TransferWise freelancer account review

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Millions have made the break from the 9 to 5 to take up freelancing for main income. Most of them use online platforms to get work from clients worldwide and receive payments in a range of different currencies.

Many traditional payment services for freelancers are clunky and expensive. Sometimes there is quite complicated to figure out the standard fees of these services. 

Thankfully for freelancers, including country-hopping ‘digital nomads’, TransferWise has launched a Freelancer business account, a cost-efficient solution for international multi-currency transfers. It comes with its own Mastercard debit card for everyday usage. 

How to open TransferWise Freelance account

Opening a Transferwise Freelancer account is straightforward and free. Email, password, and verified ID will get it done. Compared with opening an alternative-currency account with a traditional bank, the whole process is incredibly quick and straightforward.

TransferWise Freelancer account usage

There are options to use an online account balance, a bank transfer, or a payment card to send and receive money using the Transferwise Freelance account. Transfers are usually extremely fast, but in rare cases, it can take up to two days, depending on the countries transferring money between, the time of day, the method used, and any security checks required. 

With the Transferwise Freelancer account, it is easy to invoice clients and withdraw earnings from freelance platforms like Upwork and Freelancer.com. This way, balances in different currencies can be added to the account without paying any conversion fees. If there is a need to change currencies inside the account, TransferWise offers very competitive mid-market exchange rates. 

Freelancer account comes with a Transferwise debit Mastercard. Making card payments in the same currency as the account is free, otherwise, there is a conversion fee laid out on the website. This is the same for ATM withdrawals, which come with an additional 2% fee once the monthly limit of $250 is reached.

Many freelancers struggle to keep track of all the different income flows, which can vary every month. Here Transferwise Freelancer account is a massive help, as it is integrated with financial management software Xero, designed to help freelancers manage their often complicated revenue stream. 

Transferwise has an open API that can be used to automate payments and connect other business tools to account. 

TransferWise Freelance account for travel

With access to 70 currencies and local bank accounts, plus a Mastercard accepted worldwide with barely any fees to pay, the Transferwise Freelancer account doubles up as a reliable banking solution for travelers and those living abroad. 

Conclusion

Using a TransferWise Freelancer account can take the stress out of invoicing internationally, with local bank account details for up to seventy countries. 

It’s free to get an account, and there’s no monthly plan to pay for. The fees TransferWise charges are clearly laid out and are far lower than high street banks for the equivalent service. Plus, TransferWise uses the real mid-market exchange rate when making conversions, unlike other payment service providers.

It’s no wonder Transferwise’s reputation has grown so strong, so quickly – they are great at spotting the shift in the way people are dealing with their finances, and creating a product that makes a currently complex scenario much simpler. 

Not only are international payments much more convenient and cheaper with Transferwise, and multiple currencies easy to manage; there’s also a range of useful software included to help to track financials. All this makes future business planning simpler, budgets much easier to operate, and ultimately helps businesses grow.