The Time and Energy You Save Hiring a Virtual Assistant? Priceless.
Some days, don’t you wish there were two of you? Or maybe you have said to yourself, if only there were more hours in a day! Running a business is demanding and sometimes, you aren’t able to respond to emails or make phone calls in a timely manner. When too much is piled onto your plate at once, sometimes businesses can suffer. However, there is a solution — you can practice the art of delegating by hiring a virtual assistant. With the help of a professional, effective, and affordable virtual assistant, you can free up precious time and energy to do more of what you love.
So, what exactly do virtual assistants do? Typically, virtual assistants are hired to make phone calls, schedule appointments, organize travel arrangements, and manage email accounts. Depending on their level of expertise, you can also hire a virtual assistant for certain projects such as web page development. Not only can a virtual assistant help you complete these various tasks, but the right match can help you grow your business too. Hiring a virtual assistant can save you time and energy now and help make you more money for the future.
How Much Does a Virtual Assistant Cost?
The cost of hiring a virtual assistant depends on four main factors.
The Type of Work
Naturally, the cost of replying to a few emails will be less than the cost of designing a website. In the U.S. on average, tasks such as light social media management, engagement, and data entry cost between $12 and $15 USD per hour. Mid-level tasks which require a bit more skill, such as graphic design, podcast management, brand management, and project management may cost between $20 and $35 USD per hour. Finally, virtual assistant hourly rates can be $40+ USD on the high-end. These expert-level tasks may include accounting, sales funnel building, operations management, and high-end sales copywriting.
The Virtual Assistant’s Experience Level
The second factor in determining a pay rate depends on the virtual assistant’s personal experience level. The more experienced a virtual assistant is, the more it will cost to hire them. With a more advanced skill set and a rich work history, virtual assistant pricing will increase. On the lower, entry-level end, the average hourly rate for a virtual assistant starts at $7.21 USD. However, on the high, expert-level end, hourly rates can be up to $62.74 USD. It depends on what experience level is required to meet your business’s needs.
Location
Another key factor is the geographic location of the virtual assistant you wish to hire. Different countries around the world have varying costs of living and expected rates of pay.
In Latin America, you can expect to pay $8-10 USD per hour for assistants with entry-level experience. $11-$15 USD for intermediate, or a few years of experience, and $16-$20 USD per hour for expert-level assistants, who have many years of experience.
- North America: Prices range from $12-$40
- Africa: Prices range from $5-$45
- Canada: Prices range from $12-$30
- Western Europe: Prices range from $11-$65
- Southeast Asia: Prices range from $5-$30
VAs in developing nations typically charge less for their virtual assistant services than those in developed countries.
Direct Hiring or Hire Through an Agency
When hiring a virtual assistant, you can choose to hire them directly to freelance for you, or you can go through an agency. So, which should you choose? To decide which is the best route for you, consider not only the upfront financial cost, but the money you can save in the long run. By paying an agency a bit more at the start, it can save you the hassle and additional expenses down the road.
When you hire a virtual assistant directly, you are responsible for the whole hiring process, from beginning to end. You are responsible for advertising and finding a virtual assistant. Then once you’ve found a potential match, you must interview and train them. While the upfront cost can be lower hiring a freelance assistant directly, the time and energy spent using this method can be overwhelming. Also, in the event that the virtual assistant turns out to not be a good fit, you will have to begin the process again.
When you hire through an agency, you will pay a bit more upfront, but it comes with some advantages. Agencies already have access to a group of experienced virtual assistants you can trust. Even if it’s not a good fit, you’ll likely be able to contact the agency and they will coordinate a more compatible match. Hiring a virtual assistant or virtual professional through an agency can save you additional stress, time, and resources.
How to Pay for Your Virtual Assistant
Once you’ve determined whether you hire a virtual assistant freelance or through an agency, you can decide how to pay them. Here are the three most common types of online payment methods for freelanced virtual assistants.
1. PayPal
Pros: Free to sign up and easy to use. Commonly used, many people already have accounts. Keeps personal information safe with extra fraud prevention and security. Offers a business PayPal account option. The business account allows you to send and receive invoices. To our knowledge, Paypal does not have any limits on transfers as of now.
Cons: Charges a 4% fee to convert currency exchanges and an additional 1.5% on international payments. Charges a fee for instant money transfer, while free transfers may take several days to reach an account.
2. Payoneer
Pros: Free to sign up and easy to use. Can send and receive payments to/from 150 different countries. Can make payments via bank transfer, e-check, or credit card. 24/7 multilingual customer service support. No transaction fees between two Payoneer users. To our knowledge, at this time, Payoneer does not have any limits on transfers.
