5 Benefits of Owning a US Dollar Account as Remote Worker in LatAm
A bright financial future for remote workers is now
Remote workers, freelancers, and individuals doing business with US-based companies are in a highly favorable position today. With advancing globalization and increased connectivity, just about anyone can do business with the world on their doorstep. Thanks to modern technology and digital transformation, remote workers in the digital space are now in demand more than ever. More and more skilled Latin American professionals in different business sectors can now provide their services to US and international clients worldwide.
However, as exciting as this sounds, one of Latin American remote workers' biggest challenges is maximizing and improving their financial health. From earning and saving more, being paid fairly, having access to the right benefits, and enjoying complete financial freedom with peace of mind, many remote professionals can easily find themselves fighting a battle alone.
But, help and hope are never too far away! For remote professionals looking to maximize their earning potential as they build their portfolio of clients both locally and internationally, starting off on the right foot is essential. So, what better way than to begin by opening your very own US dollar account? (Yes, without even having to leave home!)
US Banking for remote workers
Here, we outline how US banking and owning your very own US dollar account can bring long-term financial benefits to remote workers in Latin America.
Earn and save in US dollars
Imagine earning and being paid the same cost unit as your employer. By having access to a US dollar bank account, remote workers based in other countries like Mexico, Brazil, or Colombia can be paid directly in US dollars instead of their home currency. The benefit of being able to save your money in US dollars pays off, especially when considering long-term appreciation and seeing the increase in the value of earned money over time. This means that both earning and saving potential significantly increase you enjoy growing your wealth in dollars, one payment at a time.
No more hidden fees and rates
One of the biggest downsides of getting paid in a foreign currency into your local bank account is all the loss that it brings with it. For example, a contractor or freelancer in Mexico may be invoicing clients in the United States, and, with each and every transaction processed and payment received, substantial amounts of money are lost due to bank commission rates, hidden bank fees, and currency conversion rates (Forex). Worst of all, it is almost always the receiver who will cover the cost of each, single transaction. This results in a huge chunk of money being lost each time a payment is made.
By having your own US dollar bank account as a remote worker, you will be able to avoid all these unnecessary costs by having your client pay you in their local currency, without having to worry about international currency fees. Say goodbye to fees and hello to earning the money you really deserve!
Enjoy US dollar stability
The US dollar continues to be the world's most dominant reserve currency. About half of international trade is invoiced in dollars, and about half of all international loans and global debt securities are denominated in dollars. In foreign exchange markets, where currencies are traded, dollars are involved in nearly 90% of all transactions. According to investopedia.com, it is the trust and confidence that the world has in the ability of the United States to pay its debts that keeps the dollar as the most redeemable currency for facilitating world commerce.
Dominance and high value lead to stability. When people have easy access to US banking they are able to enjoy the financial stability of earning and saving in US dollars. Instead of turning to other risky methods to maximize wealth like wallets, stablecoin, and crypto, remote workers can rest assured that earning in US dollars is the safest and most stable path to take.
Avoid the impact of inflation and currency devaluation
Inflation usually devalues a currency since it means a money's buying power is decreased. When countries experience rising inflation rates they tend to also see their currencies weaken relative to other currencies. Sometimes countries purposefully weaken their currencies to increase their competitiveness in global markets as well as for other reasons. However, it is usually the citizens of these countries that are hurt the most as a result.
In countries where economic and currency instability is more common, being able to earn and save in a stronger, more stable currency is an attractive alternative for wealth generation. Remote workers can now avoid this with access to a US dollar bank account and options to transfer dollars into their local currency.
Spend flexibly in the currency of your choice
By earning money in US dollars and having the advantage of US banking options, remote workers in Latin America now have greater control over their money. The benefit here is being able to choose when to use a certain currency or keep earned money in US dollars as a central currency. This leads to flexible spending, better savings outcomes, easy movement, and greater control of money value overall.
Start with your Coba Account!
Whether you’re a seasoned remote worker or you’re just starting out, we want to make sure your experience is one to remember. Everyone deserves to get the most out of their professional careers by maximizing their wealth - remote workers included!
Start by opening your US Dollar bank account, without even having to leave home. You’ll get your very own card, enjoy easy ATM withdrawals in your local currency, and experience instant, international transfers for peace of mind.
Sign up and join our waitlist here.
The financial stack for the modern remote worker
Whether you’re a seasoned remote worker or just starting out, we want to make sure your experience is one to remember. Everyone deserves to get the most out of their professional careers by maximizing their wealth - remote workers included!
Start out by opening your US Dollar bank account, without even having to leave home. You’ll get your very own card, enjoy easy ATM withdrawals in your local currency, and experience instant, international transfers, without hidden bank fees, for your peace of mind.
Join our waitlist on the next link.
More on our Blog
Subscribe to the Coba Blog
Sign up to stay on top of the best services for remote workers in LatAmJoin Mailing list