How to Use Payoneer in Nigeria – Full Guide

How much is $1 PayPal to Naira today?

The exchange rate for $1 from PayPal to Naira in Nigeria is not fixed and can vary significantly depending on how and where you are converting the funds. Unlike Payoneer, PayPal does not allow direct withdrawals to Nigerian bank accounts in naira. As a result, most Nigerians convert their PayPal dollars through third-party exchangers, peer-to-peer (P2P) platforms, or by selling to individuals who need USD for online transactions.

As of mid-2025, here are the typical rates and options available for converting $1 PayPal to Naira:

1. Through Black Market or Peer-to-Peer Exchangers
Most Nigerians sell PayPal funds to trusted exchangers on WhatsApp, Telegram, or social media. The rate offered by these exchangers typically ranges between ₦1,200 and ₦1,300 per $1. For instance, if you want to convert $100, you might get ₦125,000–₦130,000 depending on the exchanger and daily market demand.

These rates are influenced by the demand for PayPal dollars, especially from people who use PayPal to shop online or pay for services on international websites that accept only PayPal.

2. Through PayPal’s Own Currency Conversion (If Linked to a Dollar Card)
If you’re able to link a dollar-denominated card (like a domiciliary debit card or virtual dollar card) to your PayPal account, PayPal may allow you to withdraw to it. In such cases, the conversion will follow PayPal’s internal exchange rate, which is typically lower than the black market rate. PayPal might offer something like ₦1,000 to ₦1,100 per $1, which includes their currency conversion fee (usually around 3–4%).

3. Using PayPal for Direct Purchases
If you’re not interested in withdrawing but want to spend your PayPal dollars, you can shop online on platforms like Amazon, AliExpress, or pay for services like Netflix or Spotify. This way, you avoid the exchange rate entirely, using your balance directly for foreign payments.

Important Tip:
Always deal with trusted and verified PayPal exchangers to avoid scams. Many fraudulent platforms pretend to buy PayPal funds and disappear after receiving your money.

In summary:

• Black market/P2P rate: ₦1,200–₦1,300 per $1

• PayPal’s internal rate: ₦1,000–₦1,100 per $1

• Average market value today: Around ₦1,250 per $1

How much is 1000 Naira per dollar?

When you ask “how much is 1000 Naira per dollar,” it’s important to clarify whether you mean how many dollars you’ll get in exchange for ₦1,000 or whether ₦1,000 is the equivalent of $1. For this response, we’ll focus on how much dollar value ₦1,000 gives you, depending on the prevailing exchange rate.

This calculation helps determine how strong or weak the Nigerian Naira is against the US Dollar.

Let’s look at it from several exchange rate perspectives in 2025:

1. Black Market (Parallel) Exchange Rate
As of current mid-2025 rates, the black market value of the US dollar in Nigeria ranges between ₦1,300 to ₦1,350 per $1. Based on this:

• ₦1,000 ÷ ₦1,300 = $0.77

• ₦1,000 ÷ ₦1,350 = $0.74

So, at black market rates, ₦1,000 gives you approximately $0.74 to $0.77.

2. Payoneer Exchange Rate
Platforms like Payoneer typically convert dollars to naira at a slightly lower rate than the black market. Their rate hovers between ₦1,200 to ₦1,300 per $1. So, using Payoneer’s exchange range:

• ₦1,000 ÷ ₦1,200 = $0.83

• ₦1,000 ÷ ₦1,300 = $0.77

That means on Payoneer, ₦1,000 is roughly equal to $0.77 to $0.83.

3. CBN or Official Bank Rate
The official rate by the Central Bank of Nigeria or certain banks tends to be lower—typically around ₦950 to ₦1,050 per $1 as of 2025. If you’re using this rate:

• ₦1,000 ÷ ₦950 = $1.05

• ₦1,000 ÷ ₦1,050 = $0.95

So, in official banking channels, ₦1,000 could be worth around $0.95 to $1.05.

What This Means for You
The value of ₦1,000 in dollars depends heavily on the exchange channel:

• On the black market, it’s about 75 cents

• On Payoneer, around 78 to 83 cents

• On official channels, close to $1

These variations highlight the devaluation of the naira over time and the importance of choosing the right exchange route, especially if you’re conducting cross-border business or receiving payments in USD.

Which currency is the highest in the world?

As of 2025, the Kuwaiti Dinar (KWD) holds the title of the highest-valued currency in the world when measured against the US Dollar and other major global currencies. This means that 1 Kuwaiti Dinar is worth more than 1 US Dollar, Euro, or British Pound, making it the most valuable currency unit in terms of exchange rate strength.

1. Why Is the Kuwaiti Dinar So Strong?
There are several reasons why the Kuwaiti Dinar has maintained such a high value over the years:

• Oil Wealth: Kuwait has some of the largest proven oil reserves globally and is a major exporter. The country earns significant revenue from oil exports, which keeps its economy strong and stable.

• Strong Economic Policy: Kuwait maintains a strict monetary policy and pegs its currency to a basket of currencies, which includes the US Dollar. This helps reduce volatility and protect the Dinar from drastic market fluctuations.

• Low Inflation: Kuwait’s economy is relatively stable, with low inflation rates. This contributes to the strength of the Dinar compared to currencies from countries with high inflation like the Nigerian Naira.

2. Current Value
As of 2025, 1 Kuwaiti Dinar (KWD) is approximately equal to $3.25–$3.30 USD. In Nigerian terms, this could be worth over ₦4,000–₦4,500, depending on the exchange rate used. The Dinar consistently stays at the top of currency value rankings because it is not only stable but also relatively scarce in global circulation.

3. Other High-Value Currencies
While the Kuwaiti Dinar leads the pack, other strong currencies also follow closely:

• Bahraini Dinar (BHD): Valued at around $2.65 per unit

• Omani Rial (OMR): Around $2.60 per unit

• Jordanian Dinar (JOD): Approximately $1.41 per unit

• British Pound (GBP): Roughly $1.30–$1.35 per unit

• Euro (EUR): Around $1.10–$1.15 per unit

4. Important Note
A high currency value does not necessarily mean the country’s economy is the largest or strongest. For example, while the US Dollar is the most widely traded and accepted currency worldwide, its unit value is lower than that of the Kuwaiti Dinar due to different economic strategies and goals.

Conclusion
The Kuwaiti Dinar (KWD) remains the highest currency in the world due to its oil-backed economy, monetary stability, and low inflation. It is unlikely to lose this status in the near future unless global economic dynamics shift dramatically.

How is $500 in Nigerian currency?

The value of $500 in Nigerian Naira (NGN) depends on the current exchange rate being used—whether it’s the black market, Payoneer, PayPal, or the official CBN rate. Due to currency fluctuations in 2025, especially with the naira’s instability, the amount in naira you’ll get for $500 can vary significantly depending on the platform or source you use.

Let’s break it down by the most common exchange channels:

1. Black Market (Parallel Market) Rate
This is the most widely used method in Nigeria for converting dollars to naira. As of July 2025, the black market rate for $1 ranges between ₦1,300 to ₦1,350. Based on this:

• $500 × ₦1,300 = ₦650,000

• $500 × ₦1,350 = ₦675,000

So, if you’re converting $500 at the black market rate, you’ll receive between ₦650,000 and ₦675,000.

2. Payoneer Exchange Rate
If you receive $500 through Payoneer and withdraw it to a Nigerian bank account, Payoneer automatically converts it to naira using their internal exchange rate. This rate is usually ₦1,200 to ₦1,300 per dollar, which may include hidden currency conversion fees.

• $500 × ₦1,200 = ₦600,000

• $500 × ₦1,300 = ₦650,000

That means Payoneer will typically give you between ₦600,000 and ₦650,000 for $500.

3. PayPal Exchange (via Third-Party Exchangers)
Since PayPal does not support naira withdrawals directly, Nigerians usually convert PayPal funds through exchangers. These exchangers offer rates similar to or slightly below the black market.

• $500 × ₦1,250 = ₦625,000

• $500 × ₦1,300 = ₦650,000

With PayPal, expect to get between ₦625,000 and ₦650,000 for $500.

