The digitalized global economy presents a plethora of opportunities for Africans as well as people across all walks of life. However, many of these opportunities require cross-border transactions which are often difficult due to currency differences. This difference in currency has become a major challenge for many freelancers and remote workers in Africa, with many working with European companies that use the United States Dollars (USD), Great Britain Pounds (GBP), or Euro (EUR), among others as their currency. This struggle then birthed the question: What are the best payment platforms to receive money in Africa as a freelancer? Keep reading as I’m about to give you the answers to your question.
Table of Contents
Top 5 Best Payment Platforms to Receive Money in Africa as a Freelancer
Starting off as a freelancer a few years back, one of my major concerns was how I’d be able to receive my pay once the job was completed. Of course, opening a domiciliary account with local banks is not an option given the kind of documents required and the prolonged process to open one. Then there’s PayPal. Despite being easy to open, it doesn’t support receiving payment in Nigeria, which is the same in many other African countries. These restrictions made working outside of freelancing platforms complicated and almost impossible.
The fact is, it wasn’t a problem only I faced. This is a general problem for many African freelancers and digital nomads. However, over the years, many FinTech companies have been able to provide solutions to this problem. With FinTech companies like Raenest and Grey able to create virtual USD, GBP, and Euro (EUR) accounts for African freelancers, cross-border payment has become a lot easier. While some of these FinTech companies have their coverage areas and limitations, I have been able to compile a list of the top 5 best payment platforms to receive money in Africa as a freelancer or remote worker.
Payoneer
Payoneer is one of the best payment platforms for freelancers, supporting the receiving and making of cross-border payments in more than 70 currencies, including USD, GBP, and EUR. Operating in more than 190 countries, Payoneer allows you to withdraw directly into your local bank at the official rate in your country. This best cross-border payment platform is equipped for easy integration with many freelancing platforms, provides you with bank account information for direct payment, and also an ATM card associated with the account for easy and seamless online transactions.
Features of Payoneer
- Supports cross-border payment in over 70 currencies, including USD, EUR, GBP, JPY (Japanese Yen), AUD (Australian Dollar), and CAD (Canadian Dollar).
- Easy conversion and withdrawal in your local currency at the official exchange rate.
- Flexible transaction charges of 1% on transactions above $100 and $1 on transactions below $100.
- Operates in more than 190 countries, including Nigeria, South Africa, Togo, Ghana, Niger, Burkina Faso, Cameroon, and Congo, among other African countries.
- Virtual and Physical ATM cards from MasterCard for easy and convenient local and international transactions.
GeegPay
GeegPay by Raenest is one of the best payment platforms to receive money in Africa as a freelancer. Operating in several African countries, including Nigeria, Ghana, Kenya, Tanzania, Uganda, Egypt, Rwanda, and the Central African Republic, the platform provides a simplified means of receiving payments from the US, UK, and other European countries. With zero conversion fees, you can send your virtual account details to your clients and receive direct bank payments in USD, GBP, and EUR.
Another interesting feature of GeegPay is the flexible transaction fees. But beyond that, the GeegPay virtual card has simplified virtual payments, both local and international transactions. More importantly, you can easily connect your virtual accounts to popular freelancing platforms, such as Upwork, Deel, Fiverr, Freelancer.com, TopTal, and even PayPal and Payoneer.
Features of GeegPay
- Free USD, GBP, and EUR bank account creation that allows for direct bank deposit.
- Easy withdrawal of funds from popular freelancing platforms and payment platforms, including PayPal, Payoneer, Wise, and Revolut.
- Supports conversion and withdrawal of funds to banks and mobile money in more than 100 countries using the black market rate.
- Competitive transaction charges with free transfer using GeegPay tag or email.
- Instant virtual card that enables seamless online transactions both locally and internationally.
Binance (Cryptocurrency)
Cryptocurrency is one of the safest and most secure means of cross-border transactions, especially as a freelancer. Binance stands as a top crypto exchange company that allows cryptocurrency exchange transactions using local currencies through the Peer-to-Peer (P2P) service. The top crypto exchange firms allow you to get paid in more than 70 cryptocurrencies, including Bitcoin, Ethereum, and Tether, among others and withdraw directly into your local bank at a competitive exchange rate.
Features of Binance
- Provides the most secure and simplified cross-border payment methods using the P2Pcrypto exchange.
