How to get paid working remotely for a US company

If it's your first time working as a contractor for an international company, you might wonder what the process is like for receiving your payment in Brazil. This guide will give you an overview of the whole process and walk you through each step in detail.

What is the best way to get paid while abroad?

For starters, it is essential to know that there are several options for receiving payment from the US. When choosing the alternative that best suits your needs, consider the fees, especially the exchange rate providers use to convert money.

Before showing you the options for how you will receive your money, we need to go back a few steps and talk about invoicing. As an independent contractor working for another company abroad, you will need to generate an invoice, which is a billing document. Invoices contain essential information such as the service description, the number of hours charged, the agreed price, and the payment terms. The service provider sends this document to the company or person that contracted the service. If Brazil is your tax domicile, besides the invoice, you will also need to issue a Nota Fiscal for tax purposes.

Option 1: Wire transfers

The first option is also one of the most traditional: getting paid through the bank account you have in a conventional institution in Brazil, such as Caixa Econômica Federal or Banco do Brasil. By choosing this option, it's essential to know that most institutions charge fees + IOF, which is a Tax on International Financial Operations. In addition, the money will only be available for three or more business days after the transfer. You will also need to contact your bank to request the data required for this transaction, such as the account's IBAN and SWIFT/BIC codes, or submit a request for the operation to be carried out through Online Banking.

Option 2: Online payment platforms

As a legal entity, the easiest way to receive recurring payments from abroad is through online payment platforms. They are as safe as traditional banks and offer certain advantages, such as cheaper rates and a shorter period for receiving your funds. Some of the most popular currently are PayPal, Wise, Deel, and Husky.

Most of these platforms offer a simulation of rates and fees. This way, you know exactly how much money you will receive and the taxes involved. In the end, the exchanged money will be transferred to your local bank account so that you can use it.

Option 3: Electronic postal order

Finally, there is still the possibility of receiving through an electronic postal order - which is nothing more than receiving your funds through the good old Correios (in case you're based in Brazil). For this, the sender needs to go in person to a postal institution with an agreement abroad, and when the money is available in Brazil, you will receive a letter informing you which post office you can withdraw from. This process is a little more bureaucratic and much less technological, isn't it?

The interesting thing is that the costs, paid by the sender, will vary according to the country, and the Post Office will not charge you any fees.

You don't have to navigate the complex international payment system on your own

Dealing with international transfers might be a new process for you, and we understand that this is more complex than receiving money from a Brazilian company. If you are a tech professional, being part of Olby means you don't need to worry about these bureaucracies:

• Invoicing: we will generate invoices on your behalf and send you and the company a copy to ensure the billing cycle is formally closed to initiate the payment cycle.

• Transfer fees: Olby partners with Husky, a Brazilian exchange service that facilitates this process. Our talent pays only 1% tax over the transfer amount - one of the best rates on the market. 

• Transparency: At Olby, you have a complete picture of your payment status. You can keep 100% of your earnings without fees or membership costs.  

Last but not least

Now that you've seen all the possibilities, here's a final recommendation: don't focus only on the lowest rate. Instead, when it comes to payment, focus on service providers that offer transparency in the information. Then, choose the option you are most comfortable with after considering the charges and the timeline for receiving your funds. And also, count on Olby to make things even easier.