Payoneer is an online payment network that links businesses with customers, it allows its customers to open a virtual bank account in different currencies such as US Dollars, British Pounds, and Euros.
Following the limitation around Nigerians using Paypal for money transactions, Payoneer has become a popular alternative for those who want to send and receive money internationally.
With Payoneer, customers can pay online using a bank account or credit card when businesses send payment requests or invoices straight to them.
See also: How To Send & Receive Money With Paypal In Nigeria
Requirements For Opening A Payoneer Account
1. Name (first and last name)
2. Email address
3. Phone number
3. Address
4. Valid ID card
5. Date of birth
6. A strong password (you’ll be required to create a password for login purposes).
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How To Open Payoneer Account In Nigeria
1. Click here to visit Payoneer website
2. Click “Register”
3. Select your type of account
4. Select your type of business
5. Fill out your account opening form with the required information and submit.
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How To Send Money With Payoneer In Nigeria
Sending money to a family or even a friend has never been easier thanks to Payoneer. To get started, follow the steps below:
1. Enter your email address and password to log into your Payoneer account
2. Click the “Pay” button
3. Now tap the “Make a Payment” button
4. Choose the “To a recipient’s Payoneer account” option
5. Enter recipient’s account details and amount to be sent
6. Review the details and click the “Pay” button.
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How To Receive Money With Payoneer In Nigeria
Payoneer allows you to be paid in a variety of ways. The four different payment methods Payoneer offers can be seen below:
• Global Payment Service
• Request a payment
• Mass Payout Company
• Make a payment
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Global Payment Service:
As if you had a local bank account, the Global Payment Service allows you to accept payments from companies in the United States, the European Union, the United Kingdom, and Japan. The following is how it works:
• Payoneer gives you the information for a receiving account.• Payoneer gives you the information for a receiving account.
• These facts are given to the company with which you work.
• These details are used by the company to send a local bank transfer and the money is deposited into your Payoneer account.
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To see the specifics of your receiving accounts, do the following:
• Log in to your Payoneer account.
• Select Global Payment Service from the Receive tab.
The details of the receiving accounts in various currencies will be displayed. You can provide these details to your contact person via email or through the web platform you use.
Please keep in mind that, while the Global Payment Service provides some banking services, it is not a bank account. Companies can make payments to you using your receiving account information, but you can’t charge it. Any attempts to charge will be rejected.
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Request a payment:
The Payoneer Request a Payment enables you to bill your customers and receive payments. You can send payment requests to your customers, who can then pay you for the goods or services you provide. It works in the following way:
The following happens when you create a payment request in your Payoneer account:
• Your client receives an email with your payment request and a link to the online payment application
• The client submits the payment either online or through their bank
• You receive the payment to your Payoneer account.
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To create a payment request:
• Sign in to Payoneer
• Click Receive tab and choose Request a Payment
• Fill out the payment details and submit the request.
Please note that you must first receive at least 5,000.00 USD (or equivalent) to use the Request a Payment option.
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Mass Payout Company:
If your employer accepts Payoneer as a payment method, you can get paid by choosing Payoneer as your payment method in your paying company’s account. Choose “Already have a Payoneer account?” if you have a Payoneer account. Alternatively, if you don’t already have a Payoneer account, you can open one by following the guidelines above.
When the business sends you a payment, it will be deposited immediately into your Payoneer account.
You may be able to receive paid with Payoneer in a variety of ways depending on the company. Through the Payoneer network, funds can be transferred to your Payoneer balance, a Payoneer card, or straight to your bank account. The possibilities available to you are determined by the organization with which you work.
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Make a payment:
Make a Payment allows you to send money between Payoneer accounts for commercial needs. Take the steps below to get started:
• Log in to your Payoneer account
• Make a payment by selecting Pay
• Then enter the payment amount and the email address associated with your Payoneer account
• The money is deposited into your Payoneer account
The majority of payments sent through the Make a Payment load are received within two hours, and the service is entirely free.
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How To Withdraw Money From Your Payoneer Account in Nigeria
There are two ways to withdraw money from a Payoneer account: debit card and direct deposit.
Debit card: The Payoneer debit card is issued by Payoneer and can only be used to withdraw money from ATMs. It cannot be used to put money into your bank account.
Withdraw to bank account: This option allows you to withdraw monies directly into your bank account, as the name suggests.
To transfer money from your Payoneer account to your bank account, follow the procedures below:
• Go to your Payoneer account and sign in
• On your screen, press the “Withdraw” button
• Select “To Bank Account” from the drop-down menu
• Choose the Payoneer account from which you’ll be withdrawing funds
• Choose the bank account you’ll be financing (this option is only available to individuals who have linked their card information to their Payoneer account). To add your card, click the “Add new account” option if you haven’t already)
• Enter the amount you’d like to take out
• After that, select Review and Submit.
In less than 4 days, your account will be credited.
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How To Request For Payoneer Card
• Sign in to your Payoneer account
• On your screen, press the “Settings” button
• Select “Payoneer cards” from the drop-down menu
• Click “Order now” and follow the on screen instructions.
• Please keep in mind that you can only order a Payoneer card if you’ve received at least 2,000.00 USD (or equivalent) in payments to your account in the past 6 months.
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How To Use Payoneer Card In Nigeria
A Payoneer debit card functions in the same way as one issued by a Nigerian commercial bank. It’s usually a MasterCard or Visa card that can be used to withdraw cash from ATMs all over the world.
You can also shop online with the card on any website that accepts credit cards.
Can I load money into my Payoneer account to make payments?
No, you can only deposit money that you receive from clients or marketplaces directly into your personal account.
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Originally posted on February 18, 2022 @ 4:55 pm
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