Friday, February 3, 2023

UK Residents Can Now Receive Pay in Bitcoin via Bitwage

UK Residents Can Now Receive Pay in Bitcoin via Bitwage

Fresh after launching in the E.U., Bitwage is now offering its service to U.K. employees too. The company allows any employee to instantly convert their wages to bitcoin, saving in increments.

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It’s not necessary to be a U.K., E.U. or even U.S. resident to use Bitwage — however you need to work for a company based in one of those places. Therefore, remote workers and freelancers can also use the service.

According to the company’s announcement, U.K. workers can receive wages through Faster Payments, BACS, CHAPS or SWIFT into local GBP bank accounts. For the E.U., workers can receive unique IBAN numbers and split their pay between local currency accounts and bitcoin faster.

How Bitwage Works

Employees sign up to receive all or a portion of their pay in bitcoin, and can choose the percentage. Since it sends directly to Bitcoin addresses and doesn’t use proprietary wallets, users can receive the bitcoin in any wallet they prefer.

Bitwage logoIf an employer doesn’t have an existing relationship with Bitwage, users can invoice an “External Employer” and request they deposit wages into one of Bitwage’s accounts.

The service charges a one percent fee per local currency deposit but has a $10 USD fee for incoming wire transfers. It also offers a “Premium” option that waives fees for a $15.99 per month subscription.

The company first launched for U.S. workers 2014. In December 2016, it moved half its team to France after winning the government-sponsored French Tech Ticket competition.

What About Other Countries?

As an official French company now, Bitwage plans to expand its presence in Europe, and hopes to enter Africa too — perhaps in French-speaking countries there.

If Australian workers still feel a bit left out, there’s a local option. Get Paid in Bitcoin launched in May and provides a nearly identical service.

For the moment, Bitwage is still popular in existing markets. It claims to have 13,000 worker clients, and has paid out $21.6 million USD in wages. It also offers a recruitment service and jobs board for interested people to find available jobs.

Do you use Bitwage? What do you think of it? Let us know in the comments.

Images via Bitwage, Pixabay

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