Freelancers and Forex Traders’ Payment Challenges in Pakistan
Everyone is aware that the freelancing and forex trading is increasing day by day, people prefer to work as freelancers and forex traders with the international companies and organizations.
Freelancing is one of the preeminent podium for earning online money in Pakistan. Being a freelancer in Pakistan is not an easy task. To start with as most of us are still facing the tag of being good for nothing, idlers who are unable to grab the ideal jobs. Freelancing in our country is extremely hard as compared to any developing country.
The work, talent and skills are too good of the Pakistani freelancers and oftentimes they work better than other employees, from extra developed countries, but they are not taken as granted.
There are a number of categories as well as where one can select and work on specific arena. But, most of the assignment and job in freelancing is related to information technology (IT).
If we talk about the Pakistani freelancer, they are apt enough to full fill all the requirements as the IT individual, though they are facing a number of problems in getting the proper works and payments. Pakistani freelancer community is considered as the fourth largest freelancing community in the world but they are facing lots of challenges regarding the payments.
In the same way the forex traders in Pakistan are also facing payment issues. Forex trading is 100 percent legal in Pakistan and as well as in other countries, untill and unless it is associated to actual currencies that are controlled by proper regulating authority, banks etc. The currencies include US$, SAR, AED, JPY, CNY etc.
However, online trading is not as easy as it seems to be. For this you need to have the apt skills and knowledge, united with effort, loads of tolerance, vigor, struggle and commitment as well as investment.
In Pakistan, for forex trading, you need to arrange proof of income/profit/loss at the time of income tax return filing. Trading of commodities is permitted legal as well but you need to follow the Securities and Exchange Commission of Pakistan (SECP) State Bank of Pakistan rules and regulations.
Before forex trading keep it in mind for sure that the SECP, SBP and Govt. of Pakistan do not take responsibility for any loss or damages occurred during any kind of trading.
For forex trading in Pakistan and white listed or registered companies, you need to first contact SECP to know genuineness of any organization with whom you are going to transact.
It is better to stay away from those companies and websites that are giving profitable offers and asks you to get your money doubled in few days or few months.
In my point of view, there is almost no problem for the experienced freelancers and forex traders but the new ones have to face lots of challenges to win the project, to work out and later on payment issues, like how to withdraw money in Pakistan and what sources are reliable for this purpose because fraud, cybercrime and internal management has been growing dramatically for years.
Today we will talk about the payment challenges of the freelancers and forex traders that are being faced by them in Pakistan and their possible solutions, so you can get the best of your work.
Here are some of the possible payment challenges and their solutions:
- Pakistani freelancing community has relatively less payment options as compared to other worldwide freelancers, that’s the major problem. A large number of freelancers depends on local clients only as they have a fear of not getting paid by the worldwide customers.
- On the other hand, the Pakistani freelancers have a hard time regarding the price of the work they deserve. Majority of the international clients turns to Pakistan for offering job opportunities to the freelancers which is essentially pretty expensive in their own native country. The companies do pay their workers less and also treat them like total junk by pretending all high and immense as they are offering you a great opportunity you couldn’t gain otherwise. Pakistani freelancers are contracted for sending tiresome and laborious tasks as they are not paid per hour but billed according to a project. There are quite an abundance of the Pakistani freelancers, both individuals and companies, who are talented to expertise fair prices and not negotiation on either amount or excellence. So there’s no reason you can’t also.
- Poor communication skills also contributes a lot in less payments. There are a number of cases in which the freelancers and forex traders who are effectively concluding big projects in their own country may fail to excite the international customers. The reason behind this is their poor communication skills or linguistic errors that are apparent from their suggestion or previous projects. That’s the main reason in Pakistan the freelancers find it hard to wok global clients and fail to generate their own sole identity.
- For having the handsome amount of payment, the educational skills, talent and experience are all necessary. The most important of them, to get the success, is Marketing if your goal is to be a professional freelancer, then you must market and place yourself as a skillful. In order to be a professional you must first comprehend that the purpose of your proposal is not only to win the project but also to show your expertise and trust to get better payment option.
