The verdict in three sentences
Invoicing in euros or dollars is often worth far more than a local rate, but every collection channel has its cost: 1 to 3 % commission plus FX fees on conversion to naira or cedi. Payoneer and Wise suit recurring clients and diaspora work, Grey/Geegpay are built for African freelancers, and Stripe handles card payments; the choice depends on your receipt times and volumes. Remember the reporting threshold: foreign income remains taxable in your country of residence.
Collection solutions compared
| Method | Fees (2026 order) | Receipt time | Currency |
|---|---|---|---|
| Payoneer | ~1–2 % + FX | 1–3 days | USD, EUR |
| Wise | ~0.5–2 % + real FX | 1–2 days | Multi-currency |
| Grey / Geegpay | ~1 % + FX | 1–2 days | USD, GBP, EUR |
| Stripe | ~2.9 % + fixed | 2–7 days | International cards |
| SWIFT transfer | High fixed fees | 2–5 days | USD, EUR |
Wise usually offers the closest-to-real exchange rate, which matters as much as the headline commission. Grey and Geegpay give you USD/GBP virtual accounts tailored to Lagos and Accra freelancers, while Stripe is ideal when the client pays by card on your site.
Local conversion and tax
| Step | Watch-out | Impact |
|---|---|---|
| Currency receipt | Use a multi-currency account | Avoids double conversion |
| Convert to local | Compare the applied rate | 1–3 % gap possible |
| Local withdrawal | Withdrawal / transfer fees | Varies by bank |
| Declaration | Foreign income taxable | Per tax residence |
| Records | Keep invoices and statements | Useful under audit |
A freelancer invoicing 2 000 USD can lose 60 to 120 USD in cumulative fees depending on the channel. Comparing commission AND exchange rate, and batching withdrawals, cuts the damage noticeably.
Become a Kolonell referral partner
Diaspora and international clients sometimes ask for more than a site: a store, a platform, an institutional rebuild. Rather than turning them away, point them to Kolonell and earn a commission through our referral (apporteur d'affaires) programme.
| Referred project type | Sale commission | Recurring |
|---|---|---|
| Showcase website | 15 % | + 5 % on maintenance |
| E-commerce | 12 % | — |
| Marketplace | 10 % | — |
| Institutional | 8 % | — |
A diaspora client ordering a marketplace at 5 000 000 XOF earns you 500 000 XOF (10 %). Since these projects often pay in hard currency, your commission arrives in a strong currency, without you delivering the project.
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Mini case study
Kwame, a freelance developer in Accra, invoices a UK client 2 000 GBP via Grey: fees and FX limited to around 40 GBP, received in 2 days, converted to cedi near the real rate. The same client then wants a multi-vendor platform: Kwame refers him to Kolonell for a marketplace at 5 000 000 XOF and earns 500 000 XOF (10 %). In one engagement he banked his freelance fee AND a referral commission worth more than three months of local billing.
FAQ
What is the cheapest way to collect in foreign currency?
Wise often gives the best real exchange rate with low fees. Payoneer is handy for recurring clients, Grey/Geegpay for African freelancers, and Stripe for card payments on your site.
How long to receive an international payment?
Between 1 and 7 days depending on the channel: 1-2 days for Wise or Grey, up to 5-7 days for Stripe or a SWIFT transfer.
Is foreign income taxable?
Yes. Income received from foreign clients remains taxable in your country of tax residence. Keep invoices and statements to support it.
How do I receive my referral commission in currency?
If the referred project is paid in currency, your commission can follow the same channel. We agree together on the most advantageous method for you.
Let's talk about your project. International collection or referral income in currency: we optimise it with you. WhatsApp +221 77 596 93 33.
Mohamed Bah
Fondateur, Kolonell
Passionate about digital and entrepreneurship in Africa, Mohamed has been helping Sénégalese businesses with their digital transformation since 2020. Founder of Kolonell, he believes every SME deserves a professional and accessible online présence.
