usd

For them, the difficulty hasn’t been opening local USD accounts; it’s been cost-effectively facilitating payments from international employers and online platforms. “Using local products meant many remote workers had large chunks of their earnings eaten away with excessive fees. The USD products couldn’t be local,” said Oudjidane, who is also the founding partner of emerging markets fintech fund Byld Ventures. “The product would need to move to offering U.S.-based USD accounts,” accounts that, critically, would facilitate ACH payments to enable those freelance payments and came with the security that you get with U.S. banking, such as FDIC assurance. “Freelancers and remote workers in these markets will undoubtedly be a critical source of foreign income to help rebuild,” Oudjidane said.