Be more profitable by using a currency transfer provider

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Telecommuting or remote working, is on the rise, with many SMEs expanding their workforces by taking on people remotely. Freelance, self employed and contractors represent 15% of the workforce in the UK alone which has increased by 25,000 in the year to September 2017, according to figures published by the Office for National Statistics (ONS). While in the US, over 1 million people work remotely in government positions.

More people are turning to freelance and remote based opportunities as employers embrace the technology on offer to allow them to communicate effectively with their remote team. It saves small businesses in costs too, as they do not have the overheads of an office to fund or expensive benefits packages. For the freelancer, the benefits of not having to commute, or spend on commuting costs, and the flexibility it can offer fit in with commitments and promotes a flexible work-life balance.

Given the improvement in internet resources, high speed broadband products and the rise in remote databases, cloud based project management tools, video-conferencing facilities and work sharing spaces, it is possible to work and communicate just as effectively as in an office.

Employers that employ a remote workforce like it because they find their workforce are less stressed, more engaged and do not suffer from office distractions. For many the benefit includes avoiding a lengthy commute and wasted hours. It also opens up a huge talent pool, being able to bring the best skills to their business and grow.

That said, in recent years some larger corporations such as IBM and Yahoo have publicly announced that they want their employees back in the office, forcing people to more or look for another job if they could not make the commute to the office work.

There are some drawbacks to working from home, from the lack of direct IT support, especially if you are using your own device; that you may once have taken for granted. Then there is the feeling of being isolated; if others are able to meet up and live closer to an office location or central venue for meetings.

However, through apps like Slack and Skype, you can communicate through messaging systems or video conference with colleagues with Zoom and Skype for Business. Communication needs to be strong from leadership teams so that remote workers are up to speed with developments and to engender engagement with remote and office based teams.

So if you are recruiting a global workforce, how do you pay them and what currency do you pay them in? If you are having to make multiple currency payments to different countries this can become an expensive practise if you are carrying out transfers through your business bank account.

If you are employing someone on a freelance basis, they will be responsible for their tax in their home country. If someone is working for you on a employed basis but abroad, then you must make the deductions for tax and NI from their pay (if they are UK based and working abroad for a short period of time) or check with their home country as to what tax and other contributions need to be deducted and make payments as required. You can save more money for your bottom line through using an established money transfer provider. Many of these businesses make payments and transfers quickly to beneficiary accounts and facilitate regular payments with little or no fees.

They also have a range of information and content to support your business. In addition, the ability to set up accounts on mobile devices make it easier to link into your technology. To find a money transfer provider you can use our international currency quote tool which contains details of the most cost-effective money transfer companies globally.

 


Rachel Doyle
Rachel Doyle
Senior Content Specialist
Rachel has over 10 years’ communications and writing experience, having started her career in financial services where she spent nine years working in various roles. She started out in fund… Read more

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