4. Official Bank or CBN Rate
The official rate is generally much lower, ranging from ₦950 to ₦1,050 per dollar in 2025.

• $500 × ₦950 = ₦475,000

• $500 × ₦1,050 = ₦525,000

If your transaction is processed through official banking channels (such as Form A or international remittance platforms), you may receive ₦475,000 to ₦525,000.

Conclusion:
The value of $500 in naira in 2025 varies based on the exchange method:

• Black Market: ₦650,000–₦675,000

• Payoneer: ₦600,000–₦650,000

• PayPal via exchangers: ₦625,000–₦650,000

• CBN/Bank rate: ₦475,000–₦525,000

Always compare rates before converting to maximize your return.

How is $200 in Nigerian currency?

The naira equivalent of $200 depends entirely on the exchange rate you’re using at the time of conversion. In Nigeria, currency exchange rates can differ significantly depending on whether you’re using Payoneer, PayPal, the black market, or the official CBN rate. These rates tend to change daily due to economic policies, inflation, and dollar demand in the country.

Here’s a breakdown of how much $200 would give you in Nigerian currency as of 2025:

1. Black Market (Parallel Market) Rate
This is the most commonly used rate in Nigeria because it offers the best value for dollars. As of mid-2025, the black market rate ranges between ₦1,300 and ₦1,350 per $1. Based on this:

• $200 × ₦1,300 = ₦260,000

• $200 × ₦1,350 = ₦270,000

So, using the black market, $200 will give you between ₦260,000 and ₦270,000.

2. Payoneer Exchange Rate
Payoneer automatically converts USD to naira when you withdraw to a Nigerian bank account. Their rate is usually a bit lower than the black market, generally between ₦1,200 to ₦1,300 per $1.

• $200 × ₦1,200 = ₦240,000

• $200 × ₦1,300 = ₦260,000

With Payoneer, expect to receive ₦240,000 to ₦260,000 for $200, depending on their internal exchange rate at the time of withdrawal.

3. PayPal Conversion (Through Exchangers)
Since PayPal doesn’t support direct naira withdrawals in Nigeria, most users rely on trusted online exchangers. These platforms offer rates similar to or slightly lower than the black market—around ₦1,250 to ₦1,300 per dollar.

• $200 × ₦1,250 = ₦250,000

• $200 × ₦1,300 = ₦260,000

So, for PayPal, you’re likely to receive ₦250,000 to ₦260,000 when selling to a reliable exchanger.

4. CBN or Bank Official Rate
The Central Bank of Nigeria (CBN) maintains a lower official rate, around ₦950 to ₦1,050 per $1 in 2025.

• $200 × ₦950 = ₦190,000

• $200 × ₦1,050 = ₦210,000

Thus, if you use a bank that processes USD transactions at the official rate, you may get between ₦190,000 and ₦210,000 for $200.

Summary:

• Black market: ₦260,000 – ₦270,000

• Payoneer: ₦240,000 – ₦260,000

• PayPal exchangers: ₦250,000 – ₦260,000

• CBN rate: ₦190,000 – ₦210,000

Always compare exchange options to get the best return for your dollars in Nigeria.

Which is cheaper, PayPal or Payoneer?

When comparing PayPal and Payoneer in terms of cost, fees, and exchange rates—especially for users in Nigeria—Payoneer generally emerges as the cheaper and more cost-effective option. However, the answer also depends on what you’re using the platform for: receiving payments, withdrawing money, or sending funds internationally. Let’s compare both platforms across different cost categories.

1. Receiving Fees

• Payoneer: If you receive money from platforms like Fiverr, Upwork, or via the Global Payment Service (USD, EUR, GBP accounts), there is often no fee or just a 1% fee for non-partner payments.

• PayPal: Charges a high receiving fee, usually between 3.4% to 5% of the amount received plus a fixed fee depending on the sender’s country. So, for a $100 payment, you might lose $4–$5 just in receiving fees.

2. Currency Conversion Rates

• Payoneer: Offers better exchange rates compared to PayPal. The margin on currency conversion is usually around 2%–3%, with rates close to black market levels (₦1,200–₦1,300 per $1).

• PayPal: Known for poor exchange rates. The conversion rate is often ₦100–₦150 less than what’s available in the open market, plus an additional 3%–4% conversion fee.

3. Withdrawal Options for Nigerians

• Payoneer: Allows direct withdrawal to Nigerian bank accounts in naira, usually within 1–3 business days, and offers transparency during the withdrawal process.

• PayPal: Does not support naira withdrawals. Nigerians must use third-party exchangers to convert PayPal USD to naira, which involves extra charges and risk of scams.

4. Sending and Paying Others

• Payoneer: Free peer-to-peer transfers between Payoneer users.

• PayPal: Charges apply for both sending and receiving unless it’s marked as “friends and family” (which isn’t recommended for business).

5. Account Maintenance Fees

• Payoneer: No maintenance fee unless you order and use the Payoneer MasterCard, which has an annual fee.

• PayPal: No monthly fee, but high fees on transactions and currency conversion.

Conclusion
For Nigerians and international freelancers or business owners:

• Payoneer is cheaper when it comes to receiving, withdrawing, and converting money.

• PayPal is more expensive due to higher transaction and conversion fees, plus the lack of local withdrawal support in Nigeria.

Can I withdraw $20 from Payoneer?

Yes, you can withdraw $20 from Payoneer to your Nigerian bank account, but certain conditions must be met, and you should be aware of the minimum withdrawal thresholds and associated fees. Payoneer allows users to withdraw small amounts like $20, provided it meets the platform’s and your bank’s minimum requirements.

Here’s what to consider before initiating a $20 withdrawal:

1. Minimum Withdrawal Thresholds
Payoneer does not have a fixed global minimum withdrawal limit for all users. Instead, the minimum amount you can withdraw depends on your account settings and the country you’re withdrawing to. In Nigeria, the minimum is usually around $20–$50, though it may vary based on current Payoneer policies and the currency you are withdrawing into.

To confirm your limit:

• Log into your Payoneer account

• Go to Withdraw > To Bank Account

• Select your bank account and check if it allows you to proceed with $20

If your bank’s minimum is higher than $20, the system will alert you that the amount is too low to withdraw.

2. Currency Conversion Factor
When you withdraw $20 to a Nigerian bank account, it is automatically converted to naira at Payoneer’s internal exchange rate. Assuming a rate of ₦1,250 per $1 (as of 2025), a $20 withdrawal would be converted to ₦25,000. The amount should reflect in your local bank within 1–3 business days.

3. Associated Fees
Payoneer doesn’t charge a fixed fee for withdrawals to a local bank account in naira. Instead, the fee is embedded in the exchange rate through a small margin. So, while you may not see a visible fee for withdrawing $20, you receive slightly less than the black-market equivalent in naira.

4. Things to Keep in Mind

• Repeatedly withdrawing small amounts like $20 may not be cost-effective due to currency conversion margins.

• Some users prefer to accumulate their balance to at least $50 or $100 to withdraw larger sums at once.

• Always ensure your bank details are correct and the name matches your Payoneer profile.

Conclusion:
Yes, you can withdraw $20 from Payoneer in Nigeria if it meets your account’s and bank’s minimum threshold. However, for better value, some users prefer to withdraw larger amounts due to more favorable exchange conditions.

What are the disadvantages of Payoneer?

While Payoneer is a popular and efficient payment platform for receiving international funds, especially in Nigeria, it is not without its downsides. Understanding its limitations is important before relying on it for business or personal financial needs. Below are the key disadvantages of using Payoneer:

1. Currency Conversion Rates Are Not the Best
Payoneer offers exchange rates that are lower than the black market and often include a hidden margin of about 2% to 3%. This means you receive less naira per dollar compared to what you might get from exchanging dollars informally or on platforms like Binance.

2. No Direct USD Withdrawal in Nigeria
Users in Nigeria cannot withdraw funds in USD to a local bank account. Payoneer automatically converts the funds to naira, which may be limiting for those who want to keep their earnings in dollars for savings or investment purposes.

3. Limited Funding Options
You cannot fund your Payoneer account from a Nigerian bank account. The platform is strictly for receiving money from foreign companies or clients, meaning there’s no option to top up your balance using naira or through local bank transfers.

4. Delays in Verification and Payment Approval
Verification of identity or bank accounts can take several days. Also, first-time users often experience delays in receiving their first payment, especially if Payoneer requires additional documents or information for compliance.

