Small business owners frequently ask me how they should pay their overseas contractors (remote executive assistants, marketers, you name it). These are contractors that are not associated platforms such as Upwork or Fiverr, who typically handle the payment processing for you.
The least expensive and most reliable way that I've found is through Wise (formerly TransferWise). Here is how to set it up in 4 easy steps:
Step 1: Decide if you need to open a business account or a personal account. Open a business account you're paying multiple contractors. and want a clean separation between personal and business finances.
I recommend creating a business account here so that you can scale your team easily. Creating one is free if you are not going to receive money as a business through Wise.
Step 2: Add your bank details to your Wise account. Fund transfers with ACH/bank transfer (avoid debit/credit if possible since the fees are higher).
Step 3: Review the payment, including transfer fees.
Step 4: Pay your contractor to their local bank account in their country’s currency. They don't have to set up a Wise account although creating one will make receiving the payments faster.
And that's it! The easiest, fastest, and most reliable way to pay remote contractors and freelancers.
|
|
Company Spotlight
Meet Brand Overture.
I was looking for agencies that build websites when I came across their work. One of my favorite websites is built by them.
Brand Overture are experts in Shopify and Wordpress, and help small businesses look like big brands online.
|
