Bitwage Introduces Unique IBAN Accounts for EU-based Bitcoin Payroll Users

Bitcoin payroll services are a great tool to introduce new people to cryptocurrency. Bitwage is one of the market leaders in this regard, with a strong focus on EU clients. As of yesterday, the company announced a new feature to improve their payroll service. All users receiving wages in the EU now have access to unique IBAN numbers. An intriguing development, to say the least.

It is good to see companies such as Bitwage step up their game. Providing bitcoin payroll services has been a significant development. The company has seen its fair share of success over the past few years, especially in Europe. As a result, Bitwage has been working hard on further improving their service. As of right now, it is possible to access a unique IBAN for all users who receives wages in the European Union.

Big Bitcoin Payroll Upgrades For EU Users

Unlike their US counterparts, EU citizens can’t split a payroll into two accounts. Instead, European bitcoin enthusiasts have to use services such as Bitwage to have part of their paycheck sent in bitcoin. Moreover, the platform also allows full conversion to bitcoin, should the user prefer so. All things considered, it is a more than valuable service to bitcoin enthusiasts.

The introduction of unique IBAN accounts is quite interesting, though. These new accounts allow users to receive a direct deposit into any wallet of their choice. Bitwage has been able to provide this service thanks to a new banking partnership. Two major changes will be coming to EU Bitwage users, the first of which is real-time transaction viewing. Users can exactly see when Bitwage receiving the funds, which is a nice feature.

The second change comes in the form of no deposit claims required. Users will no longer need to verify the funds belongs to them. That is a big step in the right direction, a sit removes unnecessary delays altogether. Since payment descriptions are no longer required, the whole process has become a lot smoother for all users. A very nice change that will be appreciated by many people all over the world.

To access these new features, Bitwage users must receive over 1,9999 EUR in volume per month. Additionally, Bitwage Premium users will receive these new perks automatically. One other advantage of the Premium feature is how Bitwage users will receive wages the same day as the company receives the money. The company is firing on all cylinders as bitcoin payroll services start to gain more traction in the EU.

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Bitwage continues to make a name for itself in the payroll business. The company has announced the launch of their new “My Employment” feature. This new offering lets users create a payment-verified professional profile, and creates a reputation system for Bitwage users. This should help freelancers and other remote workers increase their [international] client base.

For a lot of people, the Bitwage service is a solution to a lingering problem. Getting paid, especially when contacted by someone over the internet, is not an easy feat. A lot of workers deal with delayed payments, or they end up losing a lot of money due to intermediary fees. Using Bitcoin for this type of business is a no-brainer, and Bitwage has been merging the two worlds since July of 2014.

While the company makes it a lot easier for workers to receive payments at cheaper rates, it did not solve a bigger problem. A lot of freelance workers struggle to find new clients to work for. Since none of the existing Bitcoin-oriented platforms offers a viable reputation system for paid work, Bitwage has come up with a solution.

The Bitwage “My Employment” Feature

The “My Employment” feature lets users set up a reputation based payment account. Companies and entrepreneurs looking for freelancers will see if users have been paid successfully in the past for completing specific tasks. Moreover, this new platform will show potential clients payment-verified information of the worker. Since Bitcoin is used as a payment method, that information is logged on the immutable Bitcoin blockchain.

There are two different types of reputation systems in the world.Review-based reputation does not tell the entire story, as it is easy to manipulate these records. Payment-verified reputation, however, is impossible to manipulate, as money has to be sent before reputation is earned.

What is rather intriguing is how existing Bitwage users can leverage their previous payment history as reputation. Their profiles can also list past employers, and the amounts of money they have been paid in the past. All of this information can be made as public or private as the user wants, though.

Users will be given access to their own personal URL which contains all of the relevant information. Public profiles will be listed on a dedicated page, which is accessible to the public. Employers can directly contact workers and offer them a new job through this new system.

More Payment Options For Several Countries

But there is more good news, as Bitwage also announced additional payment outputs. Local currency payouts are coming to the US, Europe, India, Vietnam, and Argentina. Moreover, they no longer have to sign up for the platform’s invoicing solution to receive these native payments. A very exciting development which will put this Bitcoin company on the global radar.

The company has also hit a new milestone where payment processing is concerned. In September of 2015, Bitwage had processed over US$1m in payroll transactions. Fast forward to today and the growth is spectacular. The company processed  US$1m worth of transactions in August alone, which goes to show there is a huge demand for their services.