5. High Fees for Some Services

• ATM withdrawals using the Payoneer MasterCard attract fees of around $3.15 per transaction, plus up to 3.5% currency conversion charges.

• Receiving payments via the Global Payment Service can incur a 1% fee depending on the source.

6. Customer Support Can Be Slow
Users frequently complain about slow customer service responses, especially when facing account issues like frozen funds or delayed payments. Resolution times can be lengthy.

7. Risk of Account Freezing
If Payoneer suspects unusual activity or violation of its terms, your account may be suspended or frozen, and funds may be held during investigations. This can disrupt access to your money for days or even weeks.

Conclusion:
While Payoneer is a powerful tool for international payments, especially for freelancers and online business owners in Nigeria, it has its drawbacks. These include limited funding flexibility, lower exchange rates, transaction fees, and the inability to withdraw in USD. It’s important to weigh these disadvantages against your business or payment needs.

Does Payoneer pay in Naira?

Yes, Payoneer pays in naira when you withdraw your funds from your Payoneer account to a Nigerian bank account. Even though Payoneer is a foreign-based financial platform that holds balances in international currencies such as USD, GBP, EUR, etc., Nigerian users receive their payments in naira (₦) once a withdrawal is initiated.

Here’s a detailed explanation of how it works:

1. Foreign Currency Balance, Local Currency Withdrawal
Payoneer allows you to receive money in US dollars (USD), euros (EUR), and pounds sterling (GBP) via their Global Payment Service. However, since Nigeria does not allow individuals to receive foreign currency directly into local bank accounts without a domiciliary account, Payoneer handles this by automatically converting the currency into naira before sending it to your Nigerian bank.

2. Automatic Currency Conversion
When you request a withdrawal to your local bank, Payoneer converts the balance at its internal exchange rate and pays the equivalent amount in naira. The conversion rate is usually lower than black market rates, but often better than traditional banks. For instance, if the black market rate is ₦1,350/$1, Payoneer might offer ₦1,250–₦1,300/$1.

3. How You Receive the Naira Payment

• Go to your Payoneer dashboard

• Click on Withdraw → To Bank Account

• Choose the currency balance (e.g., USD)

• Select your Naira bank account

• Enter the amount to withdraw

• Payoneer will show you the naira equivalent based on their exchange rate

• Complete the withdrawal, and within 1–3 business days, your Nigerian bank will receive the naira payment

4. Which Banks Accept the Naira Payments?
Most Nigerian commercial banks such as GTBank, Zenith, Access, UBA, First Bank, and Kuda accept Payoneer naira transfers as long as the bank details match your account name.

5. You Cannot Choose to Be Paid in Dollars
It’s important to note that Payoneer does not allow Nigerians to receive USD directly into a bank account, unless it’s a verified domiciliary account tied to a USD balance, which is rare. For most people, all withdrawals are settled in naira.

Conclusion:
Yes, Payoneer does pay in naira in Nigeria. Once you withdraw from your Payoneer USD, GBP, or EUR balance to your local bank, Payoneer automatically converts it to naira using their current exchange rate. It’s fast, simple, and ideal for freelancers, remote workers, and online entrepreneurs who want a reliable way to receive foreign payments in Nigeria.

How do I pay someone on Payoneer?

Paying someone on Payoneer is a straightforward process, especially if both parties have Payoneer accounts. Whether you’re a freelancer, business owner, or individual sending payment for services or goods, Payoneer provides a secure and efficient way to transfer funds globally. Here’s how to pay someone using your Payoneer account:

1. Both Users Must Have Payoneer Accounts
Before initiating a payment, ensure that the person you want to pay also has an active Payoneer account. You cannot send money to someone who doesn’t use Payoneer unless you’re paying a service provider through their payment request link.

2. Use the “Make a Payment” Option

• Log in to your Payoneer account

• Click on the “Pay” tab at the top of the dashboard

• Select “Make a Payment”

• Choose whether you’re paying using the recipient’s email address or Payoneer account username

If the person is a Payoneer user, they will receive the money instantly in their Payoneer balance.

3. Funding the Payment
You can pay from the funds available in your Payoneer balance. You must have a sufficient balance in the same currency as the payment you’re sending. For example, to pay $100, your USD balance must be at least $100.

Payoneer does not support debit/credit card top-ups or local bank funding for peer-to-peer transfers, especially in Nigeria. This means your payments must come from money you already received on Payoneer.

4. Payment Confirmation
After selecting the amount and recipient, click “Send” and review the transaction. You’ll get a confirmation screen, and the recipient will be notified by email once the funds are sent. The transfer is usually instant if both parties are Payoneer users.

5. Paying a Non-Payoneer User
If the person doesn’t have a Payoneer account, you can ask them to send you a payment request. You’ll receive a secure payment link that lets you pay through available methods like Payoneer balance or, in some cases, bank transfer (outside Nigeria).

6. Fees and Restrictions

• Payments between Payoneer users are free and instant.

• The “Make a Payment” feature may be unavailable if your account hasn’t received at least one payment from a company or client.

Conclusion:
To pay someone on Payoneer, both you and the recipient need verified Payoneer accounts, and you must have a sufficient balance in your wallet. Payments are fast, fee-free, and ideal for freelancers, remote teams, and business transactions.

Which bank in Nigeria allows international transactions?

Several banks in Nigeria support international transactions, enabling individuals and businesses to send or receive funds globally. These banks provide services such as domiciliary accounts, international debit/credit cards, and Swift code transfers. Choosing the right bank depends on your needs, such as Payoneer withdrawals, PayPal linking, or foreign payments for school fees, e-commerce, and freelancing.

Here are some of the top Nigerian banks that allow international transactions:

1. GTBank (Guaranty Trust Bank)
GTBank is one of the most reliable banks for international transactions in Nigeria. It offers:

• Domiciliary accounts for USD, GBP, and EUR

• Visa and Mastercard that work globally for online payments

• Swift code for wire transfers

• Supports Payoneer withdrawals into naira accounts
  GTBank is widely used for linking to PayPal and foreign remittance services.

2. Access Bank
Access Bank also supports a full suite of international banking services:

• Dollar, euro, and pound domiciliary accounts

• International Visa debit cards

• Swift code-enabled transfers

• Compatible with Payoneer withdrawals and foreign payments
  Access Bank is especially useful for corporate accounts and small business owners.

3. Zenith Bank
Zenith Bank is well-known for fast international wire transfers and account management tools. It provides:

• Domiciliary account services

• Dollar cards for international spending

• Swift transfers for receiving or sending money abroad

• Accepts international payments from platforms like Payoneer, WorldRemit, and Western Union

4. United Bank for Africa (UBA)
UBA supports global transactions and is Payoneer-friendly. Their international services include:

• Africard (a prepaid dollar card for online purchases)

• Swift transfer services

• Domiciliary and foreign currency accounts
  UBA is suitable for freelancers and remote workers needing global access.

5. First Bank of Nigeria
First Bank is another major player in the international banking space:

• Offers a wide range of foreign currency services

• Supports Payoneer and other global remittance platforms

• Has a user-friendly mobile banking app for global payments

• Provides Mastercard and Visa cards usable globally

Requirements to Enable International Transactions:

• Valid ID (NIN, international passport, voter’s card)

• Utility bill

• BVN

• Domiciliary account (for receiving dollars directly)

• Foreign card activation if needed

Conclusion:
Nigerian banks like GTBank, Access Bank, Zenith, UBA, and First Bank all support international transactions through domiciliary accounts, Swift codes, and global debit cards. These banks make it easy to interact with platforms like Payoneer, PayPal, and receive payments from abroad. When choosing a bank, consider fees, ease of use, and their experience with cross-border finance.

Can a Nigerian own a Payoneer account?

Yes, a Nigerian can legally and easily own a Payoneer account, and many Nigerians—especially freelancers, remote workers, digital marketers, and online business owners—already use Payoneer to receive payments from international clients and platforms. The service is fully accessible from Nigeria and offers features that allow users to receive, hold, and withdraw foreign currencies like USD, EUR, and GBP.

Here’s what you need to know about Nigerians owning and operating a Payoneer account:

1. Who Can Register?
Any Nigerian citizen who is at least 18 years old and has valid identification can create a Payoneer account. You do not need a business to open an account. Individuals, freelancers, and students can all register.

