Payoneer is an online banking platform that enables you to send and receive money online. With payoneer, you can open a virtual bank account in different currencies such as U.S Dollars, Euros, British Pounds. Due to the limitations paypal has placed on Nigerians, payoneer is the leading alternative for Nigerians who wants to send and receive money around the world. In this article, BangsTech will show you how to open a payoneer account in Nigeria.
With a Payoneer account, You can have a U.S Bank account that you can use to recieve payment from your customers around the world. It is available in almost all the countries in the world, and is, therefore, a good alternative to PayPal for individuals living in countries where PayPal is not available or is not fully functional.
Benefits of Opening Payoneer Account in Nigeria
- If you are a freelancer, entrepreneur or you just need to receive money from abroad and also be able to send money to others, then you really need to open and verify your Payoneer account.
- Payoneer is one of the best online money transfer companies for individuals looking to receive money online for whatsoever reason. It’s way cheaper than western union and direct bank wire transfer.
- Personally, as a blogger and a freelance writer, I can tell you without doubts that owning a Payoneer account is one of the best things that has happened to my business.
- After working for clients online and survey companies where I was unable to receive my funds – due to the fact that PayPal isn’t supported in my country, I went in search of the best alternatives to PayPal, which I found in Payoneer.
- You can create a virtual bank account to receive payments from Americans and European countries
- You can apply for a debit card which you can use for online payments and funds withdrawal at ATMs
- You will receive a $25 bonus
- You can use payoneer account to receive payment from freelancing market place like fiverr, upwork and other websites that accept payoneer as payment method.
Requirements to open a Payoneer account
- An email address.
- Address (postal code and residential address): Make sure you use the correct postal code. It is where your Payoneer card will be shipped to. Check for your postal / zip code here if you live in Nigeria.
- Local bank account: The details of your local bank accounts will be requested for.
- Means of Identification (I.D card, voter’s card, Driver’s license, International Passport): If you have a temporary I.D card slip, you can as well use it. As far as it has your National Identification number.
How to open a Payoneer Account
Here are the steps you need to follow to own a Payoneer account for free:
Step 1. Visit Payoneer here and click on sign up.
You can visit to register by clicking on this link.
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On the homepage, you will discover two sign up buttons. One on at the top right corner, the other at the bottom left corner. Just click on anyone.
Step 2. Enter your Personal Details in the spaces provided.
Fill all the details in their respective boxes. The data you enter must correspond with what you have on your means of identification. You must treat your Payoneer account like you would treat your official bank account because that is what it is.
After filling in all the required details, click on next.
Step 3. Fill in your contact details.
Enter your contact details in the boxes provided. Mine indicates Nigeria because I live in Nigeria. If you live in the UK, USA, The Philipines, or any other country, just make sure you select the appropriate one.
Make sure you enter the correct address. Like I said earlier, that is where your Payoneer card will be shipped to. After successfully entering your contact details, click on next to proceed.
Step 4. Enter Security details.
Now, enter your security details in the boxes provided. Choose a password easy for you to remember but difficult for others to guess.
Enter a security question and provide an answer to that question.
The security question will be used to confirm your identity in case of any issues.
The country has been specified. However, you can change it if your means of identification is from another country.
Step 5. Enter local bank account details
Enter the exact match of your local bank account details in the boxes provided. This is important if you intend to perform bank wire transfer from your Payoneer account to your local bank.
If you don’t know your SWIFT/BIC, make a google search for your bank BIC. For example, visit google.com and search for ‘UBA Swift code’, ‘GTB Swift code‘ or any other bank swift code.
After completing all the details, click to agree to terms and conditions and pricing fees and then click on submit.
You should get a congratulations message like this:
If you followed all the steps in this guide, You will also get an email confirming that the review of your application is in progress.
The Payoneer team will conclude the review of your application in less than 3 business days.
In fact, mine didn’t last for up to 10 minutes.
I got an email like this.
How To Receive Money With Payoneer
1. Use your account number: Payoneer Global Payment Service allows you to open and operate a bank account in many currencies. just send your account number to the company or individual that is paying you, thats all you need to do.
2. Use your Payoneer email: You can receive money from other Payoneer Users. All you have to do is give them the email address associated with your payoneer account. They will be able to send you funds from their payoneer account.
3. Use Mass Payout: If you are a freelancer or you deals with companies that uses payoneer as a payment method, all you need to do is register your payoneer account with the and they will automatically send your payment to your payoneer account.
4. Request Payment From Your Clients: to receive payment with payoneer using this method, all you have to do is login to your account and create a payment request, your client will receive email with a link to make payment. Once the client makes a payment, you will receive the money straight into your payoneer account.
How to Withdraw Money From Payoneer account
- Login to your account
- On the top menu, click on withdraw
- Select account to withdraw from
- Add the details of your local bank you want to withdraw to
- complete withdrawal. It usually takes 1 – 5 working days to receive money because it is an international bank transfer.
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