Header image courtesy of Bitwage

BitWage is on a roll as of late, and the company announced blockchain-based payroll processing and invoicing services for Brazilian customers. Given the company’s focus on international payments, Brazil can be a huge market for Bitwage. With many freelancers active in the country, offering alternative methods of getting paid becomes even more necessary.

What makes the invoicing solution provided by BitWage so appealing is how recipients of funds can leverage the Bitcoin blockchain. At the same time, the person paying them does not have to do anything special to send a payment in whichever way they prefer. Such a solution can be extremely valuable when dealing with international payments on a regular basis.

BitWage Arrives In Brazil

To put this into perspective, the company transferred US$5m in wage payments last year. No funds were lost in the process, and transaction fees were kept to a minimum for sender and recipient. Moreover, Bitwage has taken the necessary steps to become insured by a top-rated US insurance carrier.

All of this success has allowed the company to further increase their presence in the international market. Statistics provided by World Bank indicate Brazil’s economy is suffering from a high poverty rate. At the same time, Internet connectivity efforts have put the country on the map in this modern era. Many freelancers living in Brazil are making a living online, yet collecting payments can be a struggle depending on the recipient’s access to financial services.

This makes Brazil an interesting region to Bitwage, and the company has rolled out its invoicing and international payroll services in the country. Contractors and freelancers can bill their clients across the world, without forcing the sender to sign up for the service. Employers can pay their workers through regular bank transfer, which is then transferred over the blockchain to the recipient. Users can have Brazil real deposited into their bank account straight away.

“With the release of our new launch in Brazil comes also the release of a new referral program for Brazilian workers. For every Brazilian contractor or freelancer referred, the referee will receive 0.50% of all the wage payments that come in through our invoicing system for six months. There will be a max payout of 1000 USD a month per referee.”

More importantly, there will no 5-15 days delay when processing these payments either. As Bitwage leverages the blockchain, they can complete most payments within one to two business days. Plus, the recipient will receive more money from the same payment amounts, due to the company maintaining better exchange rates.

Source: Press Release Via Email

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Mexico is a fascinating country when it comes to the remittance market. There is a lot of money flowing from the US to Mexico on a monthly basis. This has caught the attention of Bitcoin company Bitwage, as they expand their service to Mexico.

If it is up to Donald Trump, he will ensure no remittance will be possible between the US and Mexico shortly. While those plans may be vastly overstated, Bitcoin companies are actively working on bringing alternative money transfer solutions to the Latin American country. Bitwage, a popular firm in Europe and the US, is one of those startups.

Bitso and Bitwage Join Forces

Thanks to a partnership with Bitso, a company offering Bitcoin payroll services to Mexicans, a new service will be created. The primary objective is to facilitate the exchange between Bitcoin and Mexican peso. Bitwage will play a prominent role in this regard as they have plenty of experience in the payroll business.

One group of individuals who will reap the rewards from this approach are freelancers. Up until now, most Mexican freelancers were limited to finding jobs in the domestic market. But with the involvement of Bitcoin, they can look well beyond their national borders. Moreover, these freelancers will earn a higher wage, thanks to small Bitcoin transaction fees.

Bitso launched their payroll service earlier this week, specifically tailored towards making remittance in Mexico a lot easier. Receiving payroll wages from international clients through traditional means can be expensive and time-consuming. Bitso focuses on completing these international transfers much faster, while offering a better exchange rate as well.

Bitwage has been making a name for itself through its payroll services. Recipients can choose the currency they want to be paid in, whether that is a local currency or Bitcoin. This removes a lot of friction for the funds senders, as they do not have to worry about converting to a different currency before initiating the transfer.

Source; Pymnts

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Partnerships are always exciting in the world of Bitcoin and cryptocurrency, especially when it involves two completely different companies working together. Urdubit, the leading Bitcoin exchange in Pakistan, has partnered with Bitwage, a company specializing in Bitcoin payroll services.

Urdubit and Bitwage Form An Interesting Duo

When two businesses active in the world of Bitcoin decide to form a partnership, there is a general buzz of excitement in the air. While the agreement between Urdubit and Bitwage may seem a bit strange on first sight, there is a big market for the service offered by both companies.