2. Documents and Requirements
To open and verify a Payoneer account in Nigeria, you typically need:

• A valid government-issued ID (NIN slip, national ID card, voter’s card, international passport, or driver’s license)

• Bank Verification Number (BVN)

• A local bank account in your name (for naira withdrawals)

• Proof of address (such as a utility bill, bank statement, or NIN slip)

3. How to Sign Up from Nigeria

• Visit the Payoneer website

• Click “Register” and choose whether you’re signing up as an individual or business

• Fill in your full name, email address, and Nigerian phone number

• Provide your Nigerian home address and other required personal details

• Link your local Nigerian bank account for withdrawals

• Upload your ID for verification

4. Account Usage in Nigeria
Once approved, your Payoneer account allows you to:

• Receive international payments from marketplaces (Fiverr, Upwork, Amazon, etc.)

• Accept funds via the Global Payment Service in USD, EUR, GBP

• Withdraw money in naira to your Nigerian bank account

• Send payments to other Payoneer users

• Order a Payoneer MasterCard (if eligible) to make purchases and ATM withdrawals abroad

5. Is It Legal and Safe?
Yes, Payoneer is a legitimate and secure platform that operates globally and complies with financial regulations. Many Nigerians rely on it for foreign income because it supports multiple currencies and offers better access to international transactions than many local solutions.

Conclusion:
A Nigerian can absolutely own and operate a Payoneer account. With valid documentation and a Nigerian bank account, you can register, receive foreign payments, and convert your money to naira. It’s a reliable solution for anyone working online or doing business across borders.

How can I fund my Payoneer account in Nigeria?

Funding a Payoneer account in Nigeria differs from traditional local bank accounts because Payoneer is not a wallet that you top up manually. Instead, it is designed primarily to receive payments from international companies, marketplaces, and clients. You cannot directly deposit naira or use Nigerian debit cards to load money into your Payoneer account. However, there are legitimate ways to fund your account while in Nigeria:

1. Receive Payments from Marketplaces and Clients
The main way to fund your Payoneer account is by getting paid for services or sales. Payoneer provides you with Global Payment Service bank details for different currencies:

• A USD account (via a U.S. bank)

• A GBP account (via a U.K. bank)

• An EUR account (via a European bank)

You can give these bank details to platforms like:

• Upwork, Fiverr, Freelancer.com

• Amazon, ClickBank, ShareASale

• Clients who pay via ACH or wire transfers

When these platforms or clients pay you, the money goes directly into your Payoneer balance.

2. Request Payment via Payoneer
If you work with international clients, you can send them a payment request through your Payoneer account. Here’s how:

• Log in to your account

• Go to “Receive” → “Request a Payment”

• Fill in your client’s email, payment amount, and service description

• Your client will receive a Payoneer-hosted invoice link
  They can pay using a credit card, bank transfer, or their own Payoneer balance.

3. Receive Transfers from Other Payoneer Users
If someone you know also uses Payoneer, they can send money to your account using the “Make a Payment” feature. This is instant and free between Payoneer users.

4. You Cannot Fund Payoneer via Bank or Card in Nigeria
Unlike PayPal or some digital wallets, you cannot fund Payoneer using a Nigerian debit card, naira bank transfer, or USSD code. It does not function like a prepaid account. You must earn money into the platform or receive transfers from existing Payoneer balances.

5. Minimum Requirements to Activate “Make a Payment”
To unlock the ability to send or receive peer-to-peer payments, you must first receive at least one payment from a company, marketplace, or business. This security step helps prevent fraudulent activity.

Conclusion:
To fund your Payoneer account in Nigeria, the best and only legitimate way is to receive foreign payments from freelance platforms, clients, or companies. You can also accept transfers from other Payoneer users. Direct deposits from naira bank accounts or debit cards are not supported.

Is Payoneer safe in Nigeria?

Yes, Payoneer is safe to use in Nigeria, as long as users follow the platform’s security guidelines and use their accounts responsibly. Payoneer is a globally recognized and regulated financial services company, trusted by millions of freelancers, digital entrepreneurs, and businesses across 200+ countries. In Nigeria, it has gained popularity among remote workers, affiliate marketers, and online sellers who need a reliable way to receive international payments in dollars, pounds, or euros.

1. Global Reputation and Regulation
Payoneer is regulated in multiple financial jurisdictions. It is a licensed money service business (MSB) in the United States and also complies with financial laws in Europe and other regions. This ensures that the platform follows international security standards, anti-money laundering (AML) regulations, and customer protection policies.

2. Data and Account Security
Payoneer uses strong encryption, two-factor authentication (2FA), fraud detection tools, and anti-phishing protection to secure your data and funds. Nigerian users can also activate email or SMS alerts to monitor login attempts and transaction activities.

3. Verified Identity Requirement
Before accessing full features like receiving large amounts or making payments, users in Nigeria must verify their identity using a valid government ID, such as the NIN slip, passport, or driver’s license. This identity check is in place to reduce fraud and unauthorized account access.

4. Secure Withdrawals to Nigerian Banks
Payoneer allows you to safely withdraw your funds into your local bank account in naira. The withdrawal process is straightforward and reliable. Many banks in Nigeria, including GTBank, Zenith, UBA, and Access Bank, work well with Payoneer. Users receive their converted naira amounts within 24–48 hours.

5. Risks to Avoid
While Payoneer itself is safe, risks arise when:

• You share your login details with others

• You respond to phishing emails or fake payment requests

• You try to use your account for suspicious or unauthorized transactions

To stay safe:

• Never give out your password or account details

• Only receive payments for legitimate business or services

• Always access your Payoneer account directly from www.payoneer.com

6. Customer Support and Dispute Resolution
Payoneer provides responsive customer support and an online resolution center to help users in Nigeria resolve payment issues, delayed withdrawals, or security concerns.

Conclusion:
Payoneer is secure for Nigerian users who operate within its rules. With strong account protection features and a global compliance framework, it offers a safe and efficient way to receive and manage international payments in Nigeria.

How do I add new currency in Payoneer?

Adding a new currency to your Payoneer account allows you to receive international payments in various currencies such as USD, EUR, GBP, CAD, AUD, and more. This is especially useful for Nigerian freelancers, business owners, and online sellers who deal with clients across multiple countries. Fortunately, Payoneer offers a feature called the Global Payment Service, which provides virtual bank accounts in different currencies for easy cross-border transactions.

Here’s a step-by-step guide on how to add a new currency to your Payoneer account in Nigeria:

1. Log in to Your Payoneer Account
Visit www.payoneer.com and sign in using your registered email and password. Make sure you’re logging in from a secure device or browser.

2. Go to “Receive” → “Global Payment Service”
Once logged in, click on the “Receive” tab in the top menu, then select “Global Payment Service.”
This page will show you the list of currencies already available in your account (usually USD, EUR, and GBP by default).

3. Request Access to Additional Currencies
If you need access to other currencies like AUD (Australian Dollar), CAD (Canadian Dollar), JPY (Japanese Yen), or CNH (Chinese Yuan), scroll down and click “Request additional currencies.”
You’ll be required to fill a short form or send a request to Payoneer support, depending on your account status.

4. Wait for Approval
Payoneer may take a few hours to a few days to approve your request. They might ask for:

• Additional ID verification

• Business proof or explanation of why you need the new currency
  Once approved, new receiving accounts will be created for those currencies.

5. Use the New Currency Account Details
Each new currency will have its own virtual bank account details, such as IBAN, routing number, BSB code, etc., depending on the country it’s based in.
You can provide these details to clients, companies, or marketplaces to start receiving money in that currency.

6. Currency Conversion (Optional)
If you receive funds in a currency and want to convert it to another (e.g., USD to Naira), you can use Payoneer’s internal currency conversion tool.
They will show you the exchange rate and applicable fees before confirming the transaction.

Conclusion:
To add a new currency in Payoneer, simply navigate to the “Global Payment Service” section and request access to the desired currency. Once approved, you can begin receiving international payments in multiple currencies right from Nigeria, giving you greater flexibility in managing global income.

How do I add new currency in Payoneer?

Adding a new currency to your Payoneer account allows you to receive international payments in various currencies such as USD, EUR, GBP, CAD, AUD, and more. This is especially useful for Nigerian freelancers, business owners, and online sellers who deal with clients across multiple countries. Fortunately, Payoneer offers a feature called the Global Payment Service, which provides virtual bank accounts in different currencies for easy cross-border transactions.

