Really glad that someone stepped up and identified this huge market need, a wallet for Pakistani feeelancers so they can transfer their funds to their home country. I really like their deep integration and understanding of Pakistani freelancer requirements i.e. PRC issuance and proper purpose code 9186. I also like the fact that they are working with local banks and PSEB for also streamline this PRC issuance process.
Having used both Payoneer and WISE, I can say that it is so much better than Payoneer in terms of their fees and deductions. WISE still offers a better exchange rate than ElevatePay but the purpose code is not correct for Freelancing income. In short, I'd advise Elevate team to further strengthen the integration with banks for automated PRC issuance and most importantly match their rates with that offered by WISE. The exchange rate should also be the real exchange-rate and not include hidden fees.
Also, I'd advise ElevatePay to be careful with having DLocal as the payment partner. DLocal sometimes sends the payments through different channels that is not recognized as a remittance.
ElevatePay should have different payment partners and have proper agreements and compliance checks in place.
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Elevate Pay is empowering remote professionals and freelancers in emerging markets with access to USD banking. Our fintech platform offers a secure, transparent, and easy-to-use solution for receiving, sending, and saving money for remote professionals.
