In today's globalized world, businesses in the US and Canada are increasingly turning to virtual assistants (VAs) in the Philippines to streamline operations, reduce costs, and enhance productivity. This collaboration not only benefits business owners but also provides valuable opportunities for talented professionals in the Philippines. To make this partnership even more efficient and cost-effective, Wise offers a seamless solution for international money transfers. Here's why both business owners and VAs should consider signing up for Wise.

For Business Owners:

  1. Cost-Effective Transfers: Wise offers competitive exchange rates and low fees, ensuring that more of your money goes directly to your VA. Unlike traditional banks, Wise uses the mid-market rate, which means no hidden markups.
  2. Transparency: With Wise, you always know the exact fee upfront. There are no surprises or hidden charges, making it easier to manage your budget.
  3. Speed and Convenience: Wise transfers are fast and reliable, often reaching the recipient within hours. This ensures that your VAs are paid promptly, fostering a positive working relationship.
  4. Multi-Currency Accounts: Wise allows you to hold and convert between 40+ currencies, making it easy to manage payments to VAs in different countries.

For Virtual Assistants:

  1. Fair Fees: Wise charges minimal fees for receiving money, ensuring that you get the most out of your hard-earned income. Receiving local payments in 23 currencies is free, and even receiving USD wire payments incurs only a small fixed fee.
  2. Ease of Use: Setting up a Wise account is simple and straightforward. Once registered, you can receive payments directly into your Wise account and convert them to your local currency at competitive rates.
  3. Financial Flexibility: With Wise, you can hold and manage multiple currencies, giving you the flexibility to save or spend in different currencies as needed.
  4. Security: Wise is regulated by financial authorities around the world, ensuring that your money is safe and secure.

Sample Computation:

Let's break down the costs of sending a monthly salary of $2,000 USD to a virtual assistant (VA) in the Philippines using Wise.

Sending $2,000 USD to the Philippines:

  1. Sending Money:
    • Fee: The fee for sending money varies by currency, but it starts from 0.57%.
    • For $2,000 USD, the fee would be approximately $11.40 USD (0.57% of $2,000).
  2. Receiving Money:
    • Fee: Receiving local payments in USD is free.
    • If the VA receives the payment in PHP, there might be a small conversion fee starting from 0.57%.

Total Cost for Business Owner:

  • Sending Fee: $11.40 USD
  • Total Amount Sent: $2,011.40 USD

Amount Received by VA:

  • Amount Received: $2,000 USD (if received in USD)
  • Conversion Fee: If converted to PHP, the fee would be approximately $11.40 USD (0.57% of $2,000).

Example Conversion to PHP:

  • Exchange Rate: Assuming an exchange rate of 1 USD = 50 PHP (this rate can vary).
  • Amount in PHP: $2,000 USD * 50 PHP/USD = 100,000 PHP
  • Conversion Fee: 0.57% of 100,000 PHP = 570 PHP

Amount Received in PHP:

  • Amount Received: 100,000 PHP - 570 PHP = 99,430 PHP

Why Wise is the Smart Choice:

Wise operates on three core principles that make it the ideal choice for international money transfers:

  1. Low and Getting Lower: Wise is committed to reducing fees over time, aiming to make international transfers as affordable as possible.
  2. Radically Transparent: Wise is upfront about its fees and uses the mid-market rate, so you always know what you're paying for.
  3. Fair for All: With Wise, you only pay for what you use. There are no hidden costs or subsidized fees, ensuring a fair deal for everyone.

By choosing Wise, business owners in the US and Canada can ensure that their Filipino VAs are paid fairly and promptly, fostering a strong and productive working relationship. Meanwhile, VAs can enjoy the benefits of low fees, financial flexibility, and peace of mind. Sign up for Wise account to start saving on interational money transfer.

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Ready to Boost Your Business Efficiency?

Are you a business owner in the US or Canada looking to streamline your operations and enhance productivity? Hiring a virtual assistant (VA) from the Philippines could be the game-changer you need. With their exceptional skills, dedication, and cost-effectiveness, Filipino VAs can help you take your business to the next level.

If you're interested in finding the perfect VA for your business, I'm here to help! I offer comprehensive VA services tailored to your specific needs. Whether you need administrative support, customer service, social media management, or any other task, I've got you covered.

Contact me today to discuss how we can work together to achieve your business goals. Let's make your business more efficient and successful with the right virtual assistant!

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