Here’s a step-by-step guide on how to add a new currency to your Payoneer account in Nigeria:

1. Log in to Your Payoneer Account
Visit www.payoneer.com and sign in using your registered email and password. Make sure you’re logging in from a secure device or browser.

2. Go to “Receive” → “Global Payment Service”
Once logged in, click on the “Receive” tab in the top menu, then select “Global Payment Service.”
This page will show you the list of currencies already available in your account (usually USD, EUR, and GBP by default).

3. Request Access to Additional Currencies
If you need access to other currencies like AUD (Australian Dollar), CAD (Canadian Dollar), JPY (Japanese Yen), or CNH (Chinese Yuan), scroll down and click “Request additional currencies.”
You’ll be required to fill a short form or send a request to Payoneer support, depending on your account status.

4. Wait for Approval
Payoneer may take a few hours to a few days to approve your request. They might ask for:

• Additional ID verification

• Business proof or explanation of why you need the new currency
  Once approved, new receiving accounts will be created for those currencies.

5. Use the New Currency Account Details
Each new currency will have its own virtual bank account details, such as IBAN, routing number, BSB code, etc., depending on the country it’s based in.
You can provide these details to clients, companies, or marketplaces to start receiving money in that currency.

6. Currency Conversion (Optional)
If you receive funds in a currency and want to convert it to another (e.g., USD to Naira), you can use Payoneer’s internal currency conversion tool.
They will show you the exchange rate and applicable fees before confirming the transaction.

Conclusion:
To add a new currency in Payoneer, simply navigate to the “Global Payment Service” section and request access to the desired currency. Once approved, you can begin receiving international payments in multiple currencies right from Nigeria, giving you greater flexibility in managing global income.

How to register Payoneer in Nigeria?

Registering for a Payoneer account in Nigeria is straightforward and can be done completely online. The process takes only a few minutes and is open to freelancers, online sellers, affiliate marketers, businesses, and even individuals who need to receive international payments. Once registered, you can receive foreign currency into your Payoneer wallet and withdraw the money into your local Nigerian bank account.

Here’s a step-by-step guide to help you register Payoneer in Nigeria:

1. Visit the Payoneer Website
Go to the official Payoneer website at www.payoneer.com and click on “Sign Up” or “Register”. Make sure you’re on the official site to avoid phishing scams.

2. Choose the Right Account Type
Payoneer will ask, “What do you need the account for?” You can choose from:

• Freelancer or service provider

• Online seller

• Affiliate marketer

• Company or SME

• Individual receiving personal payments

Select the option that best matches your purpose.

3. Fill in Your Personal or Business Details
You’ll be required to enter:

• Full legal name (must match your ID)

• Valid email address

• Nigerian phone number

• Date of birth

• Residential address in Nigeria

Make sure all information is accurate and matches the documents you’ll later submit for verification.

4. Provide Security Details
Next, create a secure password and set up security questions. This adds an extra layer of protection to your account.

5. Add Your Nigerian Bank Account
Payoneer will ask you to link your Naira bank account. Enter your bank name, account number, and ensure the account is in your name. This allows Payoneer to pay you directly in naira after currency conversion.

6. Upload a Valid ID for Verification
To complete registration, you must upload a valid Nigerian government-issued ID, such as:

• NIN slip or card

• National passport

• Driver’s license

• Voter’s card

Payoneer may also ask for a bank statement or utility bill to verify your address.

7. Wait for Approval
After completing your application, Payoneer will review your information. Approval can take from a few hours to 3–5 business days. You’ll receive an email confirmation once your account is approved and active.

Conclusion:
To register a Payoneer account in Nigeria, visit the official site, fill out the personal or business information, submit a valid ID, and link your Nigerian bank account. The process is free and enables you to start receiving international payments quickly and securely.

Who is better than Payoneer?

When it comes to international money transfer services, Payoneer stands out for its ease of use, global reach, and multi-currency support. However, depending on specific needs like lower fees, better customer service, or broader compatibility, some alternatives may be better suited for certain users. Here’s a comparison of some major platforms often considered better (or more suitable) than Payoneer in particular contexts:

1. Wise (formerly TransferWise)
Wise is widely considered one of the top alternatives to Payoneer for personal and business money transfers. It offers:

• Real exchange rates (mid-market rates) with very low fees

• Transparent pricing before sending funds

• Ability to hold and convert over 40 currencies

• Nigerian users can send and receive payments, though withdrawals in USD may require a domiciliary account

Why it could be better:
Wise is great for those focused on low-cost currency conversions and quick transfers. It’s better for sending money to people rather than receiving from clients or platforms.

2. PayPal
PayPal is a dominant name in global online payments. It’s ideal for:

• Online shopping

• Sending and receiving payments

• Integrating with eCommerce stores

Why it could be better:
PayPal offers more payment gateways and is widely accepted by global merchants and websites. However, PayPal has limited functionality in Nigeria, especially for receiving payments.

3. Skrill
Skrill is another digital wallet service that allows Nigerians to send and receive money. It supports:

• International payments

• Integration with gambling and trading platforms

• Cryptocurrency transactions

Why it could be better:
Skrill is fast and supports some crypto features. But it lacks Payoneer’s virtual bank account services, which are essential for freelancers and business owners.

4. Deel
For freelancers or remote workers hired by international companies, Deel is a powerful option. It offers:

• Legal and contract management

• Direct payments into bank or Payoneer accounts

• Minimal user involvement for receiving salaries

Why it could be better:
Deel is ideal for freelancers who work with corporate clients. It handles more than just payments—it covers contracts and taxes too.

5. Revolut & N26 (for residents abroad)
If you live or work outside Nigeria, Revolut and N26 offer virtual banking with superior app experiences, low fees, and multi-currency features. These platforms are unavailable for full use in Nigeria but are great alternatives abroad.

Conclusion:
No single platform is better than Payoneer in all areas. However, depending on your needs—whether it’s low-cost transfers (Wise), payment versatility (PayPal), digital wallet convenience (Skrill), or employment payment tools (Deel)—you may find a better fit. Still, Payoneer remains one of the most accessible and flexible platforms for Nigerians dealing with international clients.

Can a Payoneer account be hacked?

Yes, like any online financial platform, a Payoneer account can be hacked if proper security measures are not followed. However, Payoneer itself is a highly secure and regulated platform that invests heavily in cyber security. Most hacking incidents occur due to user negligence, such as weak passwords, phishing scams, or unauthorized device access.

To better understand the risks, here are key insights into how Payoneer accounts can be compromised and how to protect yourself:

1. Phishing Attacks
The most common hacking method is phishing, where scammers trick users into clicking on fake Payoneer links via email, SMS, or social media. These fraudulent pages steal your login details.

How to avoid it:

• Never click on suspicious links

• Always check the sender’s email address

• Only log in through the official Payoneer website: www.payoneer.com

2. Weak or Reused Passwords
Using a weak or reused password makes your account vulnerable to brute-force attacks or credential stuffing.

How to secure it:

• Use a strong, unique password with symbols, uppercase, and numbers

• Avoid using your name, phone number, or birthday as passwords

• Use a password manager to store secure login credentials

3. Ignoring Two-Factor Authentication (2FA)
Payoneer supports 2FA, which adds an extra layer of security by sending a code to your phone or email when logging in.

Best practice:

• Always enable 2FA in your account settings

• Make sure your recovery email and phone number are up to date

4. Logging in from Public Devices
Accessing your account from a shared or public device can expose your login details to keyloggers or saved browser sessions.

Tip:
Only log in from your personal, trusted device. Always log out after use.

5. Account Recovery Vulnerabilities
If your email or phone number is compromised, a hacker could potentially recover and reset your Payoneer account access.

What to do:

• Use a separate, secure email for financial platforms

• Monitor your email for any unauthorized reset attempts

• Regularly update and secure your recovery information

6. Suspicious Activity Alerts
Payoneer will notify you via email if there’s suspicious activity on your account, such as a login from a new device or country.

Respond quickly:
Change your password immediately and report any suspicious activity to Payoneer support.

