Learn 5 Global Payment Methods Recognized In Rwanda

For most African freelancers, the most rewarding moment is payday—the satisfaction of finally getting paid for hours of hard work. But imagine this: after pouring your energy into a project, you’re ready to get paid, and you find yourself stuck in back-and-forth discussions with your client about which payment method to use. Or worse, your client has already paid, but you can’t access the funds due to some unforeseen issue. Even if you manage to access your money, charges and compliance fees eat away at your expected earnings.

To avoid these headaches, it is important to choose the right platform as soon as you start your freelance journey. In this blog post, we’ll see 5 effective payment options available to Rwandan freelancers for receiving international funds and factors to consider when selecting the best one for your needs.

Let’s say you earn $15 per hour for 12 hours of work a day. You expect a neat $180 (244,942 RWF) in your account by the time payday arrives. But instead, after fees and other deductions, you’re left with significantly less than you planned. Not only does this frustration demotivate you, but it also throws your financial plans off track.

Good news! In Rwanda, digital payments have been simplified for both local and international transactions. You can now receive payments directly to your phone number. There are no complicated procedures, no waiting around—just easy access to your earnings. This makes it easier than ever to focus on what matters: your work, not the payment process.

Factors to Consider Before Choosing a Payment Platform in Rwanda.

When choosing payment providers, it is best to look beyond sending and receiving funds. Consider these.

1. Transaction Fees: These platforms are not charity organizations; they need to maintain their services to facilitate transactions. Depending on the platform structure, they may have a fixed charge or take a percentage of the amount received. Ensure that you understand how these fees impact your earnings.

2. Easy Interface: Time management is gold for freelancers. Choose a platform with an easy-to-navigate interface so you can save time trying to figure out how to check payments or withdraw deposited funds.

3. Global Reach: A freelancer’s target audience is global, so ensure the platform you choose is not restricted to specific regions and can easily handle multiple currencies.

4. Payment Speed: Opt for platforms with quick processing times that allow you to access your funds faster. You don’t want delays in receiving your payment.

5. Mobile Money Integration: With over 16.3 million registered users in Rwanda, mobile money is widely used. Consider platforms that integrate mobile money services for easier transactions.

6. Security: Choose a platform that prioritizes the security of your funds and personal information, ensuring a safe and trustworthy transaction experience.

7. Customer Support: Look for platforms with responsive customer service, such as live chat or 24-hour support. Financial matters are sensitive, and you may need immediate assistance to confirm receipt of a payment.

8. Exchange Rates: When receiving international funds, consider platforms that offer favorable exchange rates for converting to your local currency, though rates may vary slightly between platforms.

Top 5 Payment Methods to Receive International Payment In Rwanda

Receiving money from international clients requires careful planning. You need to understand how each payment platform works and be familiar with their unique features.

This ensures that you get paid duly and avoid any potential issues or delays that could disrupt your earnings.

Payoneer

Payoneer is one of the easiest methods since it allows you to receive international payments into a digital account that acts like a bank account. With Payoneer, you can receive payments from global clients and even get paid in multiple currencies. It’s as simple as linking your Payoneer account to your bank or mobile wallet to access your funds. Once the payment is received, you can withdraw it to your local bank account or use the Payoneer Prepaid MasterCard for direct purchases.

Payoneer is ideal for African freelancers because it is integrated with popular freelance platforms like Upwork and Fiverr. Payoneer doesn’t require payment to create an account, though certain high rates come with using the platform services over time.

However, Payoneer allows you to receive payments from specific merchants, and freelancers who try to bring in clients outside their supported list may face challenges. In addressing customer issues, Payoneer customer service has been criticized for being slow and, at times, ineffective in addressing user issues. This can be frustrating, especially when dealing with time-sensitive payment problems.

Flutterwave

Flutterwave makes cross-border payments easier by supporting multiple currencies and offering seamless payment transfers. You can easily receive payments via their platform through a simple email address or bank account link. Flutterwave also allows for mobile money integration, making it an ideal choice if you’re in Rwanda and prefer to get paid directly to your MTN Mobile Money account. Just ensure your account is set up, and payments are processed quickly.

Wise

Formerly known as TransferWise, it specializes in fast, low-cost international money transfers. With Wise, you can receive payments in multiple currencies into your Wise multi-currency account. You’ll get access to local bank details for various countries, allowing you to receive payments like a local, no matter where your clients are based. Wise offers transparent exchange rates and low fees, making it a top choice for freelancers who want to keep costs low.

Chipper

Chipper Cash is a mobile-first startup platform that enables you to send and receive money across multiple African countries and beyond for free. For Rwandan freelancers, Chipper Cash can be a great option as it ensures transparency in international payments and transfers money directly to your mobile wallet. With no fees on international transactions, you can access funds easily and even convert them into Rwandan Francs (RWF) at competitive rates.

Chipper offers up to 5 free withdrawals in a month and after that depending on the amount you want to withdraw and the destination of the funds (mobile bank/local bank) standard charge may apply. 

Ria Money Transfer

With the high rise of fintech in Rwanda, many individuals still prefer the traditional paperwork banking system, truly both systems can co-exist.  With Ria, you have a secured platform where you can receive international payments fast through their global network of agents or directly to your mobile money account. 

The process is simple: once the money is sent by your client, you can pick it up at a local agent (partner bank)  or transfer it to your mobile wallet. Ria also partners with Western Union, allowing for a wide network of locations to receive funds in Rwanda. Keep in mind that fees and transfer times can vary depending on the payment method

How to receive Ria funds

1. Use the Ria website to locate local agents nearest to you.
2. Ensure to visit the outlet with a valid means of Identification (passport or Identity card) with a name matching the receiver’s details
3. Provide the tracking number and wait for verification.
4. Once details are confirmed, your payout (cash) is ready.

Paypal

It’s important to note that PayPal is active in Rwanda, but its functionality is restricted to only sending funds and not receiving them like most African countries. 

However, in 2021 through Paypal’s partnership with Flutterwave freelancers can accept International payments. We hope both features will be available for African users soon.

Conclusion

Freelancing continues to evolve, along with its payment systems. Local payment challenges can often be resolved easily, but issues with international transactions can lead to stress and complications. Therefore, it’s essential to carefully assess your needs and choose a platform that aligns with your preferences and requirements. Taking the time to find the right payment solution can help streamline your freelancing experience and reduce potential hassles.

Have you tried any other method for international payment?