Ghana, often called the “Gateway to Africa,” is known for its rich culture and vibrant markets. With the rise of remote work and digital freelancing, many Ghanaians are collaborating with international clients, leading to an increased demand for efficient financial solutions.
USD Coin (USDC), a stablecoin pegged to the U.S. dollar, has emerged as a practical way to manage cross-border payments.
This guide will walk you through how freelancers and remote workers in Ghana can receive foreign currencies and convert them to USDC using Grey, making financial transactions seamless and reliable.
Also read: How to receive and convert foreign currencies to USDC
Why convert foreign payments to USDC as a freelancer in Ghana?
For freelancers in Ghana working with international clients, converting foreign currencies to USDC offers several advantages:
- Stable value: USDC is a stablecoin tied to the U.S. dollar, offering predictable value and avoiding the volatility of other cryptocurrencies.
- Low fees: Compared to traditional bank transfers, USDC transactions come with significantly lower fees.
- Quick access to funds: Blockchain technology ensures near-instant processing, so you get paid faster.
- Flexible conversions: You can hold USDC until you get the most favourable exchange rate or convert it to Ghanaian cedi (GHS) as needed.
Also Read: Send instant USDC payouts to 40+ countries with Grey
How to receive and convert foreign currency to USDC
Grey offers a seamless way to receive and convert foreign currencies into USDC. Here’s how:
Open the Grey app
Log in to your Grey account via the app or website to securely access your USD and other currency balances.
Select your USD balance
Navigate to the “Accounts” section and select your USD balance to initiate a USDC transfer.
Tap “Send via crypto”
Select “Send money,” then choose “Send via crypto” to begin the process of sending USDC.
Enter transaction details
To ensure a successful transfer, carefully input the recipient’s wallet address and choose the correct network (Solana or Binance Smart Chain).
Input the transfer amount and review the details
Enter the amount of USDC to send. Double-check all information, including the wallet address and network, before proceeding.
Confirm and complete the transfer
Once all details are verified, tap “Send” to complete the transaction. Grey will request two-factor authentication (2FA) for added security.
Transaction success
The recipient will receive the USDC shortly after processing. They can hold it, convert it to local currency, or use it for other purposes.
Also Read: How to receive and convert foreign currencies to USDC in Tanzania
How to convert USDC to Ghanaian cedi (GHS)
To convert USDC to cedis, use a crypto exchange or local service that supports USDC-to-GHS transactions. Some platforms allow direct conversions, while others may require intermediary steps involving USD or BTC.
What are the considerations for freelancers holding and converting USDC?
While holding USDC is convenient, here are a few factors to consider:
- Network compatibility: Ensure the network used for USDC matches your wallet and the conversion service you use.
- Fee awareness: Although USDC transactions generally have low fees, network charges can vary.
- Tax compliance: Cryptocurrency is considered an asset in Ghana. Consult a tax advisor to ensure compliance with local regulations.
Also Read: How to receive and convert foreign currencies to USDC in Senegal
Using Grey to simplify USDC management
With Grey, you can send USDC to supported wallets, manage funds with ease, and take advantage of robust security measures like two-factor authentication (2FA).
Create your Grey account today to unlock the full potential of USDC as a freelancer in Ghana.