Conclusion:
While Payoneer itself is built with strong security infrastructure, your account can still be hacked if you’re not cautious. To stay safe, always enable 2FA, use a strong password, avoid phishing attempts, and don’t log in from unsecured devices. Remember, account security starts with you.

How do I know if my Payoneer account is approved?

After registering on Payoneer, it’s important to know whether your account has been successfully approved so you can start receiving and managing international payments. Fortunately, Payoneer makes this process quite straightforward by providing clear communication through email notifications and your Payoneer dashboard.

Here’s how you can confirm if your Payoneer account is approved in Nigeria:

1. Email Notification from Payoneer
Once you complete your registration and submit the necessary verification documents (such as your NIN, passport, or bank account), Payoneer will review your application.
You’ll receive an email that clearly states:

“Congratulations! Your Payoneer account has been approved.”

This is the most definitive way to know your account is active and ready for use. The email will also include next steps, such as how to receive payments, link additional bank accounts, or request a card (if eligible).

2. Login to Your Payoneer Dashboard
Another way to check approval status is by logging into your account on www.payoneer.com.

• If your dashboard is fully functional — allowing you to request a virtual bank account, check balances, add receiving accounts, or withdraw funds — it means your account is active.

• If the dashboard still prompts you to complete your application or upload documents, your account is still under review.

3. Check for Verification Requests
If your account is pending approval, Payoneer may request additional verification through your dashboard. You’ll find such notifications under:

• “Verification Center”

• Or receive prompts on the homepage after logging in

Make sure to submit any missing documentation as quickly as possible to avoid delays.

4. Average Approval Timeframe
Payoneer usually takes 1 to 3 business days to review and approve new accounts. However, delays can occur if:

• Documents are blurry or incomplete

• Names don’t match across your ID and bank account

• There are technical issues

5. Contacting Customer Support
If you haven’t received any email and your dashboard isn’t showing full access after several days, you can reach out to Payoneer via:

• Live chat (available after login)

• Email support through the Help Center

• Payoneer Community Forum

Conclusion:
You’ll know your Payoneer account is approved when you receive an email confirmation or can fully access the dashboard features. Keep an eye on your inbox and ensure all verification steps are completed promptly. Once approved, you can begin receiving international payments with ease.

How to receive money on Payoneer for the first time?

Receiving money on Payoneer for the first time in Nigeria is simple, but it requires that your account has been approved and verified. Payoneer is designed to make it easy for freelancers, affiliate marketers, online sellers, and businesses to receive payments from companies or individuals abroad.

Here’s a step-by-step guide on how to receive your first payment on Payoneer:

1. Complete Account Verification First
Before receiving any payment, ensure your account has been fully verified. This means:

• Your ID (NIN, passport, or driver’s license) has been submitted

• Your Nigerian bank account is linked

• You’ve received a confirmation email saying your account is approved

2. Use Your Global Receiving Account Details
Payoneer provides you with virtual receiving accounts in various currencies like USD, GBP, EUR, etc. These are local bank account numbers that your international clients or platforms can use to pay you.

To get your account details:

• Log in to Payoneer

• Go to “Receive” → “Global Payment Service”

• You’ll see banking details for currencies such as USD (usually routed via a U.S. bank), EUR, GBP, and more

Share these account details with the payer (e.g., a U.S.-based client or affiliate network) so they can send money just like a local transfer.

3. Connect with Marketplaces or Clients
You can receive your first Payoneer payment through:

• Freelance platforms like Upwork, Fiverr, or PeoplePerHour

• Affiliate programs like ClickBank, Amazon Associates, or ShareASale

• Clients directly, by giving them your Payoneer USD bank account details

• eCommerce platforms like Shopify or Wish if you’re a seller

Most platforms allow you to select Payoneer as your preferred payout method during payment setup.

4. Receive the Funds
Once the payer sends the money, you’ll receive a notification via email from Payoneer saying:

“You have received a payment of $XX.XX.”

The funds will appear in your Payoneer balance. This may take a few minutes to several hours depending on the source of the payment.

5. Withdraw to Your Nigerian Bank
After the money reflects in your balance, you can withdraw it directly into your linked Naira account, or a USD domiciliary account, depending on the currency.

Conclusion:
To receive your first payment on Payoneer, ensure your account is verified, share your virtual account details with the payer, or link it to a freelance/affiliate platform. Once you receive the money, you can withdraw it to your Nigerian bank account easily. The process is efficient and trusted by thousands of Nigerians earning online.

How long does a Payoneer withdrawal take?

The time it takes to complete a withdrawal from Payoneer to a Nigerian bank account depends on several factors, including the time of request, the bank used, and whether the transaction is in Naira or USD. However, Payoneer is generally known for fast and reliable processing.

Here’s a breakdown of what you can expect when withdrawing funds from Payoneer:

1. Withdrawal Timeframe for Naira Accounts
If you withdraw from your Payoneer balance (USD, GBP, EUR, etc.) into a Naira bank account, the transaction typically takes within 24 hours, and in most cases, the money reflects within a few hours on business days.

Some users even report receiving their funds in less than 1 hour, especially when withdrawing during working hours (Monday to Friday, 8 AM to 4 PM).

2. Withdrawal to USD Domiciliary Accounts
If you are withdrawing directly to a USD domiciliary account, the transfer may take 1 to 3 business days, depending on your bank’s processing policies. This delay is due to interbank settlement procedures required for foreign currency transfers.

3. Weekends and Holidays Delay
Withdrawals initiated on weekends or public holidays in Nigeria or the United States may take longer. For example, a withdrawal made on Saturday will likely be processed the next business day, typically Monday.

4. Bank-Specific Factors
Certain Nigerian banks like GTBank, First Bank, Zenith Bank, and UBA are known to process Payoneer payments faster due to their experience with international inflows. If your bank has slower processing systems, it could take longer.

5. Payoneer Internal Review
Occasionally, Payoneer might place your withdrawal under review, especially if:

• It’s your first time withdrawing

• The amount is large

• There’s unusual activity in your account

This internal review can add an extra 24–48 hours to the withdrawal process. You’ll be notified by email if this happens.

6. Notifications and Tracking
Once a withdrawal is initiated, you’ll receive an email notification from Payoneer stating:

“Your withdrawal is being processed.”

You can also check your transaction history from your dashboard for status updates.

Conclusion:
Payoneer withdrawals to Naira accounts are usually completed within minutes to 24 hours, while USD withdrawals can take 1 to 3 business days. To ensure faster processing, always withdraw during weekdays and link your account to a reliable Nigerian bank. If there’s any delay beyond the expected window, contacting Payoneer support can help resolve the issue.

What are the fees for Payoneer?

Payoneer offers one of the most convenient ways for Nigerians to receive foreign payments, but like most financial services, it comes with its own set of fees. Understanding these fees is crucial, especially if you’re a freelancer, affiliate marketer, or online seller who wants to avoid hidden costs and maximize profits.

Here is a breakdown of the key Payoneer fees you may encounter:

1. Account Opening and Maintenance Fees

• Account opening is completely free.

• There is no monthly maintenance fee if you are actively using the account.

• However, if you don’t use your Payoneer account for 12 consecutive months, an inactivity fee of $29.95 may be charged.

2. Receiving Payments
There are no fees when you receive payments from:

• Marketplaces and platforms like Fiverr, Upwork, Amazon, etc.

• Clients via the Global Payment Service, where they transfer funds using local bank transfer in USD, EUR, or GBP.

However, fees may apply when using other Payoneer services like the “Request a Payment” feature:

• Up to 3% fee when the client pays via credit card

• 1% fee for ACH bank debit payments (from U.S. clients)

3. Currency Conversion Fee
When you convert USD, EUR, or GBP into Naira (NGN), Payoneer charges a currency conversion fee of up to 2%–3.5% above the mid-market rate.

For example, if the market rate is ₦1,500/$, Payoneer might convert your $100 at ₦1,450 or less, depending on market conditions.

4. Withdrawal to Nigerian Bank Account

• Withdrawals to your Naira bank account are charged via exchange rate spread (no fixed withdrawal fee).

• If you withdraw to a USD domiciliary account, a fixed fee of $1.50 to $3 may apply depending on the bank and currency.

