The beauty of freelancing lies in its freedom and flexibility. As an African freelancer, you can leverage your skills for a global audience, working with clients from around the world. But with international transactions come some financial considerations to be aware of. Here's how you can avoid losing money and keep more of your hard-earned cash:
Be mindful of fees and exchange rates
The biggest culprits of lost income when dealing with international payments are transaction fees and exchange rates. When a client pays you, there might be fees from payment processors like PayPal or currency exchange services. These fees can add up quickly. Research different options that offer competitive exchange rates and lower costs. Geegpay is a great example.
Fluctuations in exchange rates can impact your earnings. Consider getting paid in a stable currency like the US Dollar or EUR. This way, you're less susceptible to sudden dips in your local currency's value and can minimise the impact of rate changes.
Set your rates strategically
When setting your rates, remember to factor in the transaction fees you'll incur. For smaller projects, the percentage lost to fees might be higher. You can adjust your rates for such projects to compensate. Don't undervalue your skills. Research what other freelancers in your field and region charge for similar work. This will help you set competitive rates that account for your overhead costs, including international payment fees.
Protect yourself from late payments
Late payments can disrupt your cash flow and leave you scrambling. Here's how to safeguard yourself:
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