Bringing Freelance Dollars Home Instantly Through Priyo Pay. Freelancing has emerged as a promising profession for skilled Bangladeshi youths in the last decade. With increasing internet penetration and advancement of digital technologies, more and more Bangladeshis are now providing various freelancing services to clients abroad and earning handsomely. However, one major obstacle they face is receiving payments from foreign clients and bringing that money into the country. Most freelancers rely on mainstream money transfer services like PayPal which entail high fees and take several days for funds to reach local accounts. But this is set to change with the launch of Priyo Pay Card, Bangladesh’s own digital financial services provider focused on empowering freelancers.
What is Priyo Pay Card?
Priyo Pay is a fintech venture founded by Bangladeshi entrepreneur Zakaria Swapan to facilitate easy transfer of freelance earnings from abroad directly into a local bank account. The platform has partnered with a digital bank in the USA to provide Bangladeshi freelancers seamless banking services. With Priyo Pay, freelancers can receive payments from foreign clients into their Priyo Pay US accounts within minutes and then instantly transfer funds to any bank account in Bangladesh via local real-time interbank networks.
The key features of Priyo Pay include:
- Fast international transfers within 5 minutes
- Low fees compared to PayPal and other services
- Better exchange rates on foreign currency conversions
- Physical support centers across Bangladesh for customer assistance
- Debit Mastercard for easy spending abroad and online
- Maximum $2000 annual transfer free of charge
Priyo Pay aims to save freelancers from the hassles of delayed payments and excessive charges of established money transfer companies. It wants to transform how financial transactions are conducted for Bangladeshi freelancers.
How Does Priyo Pay Work?
The working process of Priyo Pay is simple yet groundbreaking in facilitating freelance payments:
- Freelancers need to open a Priyo Pay account using their passport or national ID. This links their account to the partner digital bank of Priyo Pay in the USA.
- Accounts are verified using the user’s local phone number for enhanced security.
- Once the account is approved, the user receives a Priyo Pay Mastercard for making purchases and ATM withdrawals internationally.
- Freelancers simply provide their Priyo Pay account details to clients abroad to receive payments for completed work.
- When a client transfers money to the Priyo Pay US account, the funds automatically reflect in the user’s account balance within 5 minutes.
- At any time, users can instantly transfer available funds from their Priyo Pay account to any bank account in Bangladesh via BEFTN, the country’s real-time interbank network.
- Transfers over $2000 annually are charged 2% fees. But fees are refunded if yearly transfer exceeds $2000.
The entire process from receiving foreign payments to cashing out locally is completed within minutes. This brings tremendous efficiency for Bangladeshi freelancers compared to traditional money transfer services.
Who Will Benefit from Priyo Pay?
The Priyo Pay platform is currently targeted at Bangladesh’s estimated 0.5 million freelancers who earn about $900 million annually from foreign clients. But it plans to expand services for the expat Bangladeshi community globally to send remittances home conveniently.
The major beneficiaries include:
Priyo Pay solves the biggest problem freelancers face – timely receipt of foreign earnings and transferring to local accounts. Freelancers no longer have to wait days or pay high fees to bring their hard-earned money home.
Apart from freelancers, Priyo Pay will also benefit self-employed Bangladeshis earning from abroad such as IT consultants, online tutors, and more. Even entrepreneurs with foreign clients can use Priyo Pay to get paid instantly.
Small Business Owners
SME owners in Bangladesh importing goods/services from abroad can use Priyo Pay for fast international money transfers and making foreign payments smoothly.
Bangladeshi students studying overseas can also open Priyo Pay accounts easily to receive money from home in their overseas bank accounts rapidly.
Priyo Pay plans to launch explicit remittance transfer services for expat Bangladeshis to send money back home conveniently without excessive fees deducted by intermediaries.
As more users sign up, Priyo Pay can emerge as the go-to financial services gateway for Bangladesh to connect with the global economy conveniently.
How Does Priyo Pay Help Bangladeshi Freelancers?
Priyo Pay brings several groundbreaking benefits for Bangladeshi freelancers compared to existing money transfer options:
Priyo Pay enables freelancers to receive payments from foreign clients into their US accounts within minutes. Funds can then be sent to local accounts instantly via BEFTN instead of waiting days for bank transfers via SWIFT.
Since Priyo Pay has tied up with a US digital bank, there are minimal fees involved for inbound transfers. Outbound transfers also cost 1-2% depending on volume, far lower than fees of 5-10% charged by PayPal.
