So, you’re a digital nomad hopping from country to country while you work. Your overseas clients pay you in dollars, euros and pounds. Life is lekker.
What’s nice is that you get to see the world and live like a king on a decent budget. What’s not-so-nice is figuring out the best way to get paid. And sending money back home can be expensive and take days.
Using the available online payment platforms can be a schlep. Besides dodging scams, you face costly international transfer fees. Additionally, high exchange rates can determine whether you’re sitting down for a steak or hitting the drive-thru for dinner.
But what if there was an app built for South Africans to make receiving and sending international payments easier? There is.
What is Shyft?
Shyft is a forex, investment and payments app that makes global transfers easier for South Africans. It’s powered by Standard Bank, meaning your money is in safe hands. FYI, you don’t have to bank with them to use Shyft.
The Shyft app gives you five digital wallets to send and receive USD, EUR, GBP, AUD, and ZAR. If your payments are in other foreign currencies, they’ll be automatically converted into the currency of the selected wallet. What’s more, Shyft offers the cheapest forex rates in South Africa.
How to receive foreign currency payments with Shyft
You can download the app from the Apple, Google or Huawei app stores and register for a Shyft account for free. Your employer outside South Africa doesn’t need to have the Shyft app. They simply need the account details of your relevant Shyft wallet to make a deposit.
Sharing the account details of your Shyft wallet:
- Log into Shyft and click the burger menu in the top left corner of the home screen.
- Select “Wallet Top-ups” from the sidebar menu.
- Choose the currency you want to receive and click the “Top-up” button.
- Read and accept the terms and conditions.
- Select the “Receive Payments” tab and click “Share Details”.
Your employer needs to use your Shyft reference number as the beneficiary reference. Each currency transfer will be charged a flat fee ($14, £10, €12 or A$18) regardless of the amount transferred.
How to send payments back home
Perhaps the best part about using Shyft is the free Shyft-to-Shyft feature, which allows you to send instant payments to any Shyft user.
Of course, your friends and family will first have to register with Shyft. But you can easily send them an invite via WhatsApp and add them as beneficiaries.
Sending instant transfers to your beneficiaries:
- Log into Shyft and click “Quick Actions” in the middle of the home screen.
- Select “Send Money” from the drop-down menu.
- Choose the “Shyft to Shyft” payment method.
- Tap on the beneficiary, then enter your reference, reason for payment, and amount.
- Click on “Next” to review the details and select “Confirm and Pay”.
Ready, set, Shyft!
How you get paid and send money back home should be the last thing you worry about while working on the go. Experience peace of mind on your digital nomad journey by getting Shyft!