Payoneer started in 2005 and now helps millions worldwide. It’s great for freelancers and online businesses because it makes managing money easy and safe. In Nigeria, Payoneer lets users get their money in different ways.
Nigerian users can get their money in two main ways. They can send it to their local bank or use a Payoneer prepaid MasterCard debit card at ATMs. This makes Payoneer a top choice for international money moves in Nigeria.
Getting money from Payoneer to a Nigerian bank is safe and has good fees. Payoneer doesn’t charge to open an account. But, there’s a 29.95 USD yearly fee for the first card and some small fees for transactions.
Payoneer has a high TrustPilot rating and millions of happy users. It follows strict rules from the United States and the European Union. This makes Payoneer a trustworthy and safe way to handle payments for everyone.
Understanding Payoneer: Features and Benefits
Payoneer was founded in 2005 and is a top choice for digital nomads, freelancers, and small businesses worldwide. The Payoneer services overview shows it supports many functions. It offers local receiving accounts in eight major currencies.
With Payoneer, users can easily handle international transactions. This makes their business operations better.
Payoneer is great because it accepts credit card and PayPal payments. This makes it perfect for different payment needs. Nigerian users can convert and withdraw funds in local currency easily.
Payoneer charges a 2% fee on incoming payments and a 3.5% fee on cash withdrawals. The debit Mastercard has a daily withdrawal limit of $2,500.
Payoneer makes managing funds simple and easy to access. Its prepaid debit Mastercard has no monthly limit. This helps users make transactions smoothly.
Comparing Payoneer with competitors like PayPal shows its strengths. PayPal charges a 2.99% fee for sending money for goods and services. Payoneer’s rate is 3% for non-Payoneer recipients.
Even with higher fees in some cases, Payoneer is preferred. Financial companies value its straightforward fee structure and wide range of services.
Here’s a detailed comparison of Payoneer with other payment services:
| Feature | Payoneer | PayPal | TransferWise |
|---|---|---|---|
| Receiving Accounts Supported | 8 Major Currencies | 25 Currencies | 750+ Currencies |
| Transaction Fees | 2% Incoming Payments, 3.5% Cash Withdrawal | 2.99% Goods and Services | 0.5% to 0.9% Transfer Volume |
| Transfer Time | 2-5 Business Days | 1-3 Business Days | 24-48 Hours |
| Currency Conversion Fee | 2% to 2.75% | 3-4% | Nominal Fees |
| Customer Base | 4 Million Users | 426 Million Users | Widely Adopted |
| Annual Mastercard Fee | $29.95 USD | No Monthly Fee or Minimum Balance | Available Upon Request |
The Benefits of Payoneer and its thorough account features make it a strong choice. It’s perfect for those looking to simplify and optimize international transactions.
Guide to Withdrawing Payoneer in Nigeria
In Nigeria, getting your Payoneer money is easy. You can send it to a local bank or use the Payoneer ATM withdrawals with your prepaid MasterCard.
To start a Payoneer to bank transfer, add your bank account on the Payoneer site. Make sure all details are correct. Then, pick how much you want to take out and confirm it. Remember, Payoneer might charge fees, like $10 for withdrawals under $330.
Upwork users get a $0.99 fee for bank transfers. But, wire transfers cost $50. The “Target Exchange Rate” feature can help with better rates in 2024.
Security is key. As of September 2024, Payoneer asks for a government ID for Nigerian users. This is to keep your money safe.
Transfer times are important too. Payoneer to bank can take two business days. But, GTBank USD accounts might have a $10 fee. Remember, Payoneer transactions aren’t always quick and can take hours.
Upwork charges a $2 fee for Payoneer withdrawals. This is good for freelancers. For more info, check their FAQ page.
Knowing these details helps you manage your money better. Wise Business and PayPal are also good options. But, PayPal’s fees are higher, at 3%-4%. For more, see top apps to send money to.
Using Ratefy for Payoneer to Naira Conversion
In Nigeria, turning Payoneer money into Naira can really help freelancers and remote workers. Ratefy makes this process better by giving higher exchange rates. This means more money for you. Ratefy Nigeria is great because it’s easy to use, safe, and cares about its customers.
Ratefy has two main ways to change Payoneer to Naira. The first is a Payoneer-to-Payoneer transfer. This is good because Ratefy’s rates are always up to date. The second is the Payment Request feature. It’s perfect for Nigerian gig workers and online business owners.
Using Ratefy is also very safe. Your money is protected, so you don’t have to worry. This safety, along with Ratefy’s focus on making customers happy, makes it a top choice for converting Payoneer to Naira.
Ratefy also gives rewards to its users. These rewards add value beyond just money. Whether you’re a freelancer or a business owner, Ratefy’s better rates can really help your money go further.
If you want to learn more about getting the best exchange rates, this guide is a good start. Ratefy Nigeria is a leader in providing great exchange rates and secure, easy transactions. It’s a must-have for Payoneer users in Nigeria.
Alternatives to Payoneer: Wise and Currencies Direct
Wise and Currencies Direct are great options if you’re looking for Payoneer alternatives. They offer unique benefits for international money transfers. This makes them great for people in Nigeria who need to send money across borders.
Wise, now known as TransferWise, lets you send money in over 50 currencies to more than 160 countries. It’s known for its clear exchange rates and low fees. Wise gives you the real exchange rate, so you get the most value for your money.
Wise Business has a one-time setup fee of $59.27. It lets you manage funds in 40 currencies and transfer money instantly or in one hour for 50% of transactions.
Currencies Direct offers competitive rates and no transfer fees on international payments. It’s a great choice for sending money abroad, perfect for Nigerian users. It’s known for its easy and affordable transfer services, making it a solid option for both personal and business use.
Choosing the right platform depends on your specific needs. For more information on top alternatives to Remitly, Wise Business, and others, check out this guide on alternative platforms. By comparing features, fees, and transfer options, you can make the best choice for your international transactions.