5. Payoneer Card Fees (Optional)
If you choose to order a Payoneer prepaid Mastercard, the following charges apply:

• Annual card fee: $29.95

• ATM withdrawal fee: $3.15 per withdrawal

• Balance inquiry fee: $1 at an ATM

• Declined transaction fee: $1

6. Transfer to Another Payoneer User (Make a Payment)

• Transfers between Payoneer users are completely free.

Conclusion:
Payoneer keeps most of its services free or low-cost. You only pay for extras like currency conversion, premium payment methods, and ATM withdrawals if you use a card. For most Nigerian users, the primary cost is the exchange rate spread, which can be managed by withdrawing wisely. Always review Payoneer’s fee page for updates, as charges can change depending on usage and global policies.

What is the disadvantage of using Payoneer?

While Payoneer is widely used in Nigeria for receiving international payments, it isn’t without its downsides. Despite offering flexibility and ease of use, there are a few disadvantages that users—especially freelancers and small businesses—should be aware of before relying on it fully.

Here are the major disadvantages of using Payoneer in Nigeria:

1. Unfavorable Exchange Rates
One of the biggest drawbacks is the currency conversion rate. When converting foreign currencies (e.g., USD, GBP, or EUR) to Naira, Payoneer applies a conversion margin of 2%–3.5% above the real market rate. This often means you receive less Naira than the official black-market rate or what some fintechs like Grey or Chipper Cash may offer.

2. Limited Ways to Fund Your Account Locally
As of now, you cannot fund your Payoneer account directly from Nigeria using a debit card, local bank transfer, or cash deposit. You can only receive funds from verified international sources such as freelance platforms, affiliate networks, or business payments. This can be limiting for users who want to load funds manually for online purchases.

3. High Annual Fees for Payoneer Cards
The optional Payoneer Prepaid Mastercard comes with an annual fee of $29.95, which is considered expensive compared to similar cards from other providers. Additionally, ATM withdrawals attract high fees and exchange rate losses.

4. Strict Verification and Compliance Requirements
Payoneer follows strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. If there’s any mismatch in your documents, sudden large transfers, or suspicious activity, your account can be frozen or reviewed, sometimes without warning. Recovering access may take days or weeks, which can disrupt business operations.

5. Delays in Payment Approval
In some cases, especially with first-time users or new payers, payment approval can be delayed by 1–3 days for review. This might affect your ability to quickly access urgent funds.

6. Customer Support Limitations
Although Payoneer offers support through live chat and email, response times can be slow, particularly for complex issues. In some cases, users report needing to escalate via social media channels to get quicker attention.

7. Not Ideal for Peer-to-Peer Transfers in Nigeria
Unlike platforms like Flutterwave or Opay, Payoneer is not built for local peer-to-peer transfers. It’s strictly a cross-border payment solution and doesn’t allow local Naira wallet-to-wallet transfers within Nigeria.

Conclusion:
While Payoneer is excellent for receiving international funds, it has notable downsides including high card fees, limited funding options, and less favorable exchange rates. It’s best suited for users who receive regular foreign payments, not for local transactions or casual online shoppers. Always weigh the pros and cons based on your personal or business needs.

How much is 1 dollar on Payoneer in Nigeria?

The value of 1 dollar (USD) on Payoneer in Nigeria varies depending on current exchange rates, market volatility, and Payoneer’s internal currency conversion policies. Unlike black-market or CBN (official) rates, Payoneer applies a conversion spread when converting USD to Naira. This means you typically get less than the parallel market rate when withdrawing funds to a Nigerian bank account.

As of the most recent estimates in 2025, ₦1,400 to ₦1,470 per $1 is the typical range Payoneer offers when converting to Naira. However, this figure may change daily.

Let’s break it down:

1. Exchange Rate Determination
Payoneer does not follow the Central Bank of Nigeria (CBN) rate or the black-market rate directly. Instead, it uses a mid-market exchange rate (like the one seen on platforms such as XE.com) and applies a conversion fee of around 2%–3.5% to it.

For example:

• If the mid-market rate is ₦1,500/$,

• Payoneer may offer you ₦1,440–₦1,470 per $,

• Meaning you lose about ₦30–₦60 on each dollar as a conversion fee.

2. How to Check Today’s Dollar Rate on Payoneer
You can get an accurate rate for your account by:

• Logging in to your Payoneer account

• Navigating to Withdraw → To Bank Account

• Enter the amount you wish to withdraw

• The platform will automatically display the exchange rate you’ll receive

This preview allows you to decide whether to proceed or wait for a more favorable rate.

3. Alternative to Naira Withdrawal
If the Naira rate is unfavorable, you can choose to withdraw in USD to your domiciliary bank account in Nigeria. This bypasses Payoneer’s conversion rate but shifts the responsibility to your local bank or a bureau de change for the best rate.

4. Daily Rate Fluctuations
Due to market instability, the rate Payoneer offers can change daily or even hourly. Factors that influence this include inflation, forex supply, and global currency strength.

Conclusion:
The current Payoneer dollar to Naira rate is generally around ₦1,400–₦1,470/$, depending on market conditions. Always compare the in-app rate before withdrawing and consider using a domiciliary account if you want to avoid Payoneer’s conversion fees and get more value for your dollars.

Which bank is associated with Payoneer?

In Nigeria, Kuda Bank, the country’s leading digital-only bank, is the official and primary banking partner tied directly to Payoneer. This partnership enables Nigerian business users to interact seamlessly with Payoneer services from within the Kuda mobile app. Here’s what you need to know:

1. Kuda Bank Partnership
Payoneer officially collaborates with Kuda Bank under its “Payoneer for Banks” program. Nigerian users with registered businesses (via CAC) can access, manage, and even register for a Payoneer account directly from the Kuda app. This includes viewing Payoneer multicurrency balances, transaction history, and withdrawing funds to their Kuda (Naira) accounts.Payoneer+9Payoneer+9Tech In Africa+9

2. Benefits of the Kuda–Payoneer Integration

• Instant visibility into Payoneer balances and activity from the Kuda interface

• Quick transfers from your Payoneer balance into your Kuda Naira account

• Simplified onboarding: register a Payoneer account via the Kuda app itselfGrey+2Payoneer+2Tech In Africa+2

3. Notable Changes with Other Nigerian Banks
Previously, banks like Access Bank supported Payoneer withdrawals via domiciliary accounts. However, Access Bank has since ceased supporting incoming Payoneer inflows due to compliance concerns, leading to disruptions and potential reversals if attempted today.ratefy.co

Other major commercial banks such as GTBank, Zenith, UBA, First Bank, and FCMB still support withdrawals from Payoneer. These banks allow users to receive foreign-earned funds via Payoneer as long as account details are valid and correctly linked. However, none have the same direct integration feature as Kuda.payoneer.custhelp.com+7Monito+7Tech In Africa+7

summary:

Conclusion:
While many Nigerian banks allow standard Payoneer withdrawals, Kuda Bank stands out as the only official, digital partner offering seamless integration—especially designed for Nigerian businesses using Payoneer. Other banks such as GTBank, Zenith, UBA, and First Bank continue to support Payoneer transfers, but Access Bank has officially discontinued its support for Payoneer inflows.

How to verify a Payoneer account in Nigeria?

Verifying your Payoneer account in Nigeria is a crucial step to ensure your account is fully activated and eligible to receive, withdraw, or send payments. The verification process is designed to meet global Know Your Customer (KYC) standards and confirm your identity and banking details. Here’s a step-by-step guide tailored for Nigerians:

1. Sign Up with Accurate Information
When registering your Payoneer account, ensure that your name, date of birth, phone number, and address match your official documents. Any mismatch may lead to rejection during verification.

2. Log in and Visit the Verification Center
Once registered, log into your account and go to Settings > Verification Center. This is where you’ll see all pending tasks related to verification.

3. Submit a Valid Government-Issued ID
Payoneer will request an identity document. Accepted Nigerian IDs include:

• National ID Card (with photo)

• International Passport

• Driver’s License

• Permanent Voter’s Card (sometimes accepted)

 If you’re using the National Identification Number (NIN), ensure it’s the improved version with a photo and QR code (available via the NIMC mobile app or printed e-slip).

4. Upload Supporting Documents (If Required)
In some cases, Payoneer may request:

• Proof of Address: Utility bill, bank statement, or government letter not older than 3 months

• Selfie Verification: A clear photo of your face or video selfie for identity match

• Bank Account Ownership Document: Especially if the name on your bank differs from your Payoneer account

5. Monitor Verification Status
Once you upload documents, Payoneer will review them within 3–5 business days. If anything is unclear, you’ll be notified via email to re-submit or update the document.