In Pakistan, where Urdubit is active, there is a large community of freelancers who want to get paid in a frictionless manner. Bitcoin presents an attractive solution in this regard, as the transaction fees are minimal, and users can convert Bitcoin through the Urdubit platform. With more than 180 million people living in Pakistan, this is an enormous market for cryptocurrency with a lot of potential.

Bitwage, on the other hand, is a company focusing on providing Bitcoin payroll services to both enterprises and freelancers. Accepting payments in fiat currency can be converted to Bitcoin, which removes the need to own a bank account. With over US$4m in transactions processed already, the Bitwage platform, has proven to be quite a success so far.

This new partnership between Urdubit and Bitwage is great news for all freelancers in Pakistan, as it will now be possible to convert Bitcoin transactions to fiat more easily. For the exchange platform, this makes life a bit easier as well, which will, in turn, benefit the end user. With a freelance market worth close to US$100m in value, this new partnership can present some significant changes in the region over the coming years.

Last but not least, it is important to note Bitwage lets users receive their wage in either digital or cash or a combination of both. Employers don’t even have to sign up for the service, as the recipient can give them the bank details required. In fact, employees working for some of the biggest firms around the world use this service, as it gives them freedom of choice.

Source: News Tip Via Email

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If you are a freelancer, working on assignments for overseas clients, or you are assigned by your company to work out of a different geography where they do not have a presence. Every month or after the end of each assignment you as a contractor or full-time employee are entitled to receive the due payments. At the same time, putting yourself in an employer’s shoe, if you have freelancers and people working overseas, how would you prefer to pay their salaries?

The conventional option will be to wire the money to the employees account in the respective country. But it comes with its own drawbacks. For starters, overseas money transfer takes anywhere between days to weeks. At the same time, depending upon the legal tender of the respective country, there will be currency conversion fees and transaction fees applicable to each transaction. Being an employer you would not want to foot those bills. However, an employee would not want to see a part of his earnings go towards these things either. After all, he/she has worked hard to earn that money.

There is another solution, which has been around for a while now. It is Bitcoin, the decentralized open-source digital currency that has taken the world by a storm. Bitcoin makes a great currency for payroll in the above-mentioned situations. There are already services that offer bitcoin-based payroll management. Bitwage is well-known among them.

Bitwage has recently announced few new features that are going to make bitcoin-based payments a lot easier. the announcement included three new releases that can make life a lot easier for both employers and employees.

Bitwage Announces New Features

Yesterday Bitwage announced the launch of its API that will allow companies to integrate Bitwage services into their existing payroll management systems. Bitwage API can be used for making both regular recurring payments and also one time payments to the employees. It will allow the departments responsible for maintaining the payroll to use Bitwage to pay freelancers, full-time employees, contractors, distributors, affiliates and even micro-workers.

This newly released Bitwage API integrates seamlessly with the company’s another new offering – Hubstaff. Hubstaff is a time tracking software for tracking the activity of remote workforce. The time tracking software, in combination with Bitwage API can be automated to release payments in accordance with the number of hours a remote employee or freelancer has put into the project. It will help ensure accountability among both the employee and employers.

Another jewel from the Bitwage stables is additional fund deposit options for the employer. The employer can now choose to pay their employees through Bitwage using their debit or credit cards. This option will come in really handy for startups and individuals who make use of freelancers for various assignments. They can easily pay them by using online payment options. This option will also allow the employer to gain rewards and points for using their card and will also have a significant impact on their credit score.

Bitwage is making bitcoin payroll simple for employers. Employees will also directly benefit from this as they will get their payments faster and the minimum transaction fee associated with it won’t cut into their earnings. In the coming days, we can expect more companies to start adopting Bitwage or similar platforms for managing payroll for not just their overseas employees but for others too.

Freelancers, contractors, and employees in developing regions with extreme financial, currency, and capital controls suffer from the lack of trustworthy financial infrastructure.

These individuals are heavily dependent on existing financial platforms and systems such as PayPal and banking services which require a substantially high percentage of the payments as conversion and transaction fees, and demand at least three days to nearly three weeks to process. The inefficiency of today’s financial systems have led to a growing demand for alternative independent currencies like Bitcoin.

Because the Bitcoin network is decentralized, it has the ability to process instant transactions, with surprisingly low fees for the miners who confirm and verify the transactions. Through Bitcoin, individuals can receive their funds or salaries a lot faster, in a more robust and efficient process.

