Payoneer is an online banking platform that enables people to send and receive money online. With Payoneer users especially businesspersons can open a virtual bank account in different currencies such as US Dollars, British Pounds and Euros. MasterCard and Visa are also available to users.
Due to the limitation PayPal has placed on Nigerians, Payoneer is a better alternative for Nigerians who want to send and receive money. In this article you will learn how to open a Payoneer account in Nigeria, and other benefits attached to using a Payoneer account.
With Payoneer you can have a U.S. Bank account that you can use to receive payment from your customers and users around the world. This is one area that Payoneer is better than PayPal, they provide users with a virtual bank account that you can use as normal bank account to carryout transactions.
If you are from Nigeria, Ghana or any other country that is limited by PayPal, you can use Payoneer to send and receive payment. You also get a virtual bank account to use for business transaction with your international customers
Requirements
- Your full name, which should be your legal name.
- Email address
- Your residential address. This should be correct because it is where your Card will be sent to if you request for one.
- Date of birth.
- Your contact details.
- A government Issued ID.
How to open an account
The following steps will help you in this process:
- Visit the official website of Payoneer.
- Click on the register button on the website i.e on the home page.
- Fill out the registration form. Make sure you give accurate details
- Confirm your email address by logging in to your email and click on the link there.
- Congratulations, your account is ready.

How to receive money with Payoneer
You can receive money into your Payoneer account only when you do the following:
Use your account number
Payoneer is a global payment service which allows you to open and operate a bank account in many currencies. All you have to do is send your bank details to the person or company that is supposed to pay you. Once they make payment, the whole money will reflect in you Payoneer account. You can also view your account number by logging into your account. Then click on Receive at the top menu, click on Global Payment Service. There you can view your bank account details.
Request payment from your clients
This is another way to receive money through this medium. You must login to your account, click on “Receive” at the top menu and then click on Request Payment to make a payment request from your clients. It is free and easy. Your client will, in turn, receive an email with the link to make payment. Once payment is done, the money goes straight into your Payoneer account.
Use mass payout
For remote workers, freelancers or those who deal with companies and individuals that use Payoneer as their payment option such as Fiverr, Upwork, etc. All you have to do is register your Payoneer account with them and they will automatically make payments to your Payoneer account.
Use Payoneer email
With your Payoneer email, you can receive money from other Payoneer users. All you have to do is send your email address alongside your Payoneer account. With that, they will be able to fund your account from their Payoneer account.
How to Link Your Local Bank to Payoneer Account in Nigeria
- Login with the email and password you have used to create your verified Payoneer account
- In your dashboard, click on “Settings” located at the header. A menu will drop down then click on “Bank Accounts”. However, make sure you are either using a PC or use “Desktop view” if you are using a mobile phone.
- After that, you will see “Add Bank Account” and icon like a small house, click on it and you will be asked to enter your details.
- Then add your account details.
You can add your bank account details to Payoneer account in Nigeria in 3 simple steps as follows:
Add Bank Details
Select either ‘Personal’ or ‘Business’ type of account. It is suitable for either business purposes or personal purposes.
- Choose your country – Payoneer will automatically chose Nigeria for you though
- The default bank account currency for Nigeria on Payoneer is currently “USD”
- Click “Next”
Input Account Details
- Put your bank name first… such as ‘First Bank of Nigeria’ etc
- Enter the (your) real name as used in the bank
- Then your account number follows
- Input your bank SWIFT CODE or BIC – You can search online to know your Bank Swift code in Nigeria
- Click on “I confirm the bank account details above”
Confirm Payoneer Account Details
- Review and ensure all information is correct
- If every information is correct, click on “SUBMIT”
With that, you have successfully added your Nigeria’s bank account details to your Payoneer account. Now, you can withdraw your earnings from Payoneer to your Bank account in Nigeria without any issue.

How to make payments
These following steps will help you make payments with Payoneer.
- Login to your account
- Click on “Pay” from the top menu
- You will see two options, the right option to select is “Make payment” except you are doing something else.
- Choose how you want to send the money. You can either pay into the recipient’s account or the recipient’s bank account.
- Proceed and complete your payment.
How to make withdrawals in Nigeria
Before you go ahead to make withdrawals, note that there are two options but you can only have one. You can either have Payoneer card which will be sent to you or you use your Nigerian bank account to withdraw. If you choose to go with card, you can only use the Payoneer card to withdraw money at ATMs but you will not be able to withdraw money to your bank account.
However, if you choose to withdraw with your bank account, you will not be able to have a card. Once you have get the card, that is final, you will be unable to withdraw again to your local bank account. Be careful while making your choice.
To withdraw money from your Payoneer account in Nigeria, you have to follow these steps:
- Login to your account
- At the top menu, you will see “Withdraw” then click on it.
- Select the account you want to withdraw from as you will see different accounts you have with Payoneer.
- Add your bank details; the bank you want to withdraw from.
- Then complete withdrawal. However, it takes about 1 to 5 working days to receive money because it is an international bank transfer.
How to order for Payoneer card
If you choose to use card for withdrawals, you can order for card by following these steps:
- Login to your account
- Click on “Settings” at the top menu.
- Select “Payoneer cards”
- Click on “Order” and complete your request.

