Can a freelancer in Africa hold US dollars, euros, pounds or Canadian dollars? The honest answer, currency by currency
Storspay holds US dollars and euros in the currency they arrive in. Pounds and Canadian dollars can be received to account details in your own name but convert to dollars on arrival. Here is exactly what happens to each, and all 26 countries you can cash out in.
The short answer. Two of the four. Storspay holds US dollars and euros in the currency they arrive in. You can also be paid in pounds and Canadian dollars — account details are issued in your own business name for all four — but those two convert to US dollars on arrival, at the rate shown once on the deposit. You cash out to a local bank account or mobile-money wallet in any of 26 countries at 2% all-in, on your own schedule.
This is the question freelancers in Africa ask before anything else, and most answers to it are vague. Here is the precise one, currency by currency, followed by every country you can take the money out in.
| You are paid in | Account details in your own name | Held in that currency? | What you end up holding |
|---|---|---|---|
| USD — US dollars | Yes | Yes | US dollars |
| EUR — euros | Yes | Yes | Euros |
| GBP — pounds | Yes | No | US dollars, converted once on arrival at the rate shown |
| CAD — Canadian dollars | Yes | No | US dollars, converted once on arrival at the rate shown |
Who this is for — and who it is not for
Storspay is for businesses, and a sole trader counts as one. If you are a freelancer or sole proprietor trading in your own name, you open a business account of the sole-trader type. You can be paid by companies abroad, and you can pay other businesses on Storspay — including other sole traders — for work they have done for you.
What Storspay is not is a personal money-transfer service. We do not open personal accounts, and every payment has to be a business transaction: an invoice, a contract, work delivered. Money to family, gifts and personal transfers are not what this is, and we would rather say so now than at verification.
What happens to each currency
US dollars (USD)
Dollar account details are issued in your own business name as soon as you are verified — you do not have to ask for them. Dollars are held as dollars. There is no conversion on arrival and no holding fee. Pay out to a US bank account in your name from US$5, cash out to your local bank or mobile-money wallet at 2% all-in, or pay another business on Storspay for free.
Euros (EUR)
Euro account details are issued in your own business name on request, from the Get paid screen, once you are verified. Euros are held as euros. A SEPA deposit credits a euro balance and stays there until you choose to move it — no conversion on arrival, no holding fee. Pay a European bank account in your name by SEPA from €4.50 (0.75%) with no conversion at all, cash out locally at 2% all-in, or pay another business on Storspay for free.
Pounds (GBP)
Pound account details are issued in your own business name on request, from the Get paid screen, once you are verified. Your UK client pays them by Faster Payments exactly as they would pay any UK supplier. Pounds do not stay pounds. They are converted to US dollars on arrival, at the mid-market rate shown once on the deposit, and held as dollars. Storspay does not keep a pound balance today — we would rather tell you that here than let you find out after your first invoice. From the dollar balance: a US bank account in your name from US$5, your local bank or mobile-money wallet at 2% all-in, or another business on Storspay for free.
If holding the currency matters to you and your client can settle in euros instead of pounds, ask them to — euros are held as euros. Plenty of UK companies can pay by SEPA.
Canadian dollars (CAD)
Canadian dollar account details are issued in your own business name on request, once you are verified. Your client pays by Interac e-Transfer or EFT. Canadian dollars do not stay Canadian dollars. They are converted to US dollars on arrival, at the mid-market rate shown once on the deposit, and held as dollars. Storspay does not keep a Canadian dollar balance today. From the dollar balance: a US bank account in your name from US$5, your local bank or mobile-money wallet at 2% all-in, or another business on Storspay for free.
If you want to hold what you are paid, ask whether the client can settle in US dollars or euros — both are held in the currency they arrive in.
Why we say this plainly
It would be easier to write "hold USD, CAD, GBP and EUR" and leave it there. But a freelancer who signs up expecting a pound balance and finds dollars has been mis-sold, and will say so. Pounds settle only to dollar assets on the rails we use, and Canadian dollars come in through our own bank — so those two convert. Dollars and euros do not. If that changes, this page changes with it.
