The Latin American digital wallet solution belo, which helps freelancers and remote workers better connect to the global economy, announced this week that it has launched ACH transfers in US dollars (USD) directly to users’ wallets, according to a company statement.
The move is touted by the company as a “game-changer for Latin American-based workers” who earn income from the US, simplifying the payment process, cutting the middleman, and providing a “one-stop shop” to manage their finances.
“Latin American freelance workers now have a one-stop shop where they can receive payments from the US in the most simple way,” said Manuel Beaudroit, co-founder and CEO of belo. “We are determined to provide the most time and cost-efficient solution to this increasingly segment of the economy, which poses the opportunity to change the socio-economic tissue of the region.”
According to belo, their users can now take advantage of this feature by opening a dollar-receiving account in their belo wallet. After setting up the account, they can start receiving ACH transfers, with a 2% transaction fee — ensuring users get to keep more of their hard-earned money while they get a 3% APY on their USDC balance.
The senders can range from personal US bank accounts to digital platforms such as Deel, Airbnb, YouTube, Upwork, Hotmart among others.
Once the funds are credited to the wallet, customers will be free to use them as they wish. They may swap the coins, make purchases at physical and virtual merchants, or withdraw the money to a local bank account in their native currency in countries around Latin America. The service has an annual subscription fee of USD $25 which includes several perks designed for freelancers.
This new service will be available for users in 17 countries including Argentina, Bolivia, Brazil, Chile, Colombia, Mexico, Panama, Peru and Uruguay, among others.
The company will soon expand its capabilities to include ACH transfers from business accounts. This means users can get paid directly from a US employer with highly competitive fees.
Freelancers, remote workers, and entrepreneurs from all over the region will no longer need intermediaries or high-fee transfer services.
“Once forgotten, LatAm workers now have a powerful tool to become a beacon of change globally,” Beaudroit added.
Disclosure: This article mentions a client of an Espacio portfolio company.
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