Seamless Payments: Choosing the Right Payment System for Remote Work Success
I think someone needs to write the definitive article on which payment system works best for both Canos and Filipinos. There are challenges on both ends that make one way better than the other for different people. I have employed several contractors from the Philippines and they have all requested specific ways to get paid.
Remitly and Wise have been mentioned, but at least 75% want me to pay them via PayPal. As a business owner, the cost associated with sending money overseas is mine to bear. I make sure that they receive the amount in PHP that I agreed to pay them - no matter what the forex (foreign exchange rate) is or the fees charged by the exchange service. My folks get the exact amount in their PayPal within seconds of my sending it on my end.
With that said, there are some challenges that I have heard about. Not everyone has formal government ID or other documentation required by some companies (e.g. Wise). Not everyone has a bank account to move money into from the transfer company. Not everyone has an account with a payment service to receive money. No one has told me that they had to wait more than a week for a payment to clear with one exception: Payoneer. I used that with two contractors and they had to wait 14-21 days sometimes to get their money from Payoneer. I never found out why it took so long, but money is certainly being made during the float (the time that the bank/service is holding the money and making interest on it before they complete a transfer).
Take a look at how you want to receive the money and make a decision based on that. Other considerations are clearly not as important! If you cannot get the money that is sent to you, you are not getting paid!
