If you’re hiring staff around the world you might have encountered the problem of how to actually pay them!
If you are using our software Time Doctor this might be a problem that you have encountered.
Many companies use Time Doctor to track time for people working from home from countries like the Philippines, India, Russia or Ukraine. These companies also are looking for an easy way to pay these contractors that are working from home.
So this article is written for the situation where you have someone working from home in a foreign country and you need to pay them.
If you are sending money to a friend or relative some of this advice will still apply, but the focus of the review is for paying people working from home all around the world.
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Which method should you choose?
Western Union
Western Union has a very wide reach and often considered to be a high cost option, but they are not necessarily high cost in comparison with PayPal. They have a fairly straight-forward online transfer process, and the fees are not too exorbitant when sending from the US. Western Union is a great option if your recipient does not have a bank account, but it’s not a convenient option for the recipient to need to collect the money in cash for each transfer made.
PayPal
PayPal works reasonably well for countries such as the Philippines, but it’s not a great option for Russia or Ukraine for example. The fees for PayPal are much lower if the transaction is considered a transfer to a friend or family member. PayPal is a fairly low cost option when money is transferred within the US, but the costs go up significantly for international transactions. PayPal also have a less expensive mass payments option forbusinesses that are paying several people at the same time.
Payoneer
Payoneer is a good option for transferring money if you can get a relationship with them. They have the ability to send out a debit card which allows the user to withdraw money from an ATM machine wherever they are located. Payoneer is only available throughselectedpartners.
For example oDesk, Freelancer.com and Elance all have a relationship with Payoneer to send and receive payments. Payoneer has minimal fees for partners, there are some fees for the recipient for withdrawal from ATMs and for each load onto their card. If you have a large number of employees you might be able to get a business relationship with them.
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