higher transaction fees compared to local transfers. These fees can vary widely depending on the payment platform or bank used, making it important to compare options.
Taxes
Despite earning your income from a global job, you will still be required to pay taxes in Nigeria. Any income you earn from international clients should be declared to the Federal Inland Revenue Service (FIRS) or the State Inland Revenue Service. As a remote worker, you are responsible for filing your taxes and making self-assessments. There are a number of taxes that may apply including residency-based taxation and general income tax. It is important to familiarize yourself with tax laws so you can be prepared and avoid double taxation.
Tips for Receiving Cross-Border Payments as a Remote Worker
Navigating cross-border payments can be complex, but with the right practices, you can streamline the process and avoid common pitfalls. Here are some valuable tips to help you make smooth and secure transactions:
- Use Verified Platforms
Stick to platforms with a proven track record of reliability and security. Research reviews and recommendations to avoid scams or platforms with hidden fees. - Protect Sensitive Information
Avoid sharing your private details like full bank account information or wallet private keys with untrusted parties. Always prioritize secure methods for sharing payment information. - Double-Check Wallet Addresses
If you’re receiving crypto payments, carefully verify the wallet address before sharing it with a client. A small error can lead to irreversible losses. - Communicate Payment Preferences Clearly
Let your clients know your preferred payment methods, supported platforms, and currency options. This prevents misunderstandings and ensures smoother transactions. - Use Payment Links for Convenience
Platforms that allow you to generate payment links can simplify transactions. A payment link includes all necessary details, making it easy for clients to send funds without errors. - Track Exchange Rates Regularly
For payments involving currency conversion, monitor exchange rates closely. Convert your funds when rates are favorable to maximize your earnings. - Opt for Real-Time Exchange Rate Platforms
Use platforms that provide real-time exchange rates to minimize slippage and ensure you receive accurate amounts during conversions. - Keep Records of Transactions
Maintain clear documentation of all payments, including transaction IDs, receipts, and correspondence with clients. This can help resolve disputes or clarify payment details if needed. - Diversify Your Payment Options
Having multiple payment methods—such as PayPal, crypto wallets, or local bank accounts—can provide flexibility and ensure you’re not reliant on a single platform. - Leverage Cryptocurrency for Faster Payments
Cryptocurrencies like USDT offer faster, more cost-effective payment options for cross-border transactions. - Verify Clients Before Accepting Payments
Work only with verified and trusted clients to avoid issues like bounced payments or disputes. Conduct due diligence, especially when working with new clients.
How to Receive Cross-Border Payments with Mular
Cryptocurrency, especially stablecoins, has gained popularity among remote workers because of its stability and efficiency. Stablecoins, like USDT or USDC, are pegged to fiat currencies such as the US Dollar, maintaining a 1:1 value.
Getting paid in cryptocurrency can transform your experience as a remote worker or freelancer. Before proceeding, check with your employer or client to confirm if they are open to paying you in cryptocurrency. If they aren’t, you can always convert your funds into crypto with Mular. Mular simplifies cross-border payments for remote workers, offering fast transaction times, secure processing, and the ability to spend crypto directly as Naira.
Here’s a step-by-step guide to managing cross-border payments with Mular:
1. Set Up an Account
Start by downloading the Mular app from the App Store or Google Play. Creating an account is simple and requires just a few details:
- Name
- Phone number
- Email address
- BVN
- A government-issued ID
Once your account is set up and verified, you’re ready to start receiving payments.
2. Share Your Payment Details
To receive cryptocurrency payments, share your wallet address with your client or employer. A wallet address works like a bank account number but is specific to your crypto wallet.
- Go to the “Fund” option on the Mular dashboard.
- Select the cryptocurrency you want to receive (e.g., USDT).
- Copy your wallet address and include it in your invoice.
Alternatively, you can send a payment link with your name, email, and a short description to make the process even easier.
3. Receive Payments
Once you’ve shared your payment details, wait for the funds to arrive. Cryptocurrency transactions are processed quickly, often within minutes, without the delays typically experienced with fiat currency payments. Since crypto cross-border payments don’t require currency conversions, you’ll avoid the common challenges of traditional transfers.
4. Convert Currency
If you’d like to diversify your crypto holdings or convert your USDT to other cryptocurrencies, Mular’s swap feature makes it easy to do so.
- Select the “Swap” option on your dashboard.
- You can convert your funds into any of the five supported cryptocurrencies: USDT, BNB, Bitcoin, Ethereum, or Solana.
Alternatively, you can hold your funds in USDT as a hedge against inflation or as a stable investment.
5. Withdraw Your Fund
When it’s time to access your earnings, you can withdraw your funds seamlessly:
- Select the “Send” option on your dashboard.
- Choose whether to transfer funds to your bank account, send them to someone else, or use them for everyday transactions like groceries or car rides.
Mular processes withdrawals quickly, ensuring that your funds are available when you need them.
Conclusion
Managing cross-border payments as a Nigerian remote worker can be challenging, but choosing the right platform makes all the difference. Look for platforms accessible in Nigeria, compare fees, and consider stablecoins like USDT for their stability and ease of use.
With Mular, you can receive crypto payments, save in stablecoins, and even spend directly as Naira—all while enjoying low fees and fast transactions. Simplify your cross-border payments and focus on advancing your remote career!