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November 12, 2020

Get Paid in Liquid: Set up your International Bank Account

Liquid supports payments to 175+ countries worldwide. Here’s how to set up your account to get paid in 3-5 days.

Get Paid faster with Liquid. Secure 2 day payments to 175+ countries.

Liquid News Finance and Accounting Freelancer Tips International Payments

Liquid is the fastest and easiest way to manage your freelancing projects and get paid worldwide in over 175 countries. Secure payments are delivered to your account in 3-5 days via wire transfer

If you are a US vendor, stop here (you may review this post to learn how to set up your US bank account via Plaid). If you are an international vendor, read on to learn how to set up your international bank account today.

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Initial Setup of your Liquid Account

When you set up your account in Liquid, we’ll ask you for some information about your business to get you started. This information is then used to pre-populate your contracts (such as NDAs and Master Services Agreements) and tax forms. Here is some of the information you must provide when setting up your account: 

  • Whether you have an entity (incorporated business) through which you do your work
  • Your business name (or name you use with your Clients if you don’t have an incorporated business entity)
  • The country where you are located
  • Business Address

In addition, US-based vendors and citizens are required to enter their US Tax ID. As an international vendor, you have the option to provide an EIN, SSN, or ITIN — but the tax ID is not required. 

Initial Finance Setup: Selecting your preferred payout currency

After submitting your initial company information, we take you through setting up your bank account. This information is only used to send you money and is sent and saved securely. While US Vendors can use Plaid to set up their bank account to receive payments via Liquid, Vendors located outside of the United States have a slightly different process.

As an international Vendor, you will be prompted to select your preferred payout currency when you set up your Vendor account in Liquid. Your choices will be US Dollars (USD) or your local currency. 

  • If we support payouts to your country in both USD and your local currency, your selection will be saved and used for payouts. 
  • In some countries, we currently only support USD payouts. If that is the case in your country, selecting local currency as your preference will help us prioritize adding payouts in that currency in the future. 
  • If you are located in one of the few countries where we don’t yet support payments, you will still be prompted to select your payout currency. Your selection will help us prioritize how we decide to support payments to your country. 

Initial Finance Setup: Setting up your International Bank Account

If you are located in one of the 175+ countries where we support payments, you will be prompted with a form to enter your bank account information after submitting your preferred payout currency. Your bank account information is not shared with your clients and is transmitted and stored securely

This bank account form will be specific to your country, but here are some fields that you should be prepared to complete:

  • Business account or Personal account. We need to know whether your account is a business account or a personal account to properly initiate payments to you.
  • Bank Account holder Name and Address (please do not use any initials, as this may slow down payment processing)
    • Note that the country should be locked to the country you’ve selected for your business address.
  • Bank account number and/or IBAN
  • Name of Bank and bank branch address
    • Note that the country should be locked to the country you’ve selected for your business address.
  • Bank SWIFT code
  • Intermediary bank name and address (if applicable, this will be provided by your bank)
    • Note that the country of your intermediary bank should be USA.
  • Intermediary bank SWIFT code (if applicable, this will be provided by your bank)

Be sure to check (and double-check) this information before submitting it. If your information is incorrect, payouts may be prevented, failed, or delayed.

After you have completed the initial setup process in Liquid, you will be able to complete and execute any contracts and tax forms that your Client has requested from you (your Client-Vendor onboarding process). Once you have completed your Client-requested onboarding processes, you will be able to send project proposals, invoice your Client, and get paid!

Settings in Liquid: Getting Paid 

Within the Settings section, the Getting Paid subsection is where you can edit your bank account information or replace your bank account with a different account. You’ll notice that you can only have one bank account set up to receive payments. However, you can replace or edit that bank account. 

In addition, your international bank account will show an Unverified badge initially. Once Liquid has verified your bank account information, that badge will show Verified. (For US-based vendors, this verification is completed via Plaid.) Once your account has been verified, you will be able to invoice your clients and receive payments! Note that replacing or editing your bank account will require additional verification from Liquid. 

Also on this Getting Paid subsection is an International Payments subsection that will allow you to specify your preferred payout currency (much like you did in the initial Finance Setup). If you have already entered your international bank account information, changing your preferred payout currency will not affect the payout currency associated with your bank account. However, if you replace your bank account, your currency preference will be reflected and saved with your new bank account. 

Lastly, if you move to another country, we recommend that you change your Business Address Country in Settings. Making this change will remove your bank account from your Liquid account and you will be prompted to enter your new bank account information (based on the country you are located in).

Get paid in 3-5 days in 175+ countries worldwide

Our partnerships with global banks make it so payments to 175+ countries can be done quickly and securely. Even if your clients choose to make payments via credit card, you will receive your wire payment in 3-5 days. Still have questions? Reach out to us via chat anytime.

Sign-up to try Liquid today!

Category: Liquid News Finance and Accounting Freelancer Tips International Payments

Updated: November 12, 2020

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