How to Pay Freelance Journalists Overseas
Every year, the freelance economy continues to grow. This enables businesses across the globe to work with skilled professionals regardless of location. Publishers have been relying on international freelance journalists for decades to relay pertinent information to their audiences. As this niche economy booms, the way publishers pay freelance journalists overseas has changed — for the better.
However, figuring out how to pay freelance journalists overseas can still be time consuming, expensive, and tedious for businesses without the proper infrastructure. Clients have to take into account exchange rates, service fees, location, and currency when paying freelance journalists overseas.
To help publishers better pay freelance journalists overseas, we’ve put together a simple guide of things to keep in mind during the payment process.
Outline payments terms with freelancers
Every freelance journalist your business hires, regardless if they are located overseas or not, should sign an intellectual property agreement or contract agreement before work begins. In this contract, lay out the payment terms. Most freelancers have their own rates — whether it’s a project fee, per word or hourly rate. After agreeing on the rate of the project or the assignment can you move on to outlining the terms officially.
Clients should define in their contract with the freelancer when payment takes place or outline payment milestones. Will payment take place after the work is completed? How many rounds of edits need to take place before payment is triggered? Will payment take place over a series of weeks as the project plays out? Clients typically stipulate payment terms, though negotiation is also typical. Outlining the payment terms with the freelance journalist through a contract ensures little to no disputes take place over the course of work.
Agree on payment currency
Freelance journalists working overseas may want to be paid in their local currency. Chances are the currency they may want to be paid in is different than where your business is headquartered. Yet, the freelancer may be open to payment in the currency of your business’s current location, if the exchange rates vary.
For example, USD is widely considered to be a stable currency. Many freelancers overseas accept US dollars instead of the currency of their location, too. To ensure you and the freelancer are on the same page, have the freelancer send an invoice with the currency they wish to be paid in. Because exchange rates change all the time, make sure to state the amount of currency that is being paid and at what date for record-keeping purposes.
How to send international wire transfers to freelancers overseas
US-based businesses typically pay freelance journalists directly into their bank accounts through ACH (Automated Clearing House) transactions if they also live in the United States. Nonetheless, wire transfers are considered to be secure and safe, regardless of location.
To pay a freelance journalist overseas, you’ll need:
- The name of the bank the payment will be wired to
- The account number
- The routing number
- The name of the freelancer who owns the bank account
- A home address
- The IBAN and BIC/Swift code for European freelancers
- The BIC/Swift code, BSB, and account number for Australian freelancers
With OutVoice, pay freelance journalists overseas anytime, anywhere in the world. Once you click pay we take care of the rest. Freelancers can select their desired currency, fill out bank and tax documents, as well as sign off on any intellectual property agreements during our one-click onboarding process. Freelancers and editorial teams prefer OutVoice thanks to its publishing-specific design, intuitive UX and features made with them in mind.
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