- When it comes to payments, the biggest challenge for companies is usually their existing set-up. On who work for an international customer directly or indirectly, there is no proper set-up in the country for Pakistani freelancer and forex traders to use to get quick payment. We are already aware with the fact that the worldwide online payment system PayPal (available in 190 markets across the world) is not operating here which is definitely a big disappointment. PayPal has refused to operate/introduce its services in Pakistan. The best way of achieving secure payment and to eliminate vulnerabilities, you need to select the reliable and trustworthy
Best Solution to tackle the payment challenges:
There are a number of methods as well to have a PayPal account in Pakistan and to withdraw money but in case of new freelancers forex traders we will not recommend to go for it because you may see loss of your money. Although, Payoneer and Moneygram are operational in Pakistan and you can withdraw your money anywhere within the country. You can also withdraw your money from freelancer to local bank account (take about one or two weeks to process the transactions).
There are also different payment options which are available in Pakistan like you can take your money using Payoneer, Skrill, Moneygram, DigitalPaisa and Wire Transfer.
Freelancers and Forex traders who are working with international organizations or companies can get their profit paid in Pakistan with the below mentioned payment cash out methods.
Let’s talk about how these payment methods which work for the freelancers and forex traders in Pakistan.
Payoneer:
Payoneer is an online money transferring platform that has eased money transfer across different countries. It’s an ideal online money payment solution in Pakistan using the Payoneer Debit Card. The Payoneer account can be used for withdrawing money from any local ATMs. Payoneer works with ATMs of MCB, Standard Chartered, and Faysal Bank in Pakistan. For getting the payment of your work in Pakistan, you need to register to Payoneer.com and get your Master Card and check your local banks and confirm if their ATMs supports from Payoneer.
Payoneer in Pakistan for the forex traders is also a big deal as it is charging $2.50 for each transaction.
Moneygram
Just like the Payoneer, the Moneygram in Pakistan offers a fast, dependable way to send and receive money. This online payment podium has so many options to send and receive money through bank accounts, mobile wallets anytime anywhere across the world.
Skrill:
Skrill is another outstanding payment withdrawal solution in Pakistan for freelancers and forex traders. Previously known as the MoneyBookers, Skrill in Pakistan is the most dependable and faster payment transaction system. It permits the users’ send and receive payments around the world with the help of an online deposit account (also called e-wallet). It is fairly easy to withdraw amounts from Skrill to any Pakistani bank.
DigitalPaisa.pk:
Digitalpaisa.pk is a most reliable and trustworthy online money exchanger in Pakistan. It is working with Skrill, Payoneer, PayPal, Webmoney, Perfect Money and many others. If you are a freelancer and working with international organizations, there is no more need to worry to withdraw and exchange transactions anywhere anytime within the country with digital paisa in Pakistan.
You can use the services of the digitalpaisa.pk, if you are a forex trader in Pakistan, because this dependence online payment solution has recently joined hands with world’s leading forex broker Xm.com to have the easy to pay and withdrawal money from XM accounts.
Moreover the people having the e-money can easily convert, buy and sell with digital paisa and also can recharge their mobile accounts with the e-money from WebMoney, Payeer, Perfect Money, etc.
Wire Transfer:
Wire Transfer is also one of the best options for freelancers and forex traders in Pakistan. It is the most commonly recognized form of payment for forex trading accounts, mostly due to the integral benefit and security of transactions.
Wire Transfers, or also known as SWIFT transfers, are electronic transactions that involve the payment between bank accounts through electronic means. For having the withdrawal with the service of Wire Transfers in Pakistan you need to have at least USD $500 and it deducts USD $25 on per transaction. Wire Transfers is a great solution if you want to withdraw huge amount of big projects.
To conclude it is important to mention here that in addition to bank fees, payments processing, and the most secure decision is to manage group-wide payments with only one platform. We highly recommend that in Pakistan Digitalpaisa.pk is most reliable and fastidious platform for freelancers and forex traders who can easily use its services throughout the country anytime to convert and withdraw the payments quickly.
Nice and Precise read.