Bitwage, leading international wages and payroll platform has been using Bitcoin to enable freelancers, contractors, employees to receive their funds in Bitcoin with ease, through their various local currency outputs or cloud savings which comes with a Visa debit card.

The cloud saving solutions provided by Bitwage allows anyone in the world to receive wages in Bitcoin, without complicating the process for the sender or the employer. Additionally, the Bitwage platform offers support for 29 different currencies or precious metals, which can be withdrawn into local bank accounts in the US and Europe.

“We can provide freelancers, contractors and employees in the region with domestic US bank accounts to get paid into. Their clients and employers do not have to sign up and they get to save money doing a domestic bank transfer, while the freelancers, contractors and employees easily receive their funds in bitcoin, through our various local currency outputs, or our cloud savings that comes with a Visa debit card,” Bitwage founder and president Jonathan Chester told NewsBTC in an exclusive interview.

Eliminating Volatility

By using the Bitwage cloud savings solutions, users can avoid volatility of reserve currencies and traditional medium of payments. For example, in countries like Argentina or Venezuela where the federal governments have implemented strict currency controls, the annual inflation rate records a staggering 27%. Furthermore, users can transfer their wages throughout different currencies to gain higher international conversion rates and values.

The Bitwage team has also begun to notice a growing user base in the Southeast Asian region, especially in the Philippines, due to the relatively high transaction fees implemented by its local banks and remittance outlets such as Lhuiller and Palawan Money.

“We already have customers in the Philippines that are using our system for this very reason, moving money in as fast as 2 hours, saving over 10% in comparison to sending via wire transfer,” said Chester.

He further emphasizes that the growth and the rising trend of Bitcoin is similar to the demand of US dollars. Bitcoin is one of the only currencies in existence that is not dependent on a commodity or a central authority. Thus, the value of the digital currency purely depends on its demand. The independence of Bitcoin allows itself to maintain a high international conversion rate, which is one of the main factors behind its popularity in the Southeast Asian region.

“It’s important to understand that in the financial world, bitcoin can add value in two completely different ways, as a currency and as a payment rail. As a payment rail, all of the value derives from removing financial intermediaries. With less middlemen, transactions become a lot faster, cheaper and more reliable. As a currency, the value derives from having an alternative store of value that is not necessarily tied to the political agenda of your state. This is why the US dollar has become so popular in various countries in South East Asia, such as Cambodia where you can withdraw USD out of ATMs. Since the store of value of the US Dollar is not connected to the local countries political agenda, but instead, is being created in a nation with a relatively stable political and financial system,” explained Chester.

By utilizing Bitcoin and innovative platforms like Bitwage, anyone around the world can receive their payments in Bitcoin, and disperse them throughout different currencies with higher international rates and values, eliminating volatility and escaping from the strict financial regulations implemented by governments worldwide.

Freelancers, employees, expat workers and startups in developing countries such as Argentina, the Philippines and Indonesia often struggle in settling transactions with banking systems, remittance outlets and mobile payment networks.

Over the past few months, bitcoin startups including Bitwage, and Bitspark have been providing various bitcoin services to assist expat workers to send payments internationally efficiently, with low transaction and conversion fees.

This week, Bitwage announced local support for users in Brazil, Mexico, Philippines and the Eurozone, allowing freelancers and employees to receive bitcoins in their local currency.

“On average, it costs 8% to send funds across borders and often takes up to five days for funds to settle. A system that was one eighth the cost and dramatically faster was something that employers were now willing to adopt, as it benefitted them as well as the employees,” wrote Bitwage CEO and co-founder Jonathan Chester.

Although many payment options are available to freelancers, traditional means of payment often result in a significant loss in their income. For example, in Malaysia, expat workers are forced to invest a portion of their salaries into a government fund due to an initiative which restricts the circulation of cash in the country.

Therefore, Filipino, Korean, Chinese and Thai workers (which are responsible for a substantially large part of the economy) cannot send the Malaysian ringgit back to their countries and families. In other words, they cannot avail both local and international remittance outlets, banking systems and services.

Argentine freelancers suffer from a similar problem. According to Chester, most freelancers in the country give up around 40% of their income due to the complex process involved with the payout and retrieval of their salaries.

“Argentine freelancers were waiting five days, giving up 40% of their income during that process, and sometimes their payments were simply lost in an opaque, slow moving system. Their only other alternative to losing 30% of their wage was getting on a boat to Uruguay to pick up their funds. Through us, Argentine freelancers were receiving wage payments from the U.S. or western Europe to Argentina in a day, at a cost of 1% of the amount, from the comfort of their home. After receiving their wages, the freelancers would figure out how to get their local currency on their own,” wrote Chester.

