5 Ways to Get Paid as a Freelancer: Prices & Features Reviewed 2024

Carving out a career as a freelancer can give you lots of flexibility to work with different employers and pick up interesting projects from around the world. However, while the option to work with teams globally is exciting it can come with its own share of hassles - such as working out how to get paid in foreign currencies.

Getting paid by a client in a foreign currency, and having the money deposited into your normal UK bank account, can mean you lose out on receiving fees and poor exchange rates. Specialist providers like Wise and OFX can help you keep more of your earnings, with flexible accounts you can use to hold and receive foreign currency payments. More on that in a moment.

1. Wise account - good for getting paid like a local in 10+ foreign currencies

2. OFX -  good for receiving payments through online platforms and marketplaces

3. Revolut - good for choosing an account plan that suits your specific needs

4. PayPal - good for instant deposits to send and spend online

5. Your bank - good for payments in your home currency

What is a freelancer?

A freelancer is someone who works for one or more clients, on a flexible basis. Freelancers work across all sorts of industries, connecting with clients through word of mouth recommendations, networking and freelance marketplace sites. Unlike a regular employee, freelancers aren’t usually on a long term contract with any specific client, allowing for flexibility and variety.

Pros and cons 

Here’s a quick rundown of some of the benefits and drawbacks of freelance work:

Pros:

• You can set your own schedule, and - often - work from anywhere

• You can connect with a range of clients and take up interesting projects

• You can cultivate several different streams of income

• You’ll be able to decide your own fees and rates

Cons:

• You’ll need to continually develop client relationships to keep work coming in

• You’re responsible for filing and paying your own taxes

• You need to work out how to get paid, including foreign currency payments

• You don’t get the same benefits and protections as an employee

How to become a freelancer

Freelance work is available across pretty much all sectors, whether you’re a creative, a finance professional, a developer or work across a range of fields. Starting out as a freelancer can be pretty tough, so it’s quite common to start picking up smaller projects while continuing to work as an employee for some of the time. This allows you time to develop your niche and client base.

To get an idea of the type of project work out there, the fees you can charge, and how you may be able to start to  build up your own freelance business, check out freelance marketplace sites like Upwork or Fiverr. You’ll be able to browse what other freelancers are offering, and what employers are looking for, to see what might suit your skills.

5 options to receive payments as a freelancer

One important part of setting up as a freelancer is working out how to get paid. Here are a few smart options to make sure you have flexible ways to bill your clients, with low fees so you keep more of your money in the end.

Hold 50+ currencies in your account, and convert between them with the Google exchange rate whenever you need to. Wise business accounts also have handy time saving features like accounting software integrations, and linked business debit cards for easy spending.

Pros:

• Hold and exchange 50+ currencies with the mid market rate

• Send payments to 80+ countries and spend with your Wise card globally

• Low fees, with no ongoing charge to maintain your account

Cons:

• Wise business accounts have a one time fee of 45 GBP to get full feature access

• Some service charges apply, such as fees when you withdraw more than 200 GBP/month

Read a full Wise review here

OFX

OFX is a currency specialist, offering international payments and risk management products, as well as Global Currency Accounts for business owners, online sellers and freelancers. There’s no fee to open or maintain an account, and you can get local account details for 7 currencies, to get paid easily and with no OFX fee. Hold your funds, send them to contractors, suppliers, or to cover your taxes - or convert to the currency you need with OFX’s bank beating exchange rates.

Pros:

• Local receiving account for 7 currencies

• No fee to open or maintain the account

• Handy features like Xero integration

Cons:

• Exchange rates include a markup on the mid-market exchange rate

• Fees apply for same currency transfers

Read a full OFX review here

Revolut

Revolut offers accounts for business owners and freelancers, with a selection of different account products depending on your personal needs. As a freelancer you can pick a free account plan, and just pay for the services you need - or you can choose to pay a monthly charge to get more features and higher levels of free transactions. Revolut accounts can hold and exchange 30+ currencies, and you’ll get local account details for billing clients in GBP and EUR.

Pros:

• Local receiving accounts for GBP and EUR

• Different account plans so you can choose the one that suits you

• Depending on the plan you pick you may get some fee free currency exchange

Cons:

• You’ll need to pay a monthly fee to unlock all the features of the account

• Some extra fees may apply when converting currencies out of hours

Read a full Revolut review here

PayPal

PayPal business accounts can be used whenever you’re selling goods or services, with a huge range of ways to get paid online or even in person. PayPal accounts can support around 25 currencies, and are available pretty much globally, making this a popular way to get paid. However, it’s useful to know there are fees for receiving payments into a PayPal business account, which can be particularly steep if you’re transacting internationally.

Pros:

• Very popular provider - huge user base

• Convenient way to get paid, especially if you’ll spend the money online yourself

• Wide selection of business services and different ways to get paid

Cons:

• Fees apply to receive payments, both locally and internationally

• Currency conversion charges of 3% apply

Your bank 

Finally, you may choose to open a bank account and have your freelance earnings deposited into your normal bank. This can be convenient, particularly if you’re getting paid in pounds. However, there are a couple of downsides - firstly, having your personal and business finances mixed up can make it harder to manage your money, and secondly, if you’re being sent money in a foreign currency you’ll probably lose out on fees when it’s deposited in GBP to your account.

Pros:

• Convenient, familiar and safe

• Easy for onward spending in GBP

Cons:

• Usually available for GBP deposits only

• Exchange rates and incoming foreign payment fees can be high

• Your clients may need to pay a high fee to send money to you

How to register as a freelancer in the UK

How you register as a freelancer in the UK can vary based on a number of factors, including the sort of work you do and how much you’re earning through freelance projects. You’ll be responsible for your own taxes as a freelancer, so it’s especially important to understand your status and file for self assessment taxes annually. You might also need to register as a sole trader, and pay some National Insurance contributions.

Get professional advice to help you navigate the process of registering as a freelancer in the UK, and to make sure you stay on the right side of the law.

How to invoice as a freelancer?

The easiest way to prepare a freelance invoice is to use a free online invoice template. These are widely available, and can often be downloaded and edited so you can add your own business information, contact details and branding.

How to make sure you get paid as a freelancer?

Here are a few tips to make getting paid as painless as possible:

• Get and sign a contract with your client before you start working

• Make sure your invoices are clear and contain all the detail needed to let the client pay

• Have a billing schedule which you stick to, so you don’t lose track

• Follow up with clients if payment has not been made by the agreed date

• Offer your clients different ways to pay, including foreign currency payments

Conclusions

Ultimately, making it as easy as possible for your clients to pay you will mean you get your money faster and with less hassle. Using specialist multi-currency accounts, like those available from Wise and OFX, can give you an edge as you can allow clients to pay you in their preferred currency, without losing out on high exchange fees.