How To Withdraw From Payoneer at up to 650/$ In Nigeria

                                 

The Payoneer platform has a current exchange rate of N410 per dollar for direct transfers to a Nigerian bank account. This leads to a significant loss of money, as the market rate for the dollar is usually over N650. If you withdraw $100 from Payoneer, you will receive N41,000 Naira, whereas other methods can result in a minimum of N60,000 Naira. That's a difference of N19,000 for a $100 transaction and over N190,000 for a $1,000 transaction.

Many online workers, such as freelancers on Fiverr and Upwork, receive their earnings through Payoneer and encounter this problem when trying to transfer their dollars to their local bank account. To help with this issue, there are three methods you can use to exchange your Payoneer funds at a better rate:

• Sell your Payoneer funds to an online buyer at a rate of N650 or higher per dollar. Our leading tech blog in Nigeria with over 10k monthly readers now offers Payoneer exchange services, so you can sell your funds with peace of mind. Simply send a WhatsApp message to us here with the amount you want to sell, and we'll give you our Payoneer email to send the money to. You'll receive the Naira equivalent in your bank account within minutes!

• Connect your Payoneer account to a Nigerian domiciliary account. This will allow you to exchange your Payoneer funds at a rate of over N650 or at the current dollar exchange rate. The best bank for domiciliary accounts in Nigeria is Wema, GTB & UBA, where you can open an account to receive foreign currencies. Once you connect your Payoneer account to this domiciliary account, you'll receive the money in dollars. To exchange it for Naira, you'll have to visit a Bureau de change aboki and transfer the money to them, where you'll receive a rate of between N590 and N600. However, due to recent actions by CBN against these "Aboki dollar changers," it's advisable to go for the first option.

How to Open a Wema Domiciliary (DOM) Account without Visiting the Bank

• Withdraw Payoneer to a "Grey GBP Bank Account." The exchange rate after all fees and charges is slightly higher than the other options, with the final rate being around N680 per dollar. Grey is a platform that gives you a foreign account number, and once you register and verify your account, you can request a GBP account. Connect this GBP account to your Payoneer account, convert all the Payoneer money to Great Britain pounds, and then use Grey to convert the pounds to Naira at a good rate. However, keep in mind that there are many fees involved, and the final rate will be N20 to N30 short of the current rate on the Grey platform.

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