- Zero transaction fees on all P2P exchanges and fiat withdrawals.
- Supports over 150 payment methods, allowing for limitless cross-border transactions
- Allows for a super-fast payment method as the Binance P2P transactions typically take less than 15 minutes.
Skrill
Skrill allows you to get paid internationally from more than 100 countries in over 40 different currencies, including the USD, GBP, EUR, Australian Dollar (AUD), Brazilian Real (BRL), and Indian Rupee (NR), among others. In addition to simplifying international transactions at a competitive transaction rate, Skrill is currently supported in several African countries, including Nigeria, Kenya, South Africa, Botswana, Tunisia, and Congo, among others. Another interesting feature of Skrill is that it equally supports cryptocurrency transactions, allowing you to get paid either in fiat or crypto from anywhere in the world.
Features of Skrill
- Supports receiving payments from more than 100 countries in over 40 different currencies.
- Simplified and easy conversion and withdrawal into local banks at competitive rates.
- Operates in several African countries, including Nigeria, Kenya, South Africa, Botswana, Tunisia, Lesotho, and Congo.
- Fast and secure international transactions without a need for bank account information.
- Simplified card payments locally or internationally using the Skrill virtual and physical cards.
Grey
Grey (formerly Aboki) is one of the leading African FinTech companies providing solutions to cross-border payments for freelancers and digital nomads in Africa. Founded in 2001, Grey currently supports receiving payments in USD, GBP, and EUR. Their operation is quite similar to Geepay, providing virtual USD, GBP, and EUR account details that can be provided to your employers for direct bank payments or connect directly to your freelancing platform.
With easy conversion and local withdrawals, Grey currently supports over 40 currencies and operates in several African countries, including Kenya, Tanzania, Uganda, Nigeria, Ghana, Rwanda, and South Africa. The rate is equally competitive, with a conversion rate of 1% capped at $6 and 0.8% capped at $10/€10/£10 on every deposit.
Features of Grey
- Free USD, GBP, and EUR bank account creation that allows for direct bank deposit.
- Operates in several African countries, including Kenya, Tanzania, Uganda, Nigeria, Ghana, Rwanda, and South Africa.
- Easy conversion and withdrawal of foreign currencies to local bank accounts or mobile money wallets.
- Competitive transaction charges and P2P transactions using email.
- Instant virtual card that enables seamless online transactions both locally and internationally.
Choosing the Best Payment Platforms to Receive Money in Africa as a Freelancer
Although these platforms have a track record of simplifying cross-border payments and empowering freelancers to work effectively without worrying about getting paid, they also operate on different policies. Thus, it is important to conduct additional research on each of these platforms before reaching a conclusion on which platform to use. Here are some key factors to consider;
- Ease of Account Creation and Funds Withdrawal: It is very important to select a platform that allows for easy account creation and verification. Interestingly, all platforms featured in this article fit that requirement.
- Transaction Fees and Use Charges: Another crucial factor is the charges. While these platforms have made receiving international payments easier, their charges could be inconvenient. Hence, you want to go with a platform that offers competitive and user-friendly charges and transaction fees.
- Integration with Other Platforms: Lastly, you want to select a platform that integrates seamlessly with other platforms and can be easily connected with your preferred freelancing platforms. For instance, you can easily connect the virtual account created by Geegpay and Grey to platforms like Payoneer, PayPal, Fiverr, and Upwork, among others. This allows you to properly manage the flow of your money with ease.
- Level of Earning: It is also important to consider your current earnings before selecting a platform; this is due to the minimum transaction limits on these platforms. While Geegpay doesn’t have a minimum threshold, the minimum withdrawal on Payoneer is $50, which also varies depending on your location. Thus, a low-earner might want to reconsider their choice of Payoneer, even though it has the highest reach and functionalities.
Conclusion
The platforms featured in this article are the best payment platforms to receive money in Africa as a freelancer or digital nomad. Meanwhile, there are other platforms that also allow for seamless cross-border transactions and international payments which are not listed here. Thus, it is important to carry out in-depth research on which platform is suitable for you. Additionally, factors like ease of account creation and funds management, fees, and current earnings, among others, should be considered when making a choice. Do you have a preferred payment platform which is not listed here? Do share them in them in the comment section