Benefits of paying in INR

Freelance economy is at boom in entire world. A survey reveals freelancers are increasing on a rate of 9% every quarter and freelancing projects are increasing by 20% every year. Some other quick facts about freelancing: 

 

• Countries with highest number of freelancers (Decreasing order): USA, India, Pakistan, UK, Italy, Philippines.
• 65% of freelancers have their full time jobs too. They freelance for 2-5 hours every day.
• Designing is the most popular niche having highest number of freelancers.
• Total number of projects outsourced to freelancers is increasing by 20% every year.
• Total money earned by freelancers in 2016 is $1 Trillion.
• Total number of freelancers is increasing by 9% every quarter.
• IT and programming experts are 41% of total hires.
• 25% of today’s freelance jobs did not exist 10 years ago.

 

Now you know the fact that the best days of freelancing are still to come. There are some universal issues faced by freelancers all around the world. One of them is 'currency conversion'. How it works: When you freelance on an international marketplace, you will get paid in USD (more likely). Once you get paid, you will have to pay the website's commission and then you need to pay more in currency conversion. Then comes the taxes. This entire process is a big hurdle for so many freelancers. Toogit has applied a solution so that most freelancers won't face many issues; solution is setting the site's currency in INR. Let see why INR base is better for most freelancers and clients. 

Payment in USD

Toogit accepts USD payments equally as it accept INR payments. You can pay via paypal or any other method, this USD is then converted and shown in INR as per the exchange rates of the day. You would still see it as USD, it is only shown in INR on the website. 

 

Your benefits

By this INR based method, you will get many benefits along with the freelancer. Your benefits will be as follow: 

Your same project will be done in much less investment i.e 1 USD = 66.79INR (on March 1st, 2017). 100USD = 6679 INR. 

 Assume you have decided to invest $200 in a project, if you put this budget in INR, you can get the same project done in around $125. That saves you $75. 

You will have access to many more freelancers who are best in their niche but do not want to get into currency conversion troubles. 

 

 

Freelancer's benefits

If you are getting paid in INR, you get below benefits over USD payments: * Around 10% of payment goes in currency conversion after around 20% website'scommission (not Toogit's). That sums up a considerably higher amount spent in getting your own money in your account. * With this INR based payment, Toogit bears all the currency conversion charges and pays you in INR. Also Toogit's commission is only 8% without any additional cost. So the amount you were getting in a $200 project, you will still get the same amount (or more). In the meanwhile your client will also be able to save a considerable amount on the same project. It is a win win situation for both. * The INR currency can be directly transferred to your bank account from Toogit. So this is the basic idea behind INR based payments. If you have queries, suggestions or issues, write us at support@toogit.com.

 

 

Keep Toogitting:)

Last Modified: Apr 3, 2019