In Pakistan, many competent individuals are engaged in freelance work, which is becoming more and more popular. Globally, they are providing their services to clients. In any event, there are a number of reasons why receiving an international payment may be difficult. For instance, restricted banking choices and restrictions on currency exchange.

International Payments For Pakistani Freelancers:

How Pakistani Freelancers Get Paid, International Payments 2024 | International payment refers to the transfer of assets or the resolution of financial disputes between individuals, groups, or associations across national borders. In relation with a number of foreign transactions, such as exchanges, investments, settlements, or cross-border services, it includes the transfer of currency across borders.

There are several ways to make international payments, including;

• Transfers by wire
• Transfers of money electronically (EFT)
• Online payment methods
• Credit histories
• Bank drafts or credit letters
• These payments may involve many currencies, and exchange rates are often used to convert the sum.

Methods Of International Payments:

There are several payment methods for Pakistani Freelancers to get paid from Different Freelance Platforms.

1-Payoneer:

Payoneer is a popular way for freelancers to get paid internationally. It simulates a US bank account. Payments from clients can be made to the freelancer’s Payoneer account, which can then be taken out of a Pakistani local bank.

Additionally, it provides a pre-paid MasterCard, enabling independent contractors to use their resources for remote and online purchases as well as cash withdrawals from ATMs.

• Reachable in more than 150 countries
• All freelance sites accept it: PeoplePerHour, Fiverr, Upwork, and Freelancer
• You are able to manage different types of money: US Cash, GBP Currency, and Euro Currency.
• You may send bills to particular clients using Payoneer; all you need is their names, email addresses, nations, and states.
• You can forward the invoice to the company’s Payoneer account by providing the following details: the name of the company, website, contact name, email address, and country.
• Payoneer will set up your First Century Bank US and Barclays UK bank accounts as receiving accounts.
• When transferring from one Payoneer to another, there are no fees.
• The safest withdrawal method and minimal fees
• It is accepted at all banks in Pakistan.

2-Local Bank Transfer:

To receive direct transfers, freelancers might give the details of their local bank account to their clients who are based abroad. However, there can be extra costs associated with currency conversion and foreign wire transfers when using this technique. It is essential to inquire about your bank’s foreign transaction costs and rules.

• These alternatives are available on PeoplePerHour and Upwork.
• The reason for this recommendation is the transaction costs.

3-Wise Transfer:

TransferWise, which is now called Wise, provides an easy-to-use platform for sending money overseas. Even if you don’t have a Wise account, you can still receive money. During their initial setup, only clients need to log in to wise.com and enter their details.
Wise is particularly useful for clients in the UK, but it is convenient for users globally as well because payments made through it can be directly put into your local bank account.

To begin, you should provide the following details:

• Name (both last and first names)
• CNIC (National Identity Card Number) for the father’s name
• International Bank Account Number, or IBAN
• Contact Number via Email
• Birthdate Country City Postal Code
• Area

You can also open a Wise account and utilize it in Pakistan in a manner akin to Payoneer. You can benefit from a fee-free transfer of up to 500 GBP by registering with Wise right now.

4-Skrill:

Skrill is an online wallet made for people and companies who want to transfer and handle money effectively.

Please be aware that the main function of Skrill is to facilitate international money transfers via online payment services. It provides a practical platform that allows people and companies to safely execute financial transactions. Online registration is available.

It is feasible, nevertheless, to keep funds in Pakistani Rupees within your Skrill account. Any money you add to your Skrill wallet must be converted into one of the supported global currencies.

5-PayPal Service(Xoom.com):

PayPal offers a convenient platform for international payments through its service, Xoom.com.
It is not necessary to have a Xoom account in order to get payments. Only customers need to provide their information for the first time by logging into xoom.com using their PayPal account.
It is especially advantageous to customers in the US, UK, and Canada.

Receiving money via Xoom.com is a convenient choice because you may deposit payments straight into your local bank account.

To begin, you should provide the following details:

• Name (both last and first names)
• CNIC (National Identity Card Number) for the father’s name
• International Bank Account Number, or IBAN
• Contact Number via Email
• Birthdate Country City Postal Code Region

By giving these details, you can effortlessly accept payments through Xoom.com and have them deposited into your local bank account.

