Top 10 Foreign Bank Account Providers for African Freelancers and SME Businesses

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.

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 bank account provider that offers freelancers, SME owners, digital workers, and remote workers foreign accounts to help them receive funds internationally with ease. Idorenyin Obong founded Grey in 2021 with the intent to help individuals with foreign exchange.

However, with time things changed, and USD accounts were made available. For Grey, the USD account offered only supports Wire and SWIFT transfers. So, if you’re a freelancer or SME owner, you can only make use of the Grey account on platforms that support SWIFT and Wire transfers.

Rating: ⭐⭐⭐

7. Skrill- One of The Foreign Bank Account Providers For African freelancers and Transfers

Skrill is also part of Paysafe Limited, a platform that can be used for payment globally. The foreign bank account provider offers a digital multi-currency wallet to users in over 40 currencies. Skrill has a loyalty reward program known as Knect. This program allows users to make connections, and transfers to earn points.

Once your points are enough, you can exchange them for cash rewards, bonuses, etc. Furthermore, Skrill makes it easy to transfer money to people globally. All you need to make transfers is the recipient’s email address or mobile number.

Rating: ⭐⭐⭐⭐⭐

8. Sendcash- One of The Best Foreign Bank Account Providers for Nigerians

This is a foreign bank account provider that offers services majorly to Nigerians. Sendcash makes it possible for Nigerians to open GBP and USD virtual accounts for free. With this foreign bank account provider, SMEs and freelancers can receive and make payments easily. One key benefit of using Sendcash as a freelancer in Nigeria is that you can withdraw your funds to your Nigerian bank account for free.

Rating: ⭐⭐⭐

9. Cleva Banking- One of The Affordable Foreign Bank Account Providers for African Freelancers

A Nigerian startup owned by Tolu Alabi and Philip Abel. It was founded in 2023 with the mission to offer Africans US-based accounts. With this foreign bank account provider, you can only receive payments in dollars. One thing that makes Cleva Bank stand out from the other banks is its affordability.

Unlike other banks, Cleva charges 0.9% for deposits made into the client’s account. Additionally, Cleva Bank offers SMEs and freelancers a virtual card that they can use for international transactions. Cleva’s services are reliable and it has a user-friendly platform that can help with your needs.

Rating: ⭐⭐⭐⭐

10. Intasend- One of the Best Foreign Bank Account Providers for Developers and SMEs

Intasend is a foreign bank account provider registered in Kenya. The platform aims to make it possible for developers and business owners to receive and make payments easily across Africa. As a business owner, you can get paid on Intasend through ACH even if you don’t have a US account.

Intasend makes it possible for customers to receive payments in crypto. However, the platform pays out in USD. This is done to reduce risk with the crypto price.

Rating: ⭐⭐⭐

Can I Link A Foreign Bank Account To PayPal

Absolutely! You can link a foreign bank account to PayPal. However, there are some requirements and limitations to consider:

1. Your foreign bank account must be denominated in a currency supported by PayPal.
2. You may need to provide additional documentation, such as proof of address or identification, to verify your account.
3. Some countries have specific requirements or restrictions for linking foreign bank accounts to PayPal.
4. Currency conversion fees may apply when transferring funds between your foreign bank account and PayPal.

To link your foreign bank account to PayPal:

• Log in to your PayPal account.
• Go to the “Wallet” or “Link a bank” section.
• Select “Link a new bank account”
• Choose your bank’s country and enter your bank account details.
• Confirm your account information and submit.

Note: PayPal’s terms and conditions, as well as applicable laws and regulations, may vary depending on your location and the country of your foreign bank account.

Things To Consider When Choosing A Foreign Bank Account Providers for African Freelancers and SMEs

Here are some things to consider when choosing a foreign bank account provider as an African freelancer or SME:

1. Regulatory Compliance

Regulatory compliance is an important thing to consider when thinking of some foreign bank account providers to try. Before choosing an international bank account provider, ensure the provider is licensed. Also ensure that it is regulated by a reputable authority, such as the Financial Conduct Authority (FCA) in the UK or the Federal Reserve in the US.

This ensures the provider meets strict financial standards and is subject to regular audits and monitoring. Also, a regulated provider offers an added layer of security and protection for your funds. Furthermore, by ensuring regulatory compliance, you can trust your foreign bank account provider to operate legally and ethically.

2. Fees and Charges

Another factor to consider when trying to decide which of the foreign bank account providers to go for is the fees and charges they offer. This is important because extra fees can actually eat into your profit. Some fees you should check out include maintenance fees, transaction fees, and transfer fees.

3. Account Type

When choosing a foreign bank account provider, it’s important to evaluate the types of accounts offered. This will help you find a provider that meets your specific business needs. Some international bank account providers offer personal accounts, while some other banks offer business accounts.

If you’re a business owner, it’s best you go for a foreign bank account provider that offers business accounts. But if you’re a freelancer or solo entrepreneur it’s best you go for a personal account. However, as your business grows, you’d need to upgrade your account to a business account.

Aside from business and personal accounts, some foreign bank account providers for African freelancers and SMEs offer merchant or savings accounts. Some of these accounts have unique features and benefits that are tailored to meet specific business needs. When choosing the bank account provider to use, ensure that it would support your business growth.

Conclusion on Foreign bank account providers for African freelancers and SMEs

Now that you have an idea of the various foreign bank account providers, you can go ahead to select one that matches your business and personal needs. Also, when choosing the foreign bank account provider to use, you’d have to consider their charges.

You’d also need to check the various bank accounts available. This would help you choose the foreign bank account providers that best suit your business. If you’re a freelancer, I advise you to make use of a personal account.

Frequently Asked Questions for Best Foreign bank account providers for African freelancers and SMEs

1. Can I Use Wise As A Freelancer?

Yes, you can. As a freelancer with a wise account you can be paid internationally, get paid in one currency, and pay for things in another and you can also send money to more than 60 countries using the real exchange rate.

2. Which Platform Is Best For Freelancers?

The best platform I will suggest for freelancers is the Wise platform due to its rates. Wise offers the best foreign exchange rates. They make use of the original mid-market exchange rate and charge a low fee ranging from 0.35 to 0.6% depending on the currencies and amount.

3. Is Payoneer Better Than Wise?

Payoneer offers a broader range of financial services, like multi-currency accounts and a prepaid card, making it suitable for all kinds of businesses and various financial demands. Wise’s focus is on offering a reliable and cost-effective platform for international money transfers.

4. Can I Withdraw Money From Upwork To Wise?

You can withdraw money from Upwork to your wise account. You can decide to convert your money using Upwork before sending it to your Wise account, but it is recommended that you receive money in USD and convert it using Wise for a better exchange rate.

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