Once you’re accustomed to receiving a paycheck every week, every 2 weeks or every end of the month, it becomes part of your monthly routine. The realisation that being self – employed, you’ll only get paid if you figure out your freelancer payment methods. You will have to create a new routine, you will have to make sure that you invoice in a timely manner and work with people who pay on time too. Of course, as a freelancer you are expected to be the business and not just a part of the business. For example, a lot of writers prefer to work with content mills and bulk platforms that serve as middlemen. Therefore people wouldn’t have to worry about how to get paid as a freelancer since they knew their compensation would come from the platform.
If you seek gigs on freelancing sites like Freelancer.com or Upwork, you can get paid through direct deposits as they have their own payment system. But that’s not the situation for the rest of the population. Let us look at the numbers first to better grasp why- according to the Office for National Statistics, self-employed workers climbed from 3.3 million to 4.8 million between 2001 and 2017.
It’s clear to see how freelancers help keep things together, as they contribute approximately £275 billion (almost $360 billion USD) to the UK economy. With that massive number of freelancers, there is a lot of money involved in their payments, their salaries and their subscriptions to services necessary to do their jobs. Especially if they are freelancers that get deals directly or on non-freelancing platforms.
So, where can you withdraw your earnings as a freelancer?
1. PayPal- PayPal is the most well-known payment platform used by freelancers around the world. PayPal has over 200 million active customers and is available in over 200 countries.
2. Wire / Bank Transfer– Domestic wire transfers are processed the very same day a money transfer is requested and can be received in a matter of hours. International wire transfers typically arrive within two to three business days. Wire transfer is a safe and convenient way to receive payments quickly, and it is handled by hundreds of banks throughout the world. There are bank charges for this that can be high depending on the currency conversion rates and the different banks being used.
3. Skrill (formerly known as Moneybookers) – Skrill accounts are completely free to set up. It takes a couple of minutes to enroll, and you can start transmitting money right away.
With the growth of Freelance work, there are more and more digital banks and money remittance services available for people to send and receive their money. eWallets are growing as a currency transfer service and banks are actually on the decline.
Are we moving away from banks and towards a better digital age?