My question is for non-US residents. As you know, we don’t have USD as our local currency, some have GBP, EUR, PKR, or other currencies. However, when we do business on Amazon US, Amazon pays us in USD, or if we provide VA services, our employers mostly pay us in USD.
For business owners, it’s not too much of a headache because they have a consistent flow of funds (in and out).
But in my case as a VA, what should I do? Where can I save those USD? Is a personal WISE account a safe option? Or should I convert my USD to USDT (crypto dollars) and save it in a crypto wallet?
Note: 1 USDT = 1 USD.
I’m asking this because, for the past few hours, I’ve noticed fluctuations in the total balance of my WISE account. I’m not sure why this is happening, as both my USD and GBP balances are constant, but the total balance is fluctuating.
I hope this post clears my tension. Thanks in advance!
If you’re a non-US resident working as a VA and receiving payments in USD, a WISE account is generally a reliable and safe option for holding your funds, as it allows you to keep USD without immediate conversion. The fluctuations you’re noticing are likely due to currency exchange rates affecting the total balance when displayed in your local currency. If you want to avoid these fluctuations altogether and are open to alternatives, you could explore stablecoins like USDT, which are pegged to the dollar and can be stored in a secure crypto wallet. However, using USDT involves understanding the risks and regulations associated with cryptocurrencies in your country. Ultimately, sticking with WISE is a practical and low-risk choice unless you specifically want to venture into crypto for long-term holding.
If you’re Pakistani, another option is to open a brokerage account with IBKR (you can search for them on YouTube or Google). You can keep your USD in cash or invest in stocks and shares if you’d like.
They are a regulated, recognized, and well-established brokerage firm and trading platform.
I think you can open USD accounts in local banks as well, so check this. Secondly, if you’re opting for other routes, don’t put all your eggs in one basket. Open accounts with platforms like Elevate, Payoneer, Wise, etc., and distribute your funds among them.