The 26 countries you can cash out in
Whatever you hold, you can move it to a local bank account or mobile-money wallet in any of these, the same business day, at 2% all-in:
| Country | Paid out in | Cash out by |
|---|---|---|
| Argentina | ARS — peso | Bank transfer |
| Benin | XOF — West African CFA franc | Mobile money |
| Botswana | BWP — pula | Bank transfer, Mobile money |
| Brazil | BRL — real | PIX, Bank transfer (TED) |
| Burkina Faso | XOF — West African CFA franc | Mobile money |
| Cambodia | KHR — riel | Bank transfer |
| Cameroon | XAF — Central African CFA franc | Mobile money |
| Colombia | COP — peso | Bank transfer |
| Congo-Brazzaville | XAF — Central African CFA franc | Mobile money, Bank transfer |
| Côte d'Ivoire | XOF — West African CFA franc | Mobile money |
| Ecuador | USD — US dollar | Bank transfer |
| Ethiopia | ETB — birr | Bank transfer, Mobile money |
| Gabon | XAF — Central African CFA franc | Mobile money, Bank transfer |
| Ghana | GHS — cedi | Mobile money, Bank transfer |
| Kenya | KES — shilling | Mobile money, Bank transfer |
| Malawi | MWK — kwacha | Mobile money, Bank transfer |
| Mexico | MXN — peso | Bank transfer (SPEI) |
| Nigeria | NGN — naira | Bank transfer |
| Rwanda | RWF — franc | Mobile money, Bank transfer |
| Senegal | XOF — West African CFA franc | Mobile money |
| South Africa | ZAR — rand | Bank transfer |
| Sri Lanka | LKR — rupee | Bank transfer |
| Tanzania | TZS — shilling | Mobile money, Bank transfer |
| Togo | XOF — West African CFA franc | Mobile money |
| Uganda | UGX — shilling | Mobile money, Bank transfer |
| Zambia | ZMW — kwacha | Bank transfer, Mobile money |
How a freelancer starts
- Create the account and choose Sole trader — you are the business, trading in your own name.
- Say what your business does, in one line.
- Verify once with an ID document and a selfie. Dollar details are issued straight away.
- Ask for euro, pound or Canadian dollar details when you need them. For those we ask for one signed client contract or a recent invoice — one document, once.
Questions we get
Can a freelancer hold US dollars?
Yes. Dollars are held as dollars in your Storspay balance, with no conversion on arrival and no holding fee. Dollar account details in your own business name are issued as soon as you are verified.
Can a freelancer hold euros?
Yes. Euro account details are issued on request, and a SEPA deposit credits a euro balance that stays in euros until you choose to move it.
Can a freelancer hold British pounds?
No. You can be paid in pounds — pound account details are issued in your own business name and your UK client pays them by Faster Payments — but the pounds are converted to US dollars on arrival, at the mid-market rate shown once on the deposit, and held as dollars. Storspay does not keep a pound balance today.
Can a freelancer hold Canadian dollars?
No. You can be paid in Canadian dollars by Interac e-Transfer or EFT to details in your own name, but they convert to US dollars on arrival at the rate shown once, and are held as dollars.
So which currencies can I actually hold?
US dollars and euros. Those are the two Storspay holds today. Pounds and Canadian dollars can be received but are converted to dollars when they land.
Do I need a registered company?
No. A sole trader — a freelancer trading in their own name — is a business type on Storspay. You choose Sole trader at sign-up and verify with an ID document and a selfie.
Whose name is on the account details?
Yours. Details are issued in your own business name, which is what contracts mean when they say payment must go to an account in the contractor's own name and not to a third party.
Can I pay another freelancer from my balance?
Yes, if they are also on Storspay. It is free and instant, and they receive the currency you paid from with no conversion. It has to be a business payment — an invoice, a contract, work delivered. Storspay does not carry personal transfers.
What does it cost to cash out locally?
2% all-in at the mid-market rate, with any local delivery fee shown on the same line before you confirm. A bank wire for the same money typically costs 5–7% once the spread is counted.
How long does it take?
The same business day for bank transfers, and minutes on most mobile-money networks.
Is there a minimum?
SEPA deposits start at €1 and Faster Payments at £3.
Which countries can I cash out in?
All 26 Storspay corridors, listed in full on this page — ten in West and Central Africa, nine in East and Southern Africa, five in Latin America and two in Asia.
Run your own number on the calculator, or read how getting paid works.
See your own corridor number. What your team receives, what Storspay costs, what you keep — no sign-up.
Open the calculator →