Payoneer is not a new online money payment system in Nigeria as it is widely used across the country. To use Payoneer, you must first of all create an account on their website www.payoneer.com. Apart from online web accessing, you can download the Payoneer mobile app for both Android and iOS devices.
The main thing about Payoneer is the Prepaid Master card which you can apply for immediately after your account creation and you get to receive within a maximum of 30 days, ordering the card is free but for Nigerians, DHL Charges may apply for the shipping process. You can use the Card for all your online business payments and transactions and you can also use it to withdraw money from ATM points in Nigeria. Just like a normal ATM card, the Payoneer prepaid master card has an expiry date which is usually three years after issuance.
WITHDRAWING YOUR FUNDS
To withdraw money from your Payoneer account, you can either use your Master Card or you can request for a Local Bank Withdrawal Transfer which normally take 2-3 working days to be processed after which your money will be deposited into your account. Withdrawing money in the NGN currency from your Payoneer account to your Nigerian local bank account attracts a 2% transaction fee, but withdrawing in USD, EURO or the GBP is free.
Like every other payment platform, Payoneer has fee charges for various transactions, but these charges are often minimal, the main charges you get to pay are for the use of your Prepaid Master Card, these charges include;
- $2.75 charge for every ATM withdrawal you make.
- $29.95 Annual Charge
- $12.95 charge for replacement of lost card
- $1 charge for card maintenance (If used up to 5 times in a month)
- $1 charge for checking of account balance.
Top online shops and freelance websites feature Payoneer as a method of payment so it is advisable for you to have an account for your online transactions and also, withdrawing funds to your local bank accounts here in Nigeria is much easier with Payoneer. Whereas Payoneer is a reliable payment platform in Nigeria, there are still some disadvantages of it like the high transaction charges associated with mainly using the Prepaid Master Card which is one of the major complaints Payoneer users complain of today. For an average Nigerian keeping up a Payoneer account may be too expensive, but for top businesses and companies, Payoneer is a nice bet for professional fund management.