New! Sigma Rolls Out Flat-Fee USD Payroll Across El Salvador, Panama & Costa Rica - No FX Markups, Ever
Businesses save up to $2,050 annually per contractor using Sigma's FX-free USD payroll corridors across LATAM.
GLOBAL, July 14, 2025 - Sigma, a global payroll automation platform, launched USD payroll corridors in El Salvador, Panama, and Costa Rica. The service eliminates foreign exchange fees and reduces contractor onboarding from days to minutes for businesses hiring Latin American talent.
Addressing Costly FX Markups
The launch tackles FX markups ranging 2-5%, as reported across leading global payment providers. For contractors earning $41,000 annually (median remote tech salary in Costa Rica per Himalayas.app), businesses typically pay $820-2,050 in unnecessary FX fees.
"Traditional payroll systems create unnecessary friction through FX markups and delays," said Kevin Jaspal, CEO of Sigma. "Our corridors eliminate the 2-5% fees that cost businesses thousands per contractor annually."
Strategic Market Selection
The three countries offer optimal USD payment conditions:
- El Salvador adopted USD as official currency in 2001, creating natural alignment for U.S. businesses.
- Panama operates on USD for paper currency with balboa coins pegged 1:1.
- Costa Rica shows strong USD orientation with digital nomad visa requirements of $3,000 monthly USD income and over 5,000 visa recipients demonstrating USD-first behavior.
Solution Features
Sigma's USD corridors provide:
- FX-free USD payouts via digital wallets (0% FX, flat $10 per transfer)
- Onboarding via WhatsApp or Telegram in under 5 minutes
- Automated compliance for contracts & tax reporting
- 24-hour setup vs. 7-14 days with traditional providers
The service eliminates three core pain points:
- FX markups of 2-5%
- Payment delays of 3-5 business days
- Compliance complexity in contractor classification
Expansion Plans
Sigma will extend USD corridors to Colombia and Peru by Q3 2025, with AI-powered compliance features including:
- Automatic contractor classification
- Real-time regulatory updates
About Sigma
Sigma helps businesses pay contractors and vendors globally with modern payout rails, faster onboarding, and compliance-first operations built for scale. With infrastructure across 160+ countries, teams can eliminate FX markups, reduce payment failures, and stay compliant - without needing a dedicated finance team.
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