Definitely a cost efficient option. And gives you more range to find the skillset you need. With all the tool solidified during COVID there's no reason not to work out. Just pay attention to timezone differences and possible data/security restrictions if this team will access client data.

Agree on at least some hours for everyone to be online. For instance, I work with developers in India a lot. They are 10h ahead. I need to start very early and they need to stay late for us to catch up in my EST morning.