Bitwage, a US-based bitcoin payroll startup, has announced the launch of its international payroll processing and invoicing services in Brazil.
According to the company’s blog post, the launch enables contractors and freelancers in Brazil to invoice in the United States (USD), Eurozone (Euro), Canada (CAD), Australia (AUD), Switzerland (CHF), or the U.K. (GBP), without requiring their clients to sign up.
“Once the funds are transferred, Bitwage uses the Bitcoin blockchain to transport the value to Brazil nearly instantly. Once in Brazil, the assets are sold into Brazilian real and delivered straight into your local bank account,” the post stated.
It can take five to fifteen days for an international wire transfer through Brazil’s legacy banking network and can cost at least 320 R$ from a 4,000 R$ payment and is not unheard of for transfers to simply get lost.
“By leveraging the blockchain, we have typically seen transfer speeds into local Brazilian bank accounts next day with workers receiving up to 10% more money compared to exchange rates on bank wires during our beta in brazil over the last 5 months,” the post added.
With Bitwage’s frictionless invoicing system and thousands of users, international freelancers, contractors and employees can receive payments from Freelancer, Staff, Upwork, Toptel and other freelance marketplaces to technology industry giants like Google, Facebook and Yahoo.
The frictionless invoicing provides users with domestic accounts in US and Europe or for other currencies. With this feature, workers can invoice their clients using the given banking details and can also receive their wages the next day after deposit.
In addition to the launch of payroll processing, Bitwage also releases a new referral program for Brazilian workers where for every Brazilian contractor or freelancer referred, the referee will receive 0.50% of all the wage payments which come in through Bitwage’s invoicing system for 6 months.
Bitwage has been processing international wage payments for workers all over the world since January last year, starting in Philippines. In April this year, Bitwage announced the launch of its Bitwage Payroll service for Individuals (BPI) in Europe.
