Guide to managing virtual currency accounts for Remote Contractors

As a global contractor or digital nomad, managing payments in different currencies can be a challenge. Virtual currency accounts offered by providers like Wise, Revolut, Payoneer and more, can simplify this process by allowing you to receive and manage payments in multiple currencies with ease.

In this article, we will cover: 

• What is a virtual currency account?
• How to get started with a virtual currency account
• Common issues with virtual currency accounts

What is a virtual currency account?

A virtual currency account allows you to hold, send, and receive money in various currencies. Unlike traditional bank accounts, these accounts provide local banking details for multiple countries, making it easier to receive payments in different currencies.

You can add these types of accounts onto Remote as a normal bank account. As this encourages local payments with no FX between companies and contractors, often these types of payments incur no payment costs.

Benefits for Remote Contractors

1. Local Payment Details:
   • Virtual currency accounts provide you with local bank details in various regions, such as the US, UK, Europe, and Australia. This allows your clients to make local transfers, which are often faster and cheaper than international transfers.
2. Multiple Currencies:
   • You can hold balances in multiple currencies, including USD, EUR, GBP, and more. This is particularly useful if you work with clients from different countries. These can be added as normal bank accounts onto Remote
3. Reduced FX Costs:
   • If your employer is based in the US, you can accept payments in USD. By handling currency conversions yourself, you can handle your own conversion when rates are favorable to your needs.
4. Convenience and Flexibility:
   • Manage all your currencies and payments in one place, making it easier to track your finances and avoid the hassle of dealing with multiple bank accounts.

How to get started with a virtual currency account

1. Choose a Provider:
   • Compare the features, fees, and supported currencies of different providers to find the one that best suits your needs.
2. Sign Up:
   • Create an account with the chosen provider. You may need to provide identification and other personal information for verification.
3. Set Up Local Details:
   • Once your account is verified, you can set up local bank details for the currencies you need.
4. Add Your Details:
   • Add your local bank details onto Remote as a withdrawal method, so they can make payments directly to your virtual currency account via Remote.

Common issues with virtual currency accounts

• Not every person is able to open these types of accounts, it is dependent on the third party provider outside of Remote, their policies and where you live in the world.
• Often, these providers will require an onboarding process and documentation to check more about yourself and or your business known as ‘KYC’ ‘Know Your Customer’ and often involves providing identity and documents.

For questions related to account set up or KYC verification process, please reach out directly to the payment providers.

By using a virtual currency account, you can simplify your financial management, reduce costs, and enjoy greater flexibility as a remote contractor.

If you have any questions or need further assistance, feel free to reach out to our support team.