How to Withdraw Money from Payoneer in Nigeria

How to withdraw money from Payoneer in Nigeria is easy if you are an eligible user with a verified account. To get started link your local bank account to Payoneer for seamless transfer.

Eligibility requires you to register, verify your account, and meet Payoneer’s minimum withdrawal amount.

Many Nigerians working online, freelancing on Upwork, affiliate marketing or selling on Amazon rely on Payoneer to receive payments.

With Payoneer, they can withdraw money directly to Nigerian banks using the familiar bank transfer method. Payoneer’s accessibility has made it a go to for cross border payments.

Payoneer withdrawal fee varies by transaction type and the Nigerian bank transfer methods have a small fee attached.

The Payoneer to Naira exchange rate is usually close to the market rate so you get fair value for your earnings.

You can also use Payoneer Mastercard to withdraw from ATMs in Nigeria but not all ATMs accept international cards.

Don’t forget that there are extra Payoneer withdrawal charges when using ATM withdrawals. Payoneer is a reliable way for Nigerians to receive funds and manage their online earnings.

Let’s see how to Withdraw from Payoneer in Nigeria below.

How to Withdraw Money from Payoneer in Nigeria

Withdrawing from Payoneer in Nigeria is easy once you have set up your account.

There are two options: transfer to a Nigerian bank account or use Payoneer Mastercard. Both has its advantages and your choice depends on your withdrawal preference, fees and how fast you need access to your funds.

Link Your Payoneer Account for Bank Withdrawal

To start, you need to set up and verify your Nigerian bank account in Payoneer to enable withdrawals. Here’s how:

1. Log in to Your Payoneer Account: Go to your account dashboard on Payoneer.
2. Go to Bank Accounts: Click on “Bank Accounts” under the main menu and select either “Bank accounts for withdrawal” or “Recipient bank accounts”.
3. Add Your Bank Account:

• For Nigerian banks, go to “Your accounts” and select “Naira” as the currency.
• Enter your account holder name (must match exactly with the name on your Nigerian bank account), account number and bank details.

4. Wait for Approval: Once submitted, Payoneer will review and verify your bank account which can take up to 3 business days. You will receive an email once your bank account is approved.

If you want to receive funds in USD, GBP or EUR, some users set up accounts with Grey which offers virtual foreign currency accounts.

By linking a Grey USD or GBP account to Payoneer, you can have more options for withdrawal and potentially lower conversion fees.

Bank Transfer Option

Payoneer bank transfer allows you to withdraw your Payoneer balance to your Nigerian bank account. This is easier and cheaper than card withdrawal.

How to Withdraw Money from Payoneer to a Nigerian Bank Account

Below I provide for you steps on how to withdraw money from Payoneer in Nigeria straight into your local bank account.

1. Log In to Payoneer: Go to “Withdraw & Transfer” on your dashboard and click “Withdraw to Bank.”
2. Choose Currency Balance: Select the currency you want to withdraw (USD or EUR) based on the funds available in your Payoneer balance.
3. Select Bank Account and Enter Amount: Choose your verified Nigerian bank account and enter amount. Payoneer will automatically apply the Payoneer withdrawal fee based on the exchange rate.

Bank Transfer Processing Time

• Direct bank withdrawals take 1-3 business days to process.
• Weekends and public holidays may delay processing time.

Payoneer has a fair fee structure and withdrawals to a Nigerian bank account in Naira may include the conversion fee in the transaction. Always check the Payoneer to Naira exchange rate in real-time to know exactly how much you’ll get.

Payoneer Withdrawal Fees

Payoneer’s direct withdrawal fees are clear and varies based on currency and transaction type. For example:

• Currency Conversion Fees: Payoneer adds a small margin to the exchange rate when converting USD or EUR to Naira. This margin is usually 2% above market rate.
• Fixed Fees: Some currency withdrawals have fixed transaction fees, check Payoneer website for the latest.

