When doing business online, it is important to have multiple payment channels. This makes it easier for you to receive payments from different people from varying locations and circumstances.

Despite the unfavourable banking situation in Zimbabwe, you can easily send and receive payments from all over the world in just a few clicks.

I have been working online for just over 15 years. One of the most important things to me is making sure my financial transactions are efficient, safe and out of the reach of the local government which has a knack for changing policies on a whim.

Wise (Formerly Transferwise)

Wise is an online account that lets you send money, get paid, and spend money internationally. With a Wise account, you can send money abroad, get paid in other currencies, and spend abroad on the Wise card. It is safe, secure, and regulated. Here are some tips to help you get started.

With a Wise account, you’ll be able to:

• Hold 50+ currencies in your account
• Convert currencies instantly in your account with low fees
• Get account details to receive money in AUD, CAD, GBP, HUF, EUR, NZD, RON, SGD, TRY, and USD
• Set up Direct Debits in AUD, CAD, GBP, EUR, and USD
• Order a Wise card (currently available in Europe, US, Australia, New Zealand, Japan, and Singapore)
• Spend on the debit card in any currency with low fees

To open your Wise account, you’ll need to get verified, usually with some photo ID, proof of address, and/or a picture of you holding that ID. It usually takes about 2 working days. Log in to your account and follow the steps to get set up.

With a Wise Account, you get a local bank account in almost 40 countries. This allows your clients or business contacts to pay you as though they are making a local bank transfer in their respective countries. The funds normally reflect after a few minutes or 3 days (if it is a large transaction in USD).

You can learn more or sign up for a wise account for free here.

PayPal

This one is a little tricky because you can use a PayPal account in Zimbabwe, but you cannot create one in Zimbabwe. Many people opt to have their PayPal accounts opened in other countries under a family member’s or friend’s name – albeit risky, this works from some Zimbabweans.

The most ideal option is a bit longer but safer, registering a company in the U.S. as an LLC then opening a PayPal account under the name of that company. Having an LLC also makes it easier for you to have a U.S. bank account. There are online agents who can assist you with this. Do a few Google searches, if you hit a wall please let us know so we may assist you.

Payoneer

Payoneer is particularly good for small and medium-sized businesses. In fact, this PayPal alternative places a special focus on market sectors such as ecommerce, online advertising, freelancing, and vacation rentals.

Like TransferWise, Payoneer provides a debit card to go with their online account, so you can withdraw funds from your bank or ATMs worldwide.

Cryptocurrency wallet

To get paid in cryptocurrency, the person sending the payment only needs your wallet address.This is an alphanumerical string (you can also generate a QR code) that you'll find in your wallet. Once the person sending you money has your “address,” then they can quickly send payment and complete the transaction. It is literally as easy as copying your Bitcoin address and pasting it into a designated field on their wallet. Next step is for them to type in the right amount of bitcoins into the payment box and click 'send'.

Just like you would not send USD to a Euro bank bank account, you cannot send Bitcoin to the wallet of a different currency.

A crypto wallet is a place where you can securely keep your crypto. There are many different types of crypto wallets, but the most popular ones are hosted wallets, non-custodial wallets, and hardware wallets.

Which one is right for you depends on what you want to do with your crypto and what kind of safety net you want to have.

Kraken and Gate are two platforms we recommend because they allow Zimbabwe based users and have pretty secure platforms.

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