Posts by Olia Shapran

Posts by Olia Shapran

The flourishing development of the IT-sector has given impetus to the globalization of the labor market. We increasingly meet people who work for foreign companies remotely, meanwhile sitting at home, in a cafe or coworking space. No time spent on the commute, no corporate red-tape, and working time flows smoothly into the working result. The global pandemic has given an even greater drive to the creation of remote occupation as a common practice, especially in the country with a bunch of experienced IT-professionals and decent work compensation in foreign companies.
No use denying that working remotely is convenient and profitable, but there are some difficulties, primarily related to wages. All these KYC, AML, financial and banking monitoring, customer identification, and many other dreadful words that distract from the workflow. Instead of working for pleasure, you need to question yourself constantly: ‘Will I receive the wages this month?’.

As a result, more and more alternative solutions that simplify the process of obtaining funds from foreign companies are emerging in the market. When choosing such solutions, the specialist is primarily guided by the issue of security, because everyone wants to get guaranteed money and be sure that hevor she will not fall under the terrible word FATF (Financial Action Task Force on Money Laundering).

Cryptocurrencies (secure digital assets in decentralized networks), stablecoins (volatility-free cryptocurrencies attached to national currencies and commodities), tokens (cryptounit), fiat funds (government-issued currency that has no intrinsic value), cash, dollar or hryvnia, and maybe hryvnia at the dollar exchange rate – a great deal of choice! Fortunately, there are really transparent and safe products that help people not to be distracted from the creative process called ‘work’ and to be confident that their funds are safe heaven.

At present, the Ukrainian market does not offer many solutions, but there are still a few, and we will consider them.

PayPal

Well-known and the veteran of international services that most of the people have heard of.

+ PayPal is known and used worldwide. The customer is unlikely to have a problem with the transfer of funds;
+ Easy registration and clear interface;
+ Ability to issue an invoice for payment, receive small transfers and withdraw a large amount at once;

– You can not withdraw funds directly to the Ukrainian bank card;
– Conversion in hryvnia is possible, but the commission is 10%;
– Revenue services can track transactions;
– Funds are received in 1 to 5 days;
– You can not receive funds in the bank account of an individual entrepreneur (this is the most popular way of legal work for remote IT workers).

Payoneer

The most popular service used by Ukrainians. Probably because the service is familiar in Europe, has many partners, and works with the most international freelance platforms. Or maybe nobody knows about other services.

+ Quick registration and bank account binding;
+ You can choose the account currency and receive money in 3 main currencies: dollars, euros, British pounds;
+ It is possible to issue an invoice for payment, which simplifies interaction with the customer;
+ Funds are received in 1-3 days;
+ Transactions are not tracked by third parties;
+ Fees for Ukrainian bank cards: 3% + bank commission;

– Conversion fee – charged when the transaction is made in a currency (hryvnia) other than the card currency (USD) up to 3.5%;
– Customer Support does not provide quality services;

Nota bene! Recently, all the accounts were frozen because FCA banned Wirecard, Payoneer’s cards, and accounts’ provider for money fraud to raise its stock price. Currently, Payoneer handled the issues.

Bitwage

A new service on the Ukrainian market that allows you to receive a salary not only in hryvnia but also a cryptocurrency and USDC stablecoin, which is gaining momentum in the technological world.

+ Easy registration, bank account binding and clear interface;
+ You can choose your currency account and receive money in 25 currencies;
+ It is possible to issue an invoice for payment, which simplifies interaction with the customer;
+ Salary can be received in cryptocurrencies (BTC, ETH, BCH), national currency and USDC stablecoin, distributing the desired percentage;
+ Funds are received the same day or the next day;
+ Transactions are not tracked by third parties;
+ There are 16 available wage distributions (hryvnia is present);
+ Commission for payments in stablecoin – 2%, for national currencies – 1% + bank commission (optional);

– Ukrainian hryvnia is not there in currency accounts:
– Conversion fee for Ukrainian hryvnia is up to 3%;

We hope that the choice of financial services for IT-professionals in Ukraine will advance and provide even more innovative solutions. In the meantime, which service is more convenient and reliable for receiving a salary from international companies – you decide!

Olia Shapran, Business Developer at Bitwage

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