The sale of U.S. dollars, gold, silver and other valued metals in the country are also restricted. Even worse, individuals are not allowed to take the dollar outside of their country without paying a large amount of tax and conversion fees. Bitwage aims to help these freelancers in Asia, Europe and the Americas to avoid Bitcoin volatility and liquidity issues in the upcoming months.

Bitwage is making international payroll better and easier. Companies using Bitwage reduce payroll costs, increase transfer speeds, and have access to unique payroll tools that cannot be offered through traditional means.

The average cost of paying employees overseas is 8% from flat fees and exchange rates, 3-5 business days and the stress of having no insight into payment flow process. Bitwage allows Employees to both receive a wage and pay for goods and services in Bitcoin. However, being paid in Bitcoin has been difficult for customers concerned about the volatility of the Bitcoin exchange rate.

This is why the company designed a new product – Bitwage Cloud Savings. By partnering with Bitreserve, Bitwage is now able to offer customers the option to choose any portion of their salary to be split and held in 9 currencies and 4 precious metal, including US dollars, Bitcoins, Euros, Pounds, Mexican Pesos, Indian Rupees, Gold, and Silver. With Bitwage Cloud Savings, receiving wages around the world has never been easier.

From paycheck to paycheck, Bitwage users will be able to decide exactly how their salary is paid. Whether the customer is a Greek contractor wishing to hold US Dollars, a Spanish software developer looking to hold Euros or a US employee who wants to be paid in a split between Bitcoin, Gold and Dollars, Bitwage gives the choice back to them.

Bitwage users already enjoy an element of separation from their bank and the traditional financial system. However, Bitwage Cloud Savings now allows them to bypass the whole process, unlike other services that require customers to sign up with a bank account to receive fiat and digital currencies. This means that for the unbanked and underbanked, now exists a solution that allows them to participate in the global digital marketplace and avoid the slow, costly process of check cashing services.

Bitwage envisions a world of low-cost, fast, borderless payroll where, with Bitwage Cloud Savings, employees and contractors all around the world can avoid the limitations enforced by the traditional banking infrastructure by harnessing the efficiency and freedom of Bitcoin held in the currency of their choosing.

With the company allowing such services, users and newcomers getting into cryptocurrency no longer need to have a bank account in order to enter the digital currency space.



The following is something we at NewsBTC can relate to. We have great writers and Bitcoin enthusiasts from across the world contributing to our magazine. When it comes to their remunerations, conventional money transfer across borders is a pain. But, we found a solution!

Thanks to the evolution of internet and technology, it is now possible for companies to have a global workforce. As the companies employ people from across the world, they have to make necessary arrangements to pay regular salaries to their employees. With the current banking infrastructure, it takes a long time to transmit money across borders, not to forget forex and other charges which will be ultimately borne by the employee. The employee will end up receiving less than what the company owes him. Even for the businesses, it is hard to wait without knowing whether the money reached the recipient or not.  This brings us to the question – what is the best way to send money to overseas employees?

Now we have an ideal solution for the above problem, and the solution is called Bitcoin. Including Bitcoin into a company’s payroll for paying its overseas workforce is a great option. Bitcoin payments greatly reduces the time and cost involved in overseas money transfer.

Bitcoin transactions are known for their transparency and efficiency and this is something that we at NewsBTC have taken advantage of. Standing true to the words in this article, we included Bitcoin into payroll about an year ago and things have been smooth ever since.

It was an easy task for us, as we all know about bitcoin. But, what about other companies and businesses where most people don’t know about bitcoins? There are start-ups which intend to cater to such businesses and Bitwage is the first one among them.

READ MORE: Blockchain and Remittance Day to be Held This Month

Bitwage is a Sunnyvale, California based company that offers bitcoin based payroll services to reduce the time and cost associated with international money transfer. By effective utilization of Blockchain technology, Bitwage allows its users to know the exact status of their transactions anytime throughout the process. The money from employer is converted and transferred as bitcoins, which can/will be converted back into fiat currency and disbursed to the employees in any location.

The Bitwage platform has already been adopted by few companies including Colectivo and Rockerbox. The company envisions itself serving everyone from unbanked workers to highly paid executives around the world.