By checking these fees ahead of time, you can reduce costs by timing your withdrawals or choosing the lowest fee option.

Payoneer Mastercard for ATM Withdrawals

You can also access your funds in Nigeria through the Payoneer Mastercard which allows you to withdraw cash from Mastercard enabled ATMs.

This is good if you need cash ASAP but has some additional fees and considerations.

Payoneer Mastercard Pros and Cons in Nigeria

Pros:

• Cash available through Mastercard enabled ATMs.
• Can withdraw in Naira or other currencies depending on the ATM.

Cons:

• High ATM withdrawal fee especially for currency exchange.
• Exchange rate is not as good as bank transfer.

How to Use Payoneer Mastercard for ATM Withdrawals

To do this:

1. Request a Payoneer Mastercard from your Payoneer dashboard if you don’t have one.
2. Once you have the card, find a nearby Mastercard enabled ATM and withdraw.

Note that exchange rate may vary depending on the ATM and currency so factor that in when planning your withdrawal.

Payoneer Withdrawal Options in Nigeria

Direct bank transfer and Payoneer Mastercard have their own advantages. Here’s a quick summary:

• Direct Bank Transfer: Lower fees, more control over exchange rate, safer to deposit directly into your Nigerian bank account.
• Payoneer Mastercard: Cash available ASAP, good for cash transactions but has additional fees and less exchange rate.

Nigerian Bank Transfer Methods: Tips for a Smooth Withdrawal

When transferring to a Nigerian bank here are some tips:

1. Match Your Bank Account Name: Make sure the name on your Payoneer account is the same as the name on your Nigerian bank account. Mismatch can delay or block the transfer.
2. Confirm Your Bank Details: Double check your bank details to avoid rejected transactions.
3. Check the Exchange Rate: Payoneer to Naira exchange rate changes daily so withdrawing on a good day can make a big difference.

Payoneer to Naira Exchange Rate

Exchange rates affect how much you get from Payoneer. Payoneer rates are slightly different from the daily forex rate as they add a margin to the rate to cover transaction fees. This margin can be 1-2% above the market rate.

When transferring to a Nigerian bank account, Payoneer gives you a real-time rate so you know exactly how much you’ll get in Naira.

For those on Grey account, withdrawing in USD or GBP and converting within Grey may give you more flexibility and better rates.

Grey Accounts as an Alternative to Direct Withdrawal

If you want to keep your funds in foreign currency or have more control over the exchange process, consider using Grey as an intermediary. Grey has foreign currency accounts like USD and GBP that can be linked to Payoneer.

How to Withdraw Payoneer Funds through Grey

Here is how to withdraw money from Payoneer in Nigeria through the Grey platform.

1. Create a Grey Foreign Currency Account: Sign up on Grey’s platform and set up your USD, GBP or EUR account.
2. Add Your Grey Account to Payoneer: Link your Grey account in Payoneer under “Bank Accounts for Withdrawal.”
3. Withdraw to Grey: Once your Grey account is set up, you can withdraw to this account and convert to Naira at your own rate.

By doing this you may find it’s a more flexible and cheaper way to withdraw foreign currency funds without relying on Payoneer’s rate.

Conclusion

Withdrawal from Payoneer in Nigeria is important for freelancers, entrepreneurs and business professionals who use Payoneer for international payments.

Now you know your options, direct bank transfer or Payoneer Mastercard, you can plan accordingly based on your needs and budget.

For many Nigerians, direct bank transfer is a smooth and cheap way to get funds in Naira.

On the other hand, Payoneer Mastercard gives you quick cash access at ATMs but at a higher fee. For more control over the exchange rate, using Grey as an intermediary can be good.

By following these steps and knowing Payoneer withdrawal fees, Nigerian bank transfer methods and Payoneer to Naira exchange rate, you’ll be more in control of your finances. With the right approach, managing your Payoneer funds in Nigeria is a breeze.