Note: you can use your Payoneer card for withdrawals at any ATM worldwide. You can also use the card to shop online on any website that accepts card payment. The card can be a MasterCard or a Visa card.
Payoneer vs PayPal
A lot of persons find it hard to decide the best online payment platform in Nigeria. The confusion is always between Payoneer and PayPal. Here are the reasons why you should choose Payoneer over PayPal.
- Unlike PayPal which only receives money, you can use Payoneer to send and receive money in Nigeria.
- PayPal has the tendency of withholding your money unnecessarily for months but the reverse is the case for Payoneer except your funding source is illegal.
- You can also get Payoneer MasterCard in Nigeria but you can’t get PayPal card in Nigeria. Except for Virtual Credit Card (VCC), which can put you in trouble any time.
- With Payoneer, you can get automatic foreign account numbers in Nigeria but PayPal do not offer that.
- In addition, you can easily withdraw your funds in Payoneer to your local bank account but the process of withdrawal from PayPal to a local bank account is very tasking.
- Also, Payoneer pays $150 (about N54,000) for using their service to receive payment online when you reach a certain milestone but PayPal is not that kind.
- You can also make money with Payoneer Referral Program in Nigeria.
How to earn from Payoneer Referral Program in Nigeria
This is actually one of juicy offers this platform has. You will earn money by promoting your referral link. Especially to people who also send and receive money online in Nigeria.
- You can earn without working just be referring someone. You will paid $25 (about N9,000) for each person you refer. Assuming you promote your referral link to 100 people on social media or anywhere, if 10 sign up and use the service to receive at least $1000, you will earn $25 each on those 10 people making $250, which is N90,000 without even leaving your house.
- How to Sign up for the Referral program
- Login to your dashboard.
- At the right side of your screen (the sidebar), click on the banner that says “Refer and Earn $25”
- Copy the link
- It is a long link so you have to shorten it.
- Start promoting your link.
Frequently Asked Questions in Nigeria
Below are few questions you need answers to:
Is the Payoneer MasterCard ordered for free in Nigeria?
Yes, it’s absolute free as long as you earn at least $50 – $200. Though It’s not free for Expedite shipping.
How long does it take for Payoneer MasterCard to arrive in Nigeria?
It takes about 14 days or two weeks before the MasterCard gets to you here in Nigeria. But if you are in hurry to get the card quickly, you can order the card using expedite shipping which costs $50 and you will get the card within 3 days.
How long does it take withdrawal to get to your bank account?
It takes 3 days or less, depending on the day you withdraw your funds. However, they are always specify that it takes 3-5 business days for your money to get into your local bank in Nigeria. For example, if you withdraw on Money, you will get your payment by Thursday. If you withdraw on Saturday, you will get your money by Wednesday.
But as times goes on, there is a tendency that you will begin to receive your money within 24 hours.
How to activate your Payoneer MasterCard in Nigeria
Your card is useless without activation. Your card also comes with an enclosed envelope, simply follow the instructions given to you there to activate your card.
How much is Payoneer withdrawal fee to Nigeria Bank?
Withdrawal fee in Nigeria and other countries is approximately $3 ($2.99 to be certain) for a local bank transfer and $15 for a USD SWIFT transfer.
What is the Minimum and Maximum Withdrawal from Payoneer to Nigeria Banks?
Currently, the minimum you can withdraw from your Payoneer account in Nigeria is $50 and the maximum start from $5,000.
Is Payoneer a Payment Gateway?
No! It is not a payment gateway like PayPal, Stripe and others. But rather, it is a Payment processor for freelancers and business owners to pay and receive money. You can also pay for products gotten from online shopping store.
How much is Payoneer MasterCard withdrawal fee?
As said earlier, $3 will be deducted at every card slot into the ATM machine and $29.95 charges as annual fee.

Conclusion
So far, you now understand better how this platform works and have also learned how to get your own account in Nigeria and easily get your prepaid MasterCard with ease. You can increase your business opportunities or freelancing gigs with this platform. Also, you can diversify your payment mediums, and receive payments from anywhere in the world by just following the above simple steps to get your account ready.
Don’t forget to drop your comments and questions.
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