Cons: Charge a 1% fee on international transfers. Cannot generate invoices. Holds or terminates account if fraud is suspected, which can disrupt business payments. 2-5 day timeline for bank transfers. Charges a $29.95 fee for every 12 months you are not active on Payoneer.
3. Wise
Pros: Low cost. You can pay up to 1,000 people without being charged hefty fees. Low exchange rate fees when exchanging money from other currencies around the world. Can pay invoices in over 70 different currencies. Delivers transfers within 24 hours. Offers personal, business, and enterprise-level platform services. The platform will allow you to transfer funds on this schedule:
- 1,000,000 USD per transfer for personal/ business accounts
- 15,000 USD per day via ACH
- 2,000 USD in a 24 hr period, and 8,000 USD per week using a debit or credit card.
Cons: Unable to deposit cash payments. Charges exchange fees. Limited customer support in the U.S. Unable to earn interest. Though safeguarded, money is not guaranteed by the Financial Services Compensation Scheme.
Another way of paying a freelance virtual assistant is through cryptocurrency such as bitcoin, using stablecoin. Some popular types include USDT, USDC, DAI and BUSD. This method is new and not as common, but it can be a viable option if both parties agree.
Two useful cryptocurrency apps include:
· Bitwage
Pros: Same day transfer. Your employees will receive your payment the same day you transfer it, avoiding the uncertainty of when and where your money is. With tracking software, you will be able to track where your money is in real time. Global access to everyone is perfect for international companies. You have the ability to pay individual employees or whole teams at the same time. You can pay employees using both your bank account and your credit card. Neither party pays service fees.
Cons: In order to have access to same day transfers, you must pay a monthly payment. Hidden fees can be found in bitcoin exchange rate. High fees for stablecoin-based payouts.
· Deel
Pros: Allows you to pay your team with one click/one invoice each month. Your payments will be in one place, helping you stay organized. Calculates out taxes and fees. Changes in regulations are up to speed without you having to worry. No fees. Eligibility to pay employees in 100+ currencies.
Cons: Only operates with 150 countries. No free version. Cost starts at $49 per/month.
Paying Through an Agency
Another benefit of hiring a virtual assistant through an agency is a simpler, stress-free payment process. Agencies make it easier on both virtual assistants and your business and offer consistently scheduled pay periods. You can pay an agency easily by electronic bank-to-bank transaction, credit card, or wire transfer.
Once you’ve paid the agency, they will pay the virtual assistant. Paying through an agency can help mitigate any risk and offer more protection for both yourself and your virtual assistant. For example, you can pay the Latin American-based agency Virtual Latinos on a biweekly schedule once the work is completed. You can rest easy knowing the work you are paying for is protected and complete, and the virtual assistant can be assured they will be properly compensated for their work.
Where to Find the Most Affordable Virtual Assistant Services?
Due to economic factors like the costs of self-employment, medical insurance, taxes, and overhead expenses, the average rate of a virtual assistant can vary from country to country. Places like India and The Philippines have some of the lowest virtual assistant costs. Businesses often outsource their virtual assistant tasks due to affordability.
Like all business decisions, there are multiple factors to consider when hiring a virtual assistant from overseas. While cutting costs is important, there are a couple of other factors to consider. Outsourcing to foreign countries may pose potential challenges in communication, greater language barriers, and time zone differences. Depending on the tasks you need to be completed, and your geographic location, you may consider more localized options to reduce miscommunications. Significant time zone differences can result in a lack of contact with your virtual assistant if it’s the morning where you are, and the middle of the night where they are.
In the U.S. and Latin America, having virtual assistants who speak both English and Spanish can be great assets to your business. Virtual Latinos hires virtual assistants all over Latin America including Mexico, Costa Rica, El Salvador, Colombia, Venezuela, Peru, Argentina, and more. With Virtual Latinos, pay ranges from $8-$20 USD per hour. You can hire a pre-vetted, passionate, talented, bilingual, and affordable virtual assistant who understands your cultural needs firsthand.
A virtual assistant can save you time and help grow your business. When tasks are completed, emails are answered, and customer service inquiries are resolved, both you and your business can thrive. Not only does hiring a virtual assistant give you the opportunity to focus on other things, but you can also do it affordably without compromising quality.
If you’re interested in hiring a virtual assistant from Latin America, the best place to look is Virtual Assistants. The passionate, bilingual, professional, pre-vetted, and hand-picked virtual assistants at Virtual Latinos are here to help. Contact Virtual Latinos to find your ideal virtual assistant today.
