Introduction

As the need for cross-border payments increases, many professionals seek quicker and more effective solutions to handle their international transactions. Platforms like Upwork have given Nigerian freelancers and remote workers access to global prospects, but getting paid can still be difficult.

This article will describe how Nigerian freelancers may use Transfi to accept foreign currencies, handle their money, and expedite their payment process without any hassles.

Upwork processes all payments for Upwork freelance jobs. In other words, your client will pay Upwork, and the money will be placed in an escrow account for safekeeping. The money is released after you and your client agree that the project is finished.

Typical payment issues faced by Nigerian freelancers

Nigerian freelancers frequently encounter the following issues while receiving payment from foreign clients:

1. Expensive transaction fees: Significant fees are associated with traditional bank transfers and payment networks.
2. Payment processing delays: It may take a few days for transfers to arrive at a local bank account.
3. Unfavourable exchange rates: Many services provide unfavourable exchange rates, which lower total profits.
4. Restricted access to funds: Withdrawal limits imposed by certain payment services make it more challenging to obtain funds.

Nigerian freelancers require a quick, economical, and practical method of handling foreign payments in order to overcome these obstacles

Understanding Upwork's Payment Options

Upwork processes all payments for Upwork freelance jobs. In other words, your client will pay Upwork, and the money will be placed in an escrow account for safekeeping. The money is released after you and your client agree that the project is finished.

You must choose a payment option after entering your bank account information. You have the following choices:

• Direct payment
• Transfer via wire
• PayPal
• The Payoneer

Each payment method will be covered in detail in the following sections.

1. Direct payment

Direct deposit from Upwork to local bank accounts (either domestically or abroad)

Direct deposits are frequently called ACH (Automated Clearing House) payments in the United States. Although they are deposited straight into your local US bank account, they may take two to five days to reach your bank.

Direct to Local Bank also allows you to receive payments straight into your local bank account if you're not in the US. The speed of the system in your nation may affect how long it takes for the money to reach your bank account.

2. Wire transfer 

The most costly way to obtain your money is through wire transfers, which Upwork charges a flat fee of $30. 

The location of the account and the currency in which your bank account is maintained affect the wire transfer fees. Since your money will be sent through the SWIFT network, these fees might rise exponentially if you are not in the US.

In addition to typically resulting in alarming exchange rates with markups (referred to as currency spreads by Upwork) of roughly 4–5%, SWIFT transfers frequently entail additional flat fees assessed by one to three intermediary banks. Not to mention the cost of receiving the foreign transfer from your bank.

3. The PayPal method

Your PayPal account must be connected to the same email address that you provided in your Upwork account profile for PayPal to allow you to move your profits into it. After that, you can transfer the money to your home bank account or use it to make payments via PayPal.

Each time an international transaction is conducted, PayPal charges a cross-border fee.

4. The Payoneer approach

Payoneer offers multi-currency receiving accounts, including EUR, which can benefit freelancers aiming to accept payments in euros. Nigerian freelancers can link their Payoneer EUR account to Upwork, allowing them to receive funds in EUR. However, it's essential to verify the availability and compatibility of Payoneer services in Nigeria.

How to receive payments from clients using Transfi

TransFi can assist Nigerian remote workers on Upwork in receiving payments in euros (EUR).​

TransFi offers multi-currency support, including EUR, for both collections and payouts. This means that freelancers can receive payments in EUR and have the flexibility to hold, convert, or withdraw funds as needed. TransFi's platform is designed to facilitate seamless cross-border transactions, making it a viable option for freelancers seeking efficient payment solutions. ​

By integrating TransFi with your Upwork account, you can streamline the process of receiving EUR payments, reducing fees and improving transaction times compared to traditional banking methods. It's advisable to consult with TransFi's support or refer to their official documentation to ensure compatibility and understand the steps required for integration.​

Also read: How Long Will It Take to Send Money from the US to Colombia via a Bank?

Conclusion

Receiving EUR payments and managing them effectively in Nigeria has never been easier, thanks to platforms like TransFi BizPay and TransFi Payouts. Whether you are searching to cash out EUR to Nigerian Dong or convert your earnings into crypto or stablecoins, the options are plentiful. These solutions offer remote workers the ability to receive their payments securely and efficiently, giving them greater flexibility in managing their finances.

With TransFi BizPay, Nigerian remote workers can simplify getting paid by foreign clients, exchange their income into NGN, and even consider crypto, giving them more financial freedom and control.

FAQs

1. How do Nigerian remote workers get EUR payments?

• Nigerian remote workers can get EUR payments via digital wallets, border payment platforms, or platforms like TransFi Biz Pay, which provides instant and fee transactions.

2. How can the best EUR earnings be exchanged with NGN in Nigeria?

• Digital wallets and payment platforms like TransFi Payouts provide competitive exchange rates and low fees, enabling remote workers to exchange EUR to NGN effectively.

3. How do I receive payment from platforms like Deel or Upwork in Nigeria?

• Remote workers can utilize platforms such as TransFi BizPay to receive USD payments from Nigerian freelancers and exchange them for their desired currency or digital asset.