Did you know that the African gig economy is a $28 billion market while SMEs account for all businesses in Africa? This actually plays a huge role in driving economic growth across the continent. However, there’s a major challenge faced by African freelancers and SMEs— accessing a secure and reliable international payment solution. This is exactly where foreign bank account providers for African freelancers and SMEs come in. These providers make it easy to carry out international transactions and also provide a secure way to manage your funds. In this article, I’ll provide you with the top 10 foreign bank account providers for African freelancers and SMEs. With this, you can have an idea of the providers you can try out for your next business deal. Table Comparison of The Top 10 Foreign Bank Account Providers for African Freelancers and SMEs Below is a table comparison of the top 10 foreign bank account providers for African freelancers and SMEs. The table contains a brief summary of each foreign bank account provider. Foreign Bank Account Providers for African Freelancers Transaction Fee Country Founded Payoneer 3% or 1% of the transaction amount. For recurring or batch payments, you’ll be charged 2% United States Revolut Varies depending on the plan chosen and the country United Kingdom Wise From 0.33% currency conversion fee and it has a fixed fee which varies by currency United Kingdom Grey.co No foreign transaction fee Nigeria Geegpay 0.9% for payments done on non-US websites. Varies depending on your country Nigeria Leatherback.co No transaction or conversion fees United Kingdom Skrill Varies depending on the transaction method United Kingdom Sendcash Sending with crypto is free while receiving funds with wire transfers costs 1% of the amount sent Nigeria Cleva Banking Varies depending on the transaction method Nigeria Intasend 3.5% of each transaction Kenya The Best 10 Foreign Bank Account Providers for African Freelancers and SMEs Below are our top 10 foreign bank account Providers for African freelancers and SMEs you can use to receive payment: 1. Payoneer- One of The Best Foreign Bank Account Providers for SMEs and Freelancers Payoneer is a foreign bank account provider for African freelancers and SMEs that allows them to send and receive funds internationally. It was created in 2005 and is listed on Nasdaq. One outstanding thing about Payoneer is that it supports 50 languages, including English, Greek, Dutch, and more. Since its founding in New York, the US, Payoneer has helped millions of small and medium-sized businesses grow. Furthermore, this foreign bank provider allows businesses to make payments across the globe. Payoneer has three pricing plans, including the free plan, which allows you to be paid by another Payoneer user. Then there’s a plan that allows you to receive payment directly from your clients. The last plan allows you to get paid directly by marketplaces and networks. Rating: ⭐⭐⭐⭐⭐ 2. Revolut- One of The Popular Foreign Bank Account Providers for Freelancers and SMEs This is a foreign bank account provider founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. Revolut has four pricing plans: standard, plus, premium, metal, and ultra. Each of these pricing plans offers various benefits. Additionally, Revolut allows users to create a virtual card they can make use of for their online transactions. As an African freelancer or SME owner, you can make use of Revolut to send and receive payments. You can also use the foreign bank account provider for currency exchange, stock trading, and cryptocurrency. One outstanding thing about Revolut is that its mobile app allows users to make withdrawals in 120 currencies and transfers in 36 currencies directly from the app. Furthermore, Revolut supports only 23 languages. Rating: ⭐⭐⭐⭐⭐ 3. Wise- One of the best Foreign Bank Account Providers for Freelancers and Sending Funds Wise is a foreign bank account provider for African freelancers and SME businesses. It charges different fees for its services. For Example, you’d pay a certain fee to send funds, use the Wise debit card, receive and add money, and hold funds. Wise international bank accounts are available in 160+ countries and have 40+ currencies. It has a platform known as Wise Platform for large businesses, banks, and other enterprises. The platform makes it easy for users to send, receive, and manage money globally. Wise also has a product known as Wise Business. This product allows businesses to perform cross-border transfers. Rating: ⭐⭐⭐⭐ 4. Leatherback- One of The Best Foreign Bank Account Providers for African Freelancers and SMEs This global Electronic Money Institution makes it possible for businesses and freelancers to be global. Leatherback allows customers to perform cross-border transactions and open multi-currency accounts. According to Ibitade Ibrahim, he founded Leatherback in 2022 after noticing the gap in the market for borderless financial services. Leatherback isn’t the only fintech service in the industry, but it has stood out. The platform offers integrated features that some fintech services don’t offer. These features include invoicing, analytics, and permissions management for businesses operating in diverse markets. For a fintech service that was founded in 2022, it offers about 15 currencies from 21 countries. One outstanding thing about Leatherback is that it has a user-friendly platform. So, if you’re a freelancer or business owner, you can make use of Leatherback for your transaction. Rating: ⭐⭐⭐⭐ 5. Geegpay- Global Foreign Bank Account Providers for African Freelancers and SMEs Geegpay is a foreign bank account provider for the African gig economy. The platform helps freelancers and contractors in Africa to convert currencies, transfer money, and receive payments. It also allows users to create a virtual USD card they can use for online transactions. Furthermore, freelancers can use Geegpay to receive payments from marketplaces like Upwork and Fiverr. The virtual account it offers can be used by business owners to withdraw funds from platforms like PayPal, Payoneer, Deel, etc. Rating: ⭐⭐⭐⭐ 6. Grey- Inclusive Foreign Bank Account Providers for African Freelancers and SMEs If you’ve ever heard of Aboki Africa, that’s what Grey was formerly called. Grey is an international