6. Link Your Nigerian Bank Account
After ID verification, go to Bank Accounts and add your Naira or domiciliary account. Make sure the account is in your name. If using a business account, ensure it’s registered with the CAC and aligns with your Payoneer business profile.

7. Final Confirmation
Once all details are verified and accepted, your account will be marked as “Approved” and you can start receiving international payments.

Tips for Smooth Verification:

• Use clear, color scans or photos of documents

• Avoid uploading cropped or blurry images

• Use official spelling as shown on your ID

• Make sure your name matches across all documents

Conclusion:
Verifying your Payoneer account in Nigeria involves submitting valid identification, linking your bank account, and responding promptly to any additional verification requests. Once approved, your account becomes fully functional for sending and receiving international payments.

Can Nigerians withdraw from Payoneer?

Yes, Nigerians can withdraw funds from Payoneer to their local bank accounts in either Naira or U.S. dollars, depending on the type of account they link to their Payoneer profile. The platform is fully operational in Nigeria and supports direct withdrawals for freelancers, business owners, e-commerce sellers, and service providers receiving international payments.

Here’s a breakdown of how the withdrawal process works for Nigerians:

1. Withdrawal to Naira Bank Account
You can easily withdraw money from your Payoneer balance to your Naira bank account in Nigeria. During this process, Payoneer will automatically convert the USD, EUR, or GBP in your balance to Naira using their exchange rate (which usually includes a conversion fee). Most major Nigerian banks are supported, including:

• GTBank

• UBA

• Zenith Bank

• First Bank

• Access Bank (limited support now)

• FCMB

• Kuda Bank

Once you initiate the withdrawal, the funds typically arrive in your Nigerian account within 24–72 business hours.

2. Withdrawal to Domiciliary Account (USD)
If you don’t want Payoneer to convert your dollars to Naira, you can choose to withdraw directly to your USD domiciliary account in Nigeria. This way, you retain your funds in dollars and can negotiate better rates via Bureau de Change operators or use it for international purchases. However, not all banks accept Payoneer USD transfers anymore (e.g., Access Bank has restricted this service).

3. Supported Minimum Withdrawal Amounts
The minimum withdrawal amount varies depending on the currency:

• USD: Usually $50

• NGN: About ₦4,000–₦5,000 (Payoneer converts your dollar to naira)
  These limits may vary depending on account type and destination country.

4. Steps to Withdraw in Nigeria

• Log in to your Payoneer account

• Go to Withdraw > To Bank Account

• Select the balance (USD, EUR, GBP) you wish to withdraw from

• Choose your linked Nigerian bank account

• Enter the amount and confirm

5. Fees
Payoneer typically charges a conversion fee of 2%–3.5% above the mid-market rate for Naira withdrawals. For USD withdrawals, local bank charges may apply depending on your bank’s policy.

Conclusion:
Nigerians can safely withdraw from Payoneer to both local Naira and USD domiciliary accounts. The process is straightforward, supported by most banks, and usually completed within a few business days. Choosing between Naira or USD withdrawal depends on your preference for currency conversion and banking flexibility.

Can Payoneer refund money?

Yes, Payoneer can refund money, but the process depends on how the transaction was initiated, the type of account involved, and the status of the payment. Unlike traditional banks, Payoneer doesn’t offer direct refund buttons for every transaction, but under specific conditions, refunds or reversals can be processed either automatically or manually with the help of customer support.

Here’s how Payoneer handles refunds and what you need to know:

1. Refunds for Payments Between Payoneer Users
If you mistakenly send money to another Payoneer user, you’ll need to contact the recipient directly and request that they refund the payment. Payoneer does not have the authority to forcibly reverse peer-to-peer payments unless both parties agree. If the recipient agrees, they can simply return the money from their balance back to your Payoneer account.

2. Refunds from Clients or Marketplaces
If you’re a freelancer or e-commerce seller and received payment via Payoneer from a platform like Upwork, Fiverr, Amazon, or a direct client, refunds are often initiated by the platform or the client. In most cases, these refunds can be processed if:

• The payment is still under review or on hold

• The buyer or client initiates a dispute

• The client sends a reversal request through their Payoneer business account

Once processed, the refund will return to the sender’s original funding source (card, bank, etc.), and your balance will be adjusted accordingly.

3. Rejected or Failed Withdrawals
If you withdraw funds from Payoneer to your Nigerian bank account and the transaction fails (e.g., due to incorrect bank details), the money is automatically returned to your Payoneer balance within a few business days. You’ll be notified via email and may be asked to correct your banking information.

4. Unauthorized Transactions or Fraud
If you notice a suspicious or unauthorized transaction, you should report it immediately to Payoneer customer support. If the report is made quickly and the funds haven’t yet been withdrawn, Payoneer may be able to block and refund the transaction after investigation.

Important Notes:

• Refunds are not instant; they may take 3–7 business days, especially if it involves international transfers or dispute resolution.

• Payoneer customer support must be involved in most formal refund cases, especially those involving disputes or third-party platforms.

• You should always double-check email addresses, account IDs, and payment details to avoid errors during transactions.

Conclusion:
Yes, Payoneer allows refunds in Nigeria and globally, but the refund process is not automatic in most cases. Whether you’re dealing with a mistaken transfer, failed withdrawal, or unauthorized activity, you’ll often need to engage with Payoneer’s support or the other party to resolve the situation.

Which platform pays through Payoneer?

Many global freelancing, e-commerce, affiliate marketing, and digital service platforms support Payoneer as a payment method. Payoneer has established itself as one of the leading cross-border payment providers, especially for users in countries like Nigeria where international banking options can be limited.

If you’re looking for platforms that allow you to earn in USD or other foreign currencies and withdraw through Payoneer, there are dozens of reputable options.

Here are some of the top platforms that pay directly through Payoneer:

1. Freelancing Platforms

• Upwork: One of the largest freelancing platforms in the world. Payoneer is a preferred payment option with fast transfers.

• Fiverr: Nigerian freelancers can link Payoneer to Fiverr for easy withdrawals.

• Freelancer.com: Allows seamless withdrawals through Payoneer, ideal for web developers, writers, and designers.

• PeoplePerHour: UK-based freelancing platform that pays international users via Payoneer.

2. E-commerce & Marketplaces

• Amazon (via Amazon Associates or Amazon Seller Central): Sellers and affiliate marketers can receive payments directly to Payoneer.

• Etsy: For craft sellers and creatives; allows Payoneer as a payout method.

• Wish: Global e-commerce platform supporting Payoneer withdrawals for sellers.

• Lazada & Shopee (in Asia): Partnered with Payoneer for cross-border merchant payments.

3. Affiliate Marketing Networks

• CJ Affiliate (Commission Junction): Offers Payoneer as a withdrawal option.

• ShareASale: Popular affiliate network with Payoneer payouts.

• ClickBank: Affiliate marketers can receive commissions via Payoneer.

4. Survey & Microtask Platforms

• Rev: For transcriptionists and captioners. Supports Payoneer for global freelancers.

• Appen and Lionbridge: Data entry and AI training companies offering Payoneer payouts.

• UserTesting: Pays testers via Payoneer in supported countries.

5. Ad Networks & Content Monetization

• Google AdSense (via partner banks with Payoneer accounts in some countries)

• Adsterra, PropellerAds, MGID: Popular ad networks that allow Payoneer withdrawals for publishers.

6. Online Teaching Platforms

• Preply, Italki, and Cambly: English teachers and tutors in Nigeria can get paid via Payoneer.

• Udemy (via Payoneer connected PayPal): Some instructors use Payoneer to receive revenue indirectly.

Why These Platforms Prefer Payoneer:

• Low transaction fees

• Access to USD, EUR, GBP accounts

• Withdrawal to local banks in Nigeria

• Integration with marketplaces and platforms

Conclusion:
From freelancing platforms like Fiverr and Upwork to affiliate networks like CJ Affiliate and ClickBank, Payoneer is a versatile and widely accepted payment solution. Nigerians can confidently use these platforms to earn foreign currency and withdraw to local or domiciliary accounts.