The gig economy has been creating job opportunities across Africa at an unprecedented rate. According to a survey by Mastercard, the gig economy in Africa is growing by an average of 20% per year and is projected to reach 80 million gig workers by 2030. Additionally, McKinsey estimates that 63% of Africa’s labour force engages in some form of self-employment. This highlights the growing importance of freelancing and gig work in the continent's economy.
Gig workers enjoy several benefits, including independence, flexible hours, and the ability to receive earnings frequently and in their preferred currency. Working with clients from different countries also offers them exposure to diverse projects, enhancing their skills and expanding their professional experience. Freelancers in countries with unstable currencies often prefer to be paid in more stable currencies like USD, GBP, or EUR to protect the value of their earnings.
However, one major challenge freelancers face is managing cross-border payments. Many traditional banks fall short of meeting the needs of global professionals, as outlined below.
The Limitations of Traditional Bank Accounts for Freelancers
Traditional banking systems often make it difficult for freelancers to manage global payments due to:
Delayed Payments: International transactions processed through traditional platforms can take several days, disrupting cash flow and business operations.
High Transaction Costs: Converting currencies and transferring money across borders comes with steep fees, eating into freelancers’ hard-earned income.
Unfavourable Exchange Rates: Traditional banks often offer lower exchange rates, leading to significant financial losses for freelancers.
Limited Accessibility: Opening an account with a traditional bank can involve lengthy and complex processes that waste valuable time.
Currency Restrictions: Many banks do not support freelancers receiving payments in essential currencies like USD, GBP, or EUR.
Lack of Tailored Features: Traditional banks are not designed to meet the unique needs of freelancers, such as invoicing or flexible currency management.
The Benefits of a Global Bank Account for Freelancers
A global bank account is a game-changer for freelancers because it offers features that cater specifically to their needs like:
Multi-Currency Support: Freelancers can receive payments directly in USD, GBP, and EUR without currency conversion losses.
Faster Transactions: Payments are processed quicker compared to traditional banks, ensuring freelancers get paid on time.
Cost Savings: Lower fees for transfers, conversions, and withdrawals mean freelancers retain more of their earnings.
Client Convenience: Clients can pay in their local currency, making it easier to do business and fostering trust.
Seamless Currency Conversion: Platforms like Geegpay by Raenest allow freelancers to switch between currencies effortlessly, enabling them to spend or withdraw money as needed.
Simplified Payments for Subscriptions and Tools: A global bank account makes it easier to pay for international tools, courses, and subscriptions.
How to Set Up a Global Bank Account with Geegpay
Step 1: Sign Up and Verify Your Identity
Visit the Geegpay app or website and sign up using your email address and phone number.
Complete the KYC process by submitting the required documents. This step takes no more than 5 minutes. You can watch this video to see how.
Step 2: Open Your Multi-Currency Accounts
Once verified, create your USD, GBP, EUR, and local bank accounts instantly and for free.
No need for physical bank visits or tedious paperwork.
Step 3: Start Receiving Payments
Share your account details with clients for seamless transactions.
Accept funds through ACH, domestic wire transfers, or SWIFT payments.
Step 4: Manage Your Funds
Use Geegpay’s invoicing tool to collect payments and send reminders to clients.
Convert currencies and transfer money to your local bank account easily and without additional charges.
Using Your Geegpay Global Bank Account Effectively
With a Geegpay global bank account, freelancers can:
Receive Payments: Accept payments from international clients in multiple currencies without delays or hefty fees.
Manage Expenses: Pay for tools, subscriptions, and courses directly using the global account.
Fund a Virtual Dollar Card: Create and fund a virtual card instantly for online transactions.
Send Payments Globally: Transfer money to both foreign and local bank accounts seamlessly.
Earn Rewards: Geegpay users can enjoy referral bonuses for inviting friends and monthly activity-based rewards.
Geegpay is designed with freelancers and remote workers in Africa in mind. By continuously understanding their needs, we develop products that address key challenges with cross-border payments.
Here’s what some of our users are saying:
Geegpay customer reviews
A global bank account eliminates many of the financial challenges freelancers face, giving them better control over their earnings and enabling them to work with clients worldwide without fear of losing income to fees or delays. Get yours today. Open your free global bank account with Geegpay.
