A digital nomad earns their income from online work, whatever that maybe. Whether it is trading, blogging, academic writing or article writing. I believe all steemit members fall in this category in one way or another. Therefore, whenever you receive your income, you are bound to experience transaction costs by the money transfer provider.
Just recently, I realized that PayPal has been ripping me off a great deal and I will explain why. Whenever my business partner sends me money, he and I are both deducted 4% of the total amount being transferred. That is before the money hits my bank account. Then I went to close one of my local bank accounts and they mentioned I can use Skrill for online payments. Picture this, Skrill has no charge for converting dollars to your local currency, they only charge a 1.9% transaction fee which is a lump-sum transfer charge of the total amount being transferred. That means that whenever I receive money with Skrill, there is a zero charge upon receipt as compared to the 4% being charged by PayPal.
With that information, I had to make the switch effective immediately. I am very sure there are other money transfer services out there. But those two case scenarios go ahead to show you that you can minimize the transaction costs charged by companies willing to exploit your hard earned money. This is by no means a shaming or marketing article, it's in the best interest of all of us who need to use such platforms to receive income.
For those of us who trade the financial markets, by now you know that brokerage firms earn from your transaction fees to a great extent. Which is why they want you to over-trade because with every trade you place, whether it's a gain or loss to you, they make money both ways. I will be interviewing the head of Africa for City Credit Capital U.K this week. Transaction costs will be one of the items to be discussed. Thereafter, I will upload the podcast here for you to listen in and help you make informed decisions regarding transaction costs.
I would appreciate if you shared your experience with any company that charges you any amount upon sending or receiving money in the comment section below. You never know, maybe there's a cheaper option out there for you that you are not aware of. If this article has been of help to you, kindly upvote. Thank you steemit family.