6-Western Union:

You may send and receive money anywhere in the world using Western Union, a reliable money transfer service.

In order to receive payment via Western Union, the following information will be required from you:

• Name (First and Last) of the Individual
• Where You Are
• The client will provide you with a Money Transfer Control Number (MTCN) once the sender initiates the transaction. You should go to your neighbourhood Western Union location and provide the following paperwork to receive the money:

A copy of the National Identity Card (CNIC) that the client sent you, with the MTCN
Your mobile number
Presenting these documents will allow you to simply pick up the payment at your nearby Western Union branch.

7-SadaPay:

For Pakistani individuals and freelancers seeking an affordable and practical way to accept overseas payments, SadaPay provides a choice. Here’s how to register your account and begin getting payments.

• Conditions:
• Card for National Identity (NIC): Your NIC will be required for account verification.
• Your active cellphone number is where you’ll log in to your account and get transaction notifications.
• Smartphone users: Install the SadaPay app from Google Play or the App Store.

Steps:

Install and download the app: Go to your app store, type in “SadaPay,” and download the app.
Create an Account: To create your SadaPay account, use the app and follow the on-screen instructions. After entering your phone number and having the OTP validate it, create a strong password.

Full KYC Verification Provide your NIC details and take a selfie for identity verification. This is a necessary step in order to activate your account.

Upgrade to SadaBiz: Choose “Upgrade to SadaBiz” under the “Settings” page when your account has been validated. This particular account type offers better exchange rates and fewer costs for accepting foreign payments.

Obtain your Virtual IBAN: You will be issued a distinct virtual IBAN (International Bank Account Number) when upgrading to SadaBiz.

Accept Payments: Using your virtual IBAN, your clients can send you money from overseas. Your SadaPay account will receive a straight credit of the amount in PKR.

Access your Funds: You can use your SadaPay Mastercard debit card to withdraw cash from ATMs or make transactions anywhere Mastercard is accepted. For additional transactions, you can easily move money to your local bank account.

8-JazzCash:

Even while JazzCash isn’t as flexible as SadaPay for devoted freelance use, it’s nevertheless a well-known choice for accepting foreign payments in Pakistan. Its broad network and accessibility meet a variety of purposes, even though costs are sometimes higher and features are less customised than with SadaPay.
Conditions:
Current phone number for Warid or Jazz: This serves as the identity for your JazzCash account.
CNIC: Needed for some transactions and account verification.
Smartphone with optional JazzCash app: enables easy access and handling of transactions.
Steps:
Get your JazzCash account activated: To activate your account, if you haven’t already, go see a JazzCash representative or use your mobile device to phone *786#. As you follow the directions on the screen, enter your CNIC.

9-Crypto Platforms:

Here’s how to use cryptocurrencies to receive foreign payments in Pakistan:

Conditions:
Wallet for cryptocurrencies: Select a trustworthy, safe wallet to hold your favourite cryptocurrency (such as Bitcoin, Ethereum, etc.).
Popular choices include of:
Electrum, Trust Wallet, and Exodus are non-custodial wallets (for Bitcoin)
Wallets for custody: Binance, Coinbase, Kraken
Account for exchanging cryptocurrencies (optional):
Select a reliable exchange that works in Pakistan, such as Binance, LocalBitcoins, or Paxful, if you need to convert cryptocurrency to Pakistani Rupees (PKR).

Conclusion:

In Pakistan, freelancing has become increasingly popular; yet, receiving income from overseas can be challenging due to limited financial options and currency regulations. By utilising services like Payoneer, TransferWise, Skrill, Xoom.com, and Western Union for safe international money transfers, freelancers can overcome these challenges.

For easy local transactions, there are bank transfers and mobile payment services as Raast, JazzCash, EasyPaisa, UBL Omni, NayaPay, SadaPay, and SadaBiz. It is crucial to consider exchange fees, exchange rates, and legal consistency. Seeking advice from seasoned freelancers is also recommended.