Higher Exchange Rates
Priyo Pay offers higher dollar-to-BDT exchange rates compared to banks and other financial services. Users can gain 1-3% extra on conversion rates depending on market fluctuations.
Priyo Pay has physical support centers across Bangladesh for personalized customer assistance and grievance redressal. No other money transfer service offers this.
Higher Transfer Limits
Priyo Pay allows bulk transfers of high-value payments from foreign clients exceeding limits on other mobile money and internet banking platforms.
Debit Card Acceptance
The Priyo Pay Mastercard can be used by freelancers to make payments and withdrawals internationally with ease.
Priyo Pay’s technology-first approach makes financial transactions seamless for tech-savvy freelancers through automated processes and minimal paperwork.
Priyo Pay founder Zakaria Swapan has 14 years of experience in Silicon Valley and strong Bangladeshi roots. This inspires confidence in users about dependable service.
The Future Prospects of Freelancing in Bangladesh
Freelancing is fast emerging as an attractive career option for Bangladeshi youths for several key reasons:
High Demand for Skills
There is growing demand globally for Bangladesh’s IT and tech talent across domains like data entry, ecommerce, digital marketing, graphic design, online tutoring, and more. International clients are readily outsourcing tasks to Bangladeshi freelancers for quality output.
Higher Income Potential
Freelancing offers much higher income potential compared to traditional salaried jobs for skilled professionals in Bangladesh. Top freelancers earn $3,000-5,000 per month while others earn $500-1500 on average by working from home flexibly.
Freelancing allows continuous upskilling as workers handle diverse global projects and gain exposure. This helps them stay updated regarding technological trends and platform tools.
Freelancing work timings are flexible allowing professionals to divide time between work, family, and personal interests conveniently. This is a major motivator for urban youths.
Low Entry Barriers
Basic tech skills and proficiency in English is enough to start freelancing part-time. Bangladesh’s trainable workforce is an advantage in starting freelancing careers faster.
Government bodies like ICT Division, a2i, and BASIS actively promote freelancing and are introducing training programs and collaboration platforms to boost the ecosystem.
According to Anthropic CEO Zakaria Swapan, the annual earnings of Bangladeshi freelancers can exceed $1 billion within a few years owing to all these positive developments. Priyo Pay aims to support this growth by enabling easy payments for freelancers. The addressable market for freelancing runs into trillions of dollars globally and more skilled Bangladeshis can grab opportunities.
Common Freelancer Questions Answered
Here are some common questions Bangladeshi freelancers may have about Priyo Pay answered for quick reference:
What documents do I need to open a Priyo Pay account?
You need a valid Bangladeshi passport or national ID card for account creation and KYC verification on Priyo Pay.
How do I add or withdraw money from my Priyo Pay account?
You can transfer money into your account from the freelance platform where you get paid by clients. For withdrawals, you need to enter details of your Bangladeshi bank account where transferred funds will reflect in real-time.
How do I use the Priyo Pay debit card?
The Priyo Pay debit Mastercard can be used to withdraw cash from ATMs, make POS payments, and shop online anywhere worldwide where Mastercard is accepted. Usage and limits depend on account type and KYC verification tier.
How long does it take to receive freelance payments?
Inbound payments from clients to your Priyo Pay US account take 5-10 minutes to reflect. Outbound transfers to local bank accounts are instant via BEFTN.
Is there any limit on how much I can transfer?
Priyo Pay allows high volume transfers generally not permitted on other mobile money and internet banking platforms in Bangladesh. But limits depend on account type and KYC level.
How do I contact Priyo Pay customer support?
You can visit the Priyo Pay support centers in Bangladesh for in-person assistance. Alternatively, live chat, email, and dedicated phone support lines are available during business hours for instant resolution.
What are the charges and fees for Priyo Pay services?
Account creation is free. Yearly maintenance fees are $24 but waived if total transfers exceed $2000. Inbound transfer fees are minimal. Outbound transfers incur 1-2% charges depending on volume as per regulatory compliance.
In conclusion, Priyo Pay has the potential to revolutionize how Bangladeshi freelancers conduct financial transactions and repatriate foreign earnings. By utilizing technological innovation and localization, Priyo Pay can simplify cross-border payments and currency conversions for freelancers. Its faster and cost-effective services can greatly benefit the country’s growing freelancer community. If Priyo Pay sees widespread adoption amongst tech-savvy youths, its low-fee remittance services can also help Bangladesh economically by formalizing flows from the expat community worldwide. Overall, Priyo Pay’s secure and user-friendly platform can help freelancers and global Bangladeshis participate in the digital economy more conveniently than ever before.