Payoneer is one of the most popular payment systems in the world. It is available in over 200 countries, has more than 5 million customers and supports over 35 languages. Payoneer enables you to withdraw funds to your local bank account in Nigeria. In this article, you’ll discover step-by-step instructions on how to carry out this transaction
Register a Payoneer Account
To be able to use Payoneer, you need to sign up to the platform. Here’s how:
- Open the Payoneer website
- Click the Register button
- Fill in the registration form with your real and up-to-date personal data
- Enter your email address and confirm it
To help you confirm your email, Payoneer will send a link to your inbox. You’ll need to log in to your inbox and click the link.
In the registration form, you’ll need to type in your full name as it’s written on your passport, your date of birth and contact details. To verify your identity, you should provide a valid ID issued by the government. You’ll also need to indicate your residential address. Payoneer will send a card to your home if you request it.
4 Ways to Receive Funds via Payoneer
With Your Email
If someone wants to send you money, you can share with them the email address that is linked to your Payoneer account. To carry out the transaction, the sender can log into their Payoneer account i, enter your email, indicate the sum of the transaction, and confirm it.
With Your Account Number
Payoneer Global Payment Service enables users to open and operate bank accounts in various currencies. To be able to receive funds, you need to submit the details of your bank account to the sender. As soon as they transfer money to your bank account, it will be reflected in your Payoneer account. To check your account details, you can log into Payoneer, press the Receive button on the top menu and opt for the Global Payment Service.
Request Payment from Your Clients
If you prefer this option, you can ask your clients to transfer funds to you. All you need to do is to sign in to your account, press the Receive button in the top menu and then opt for Request Payment. Payoneer will send a link to your client’s inbox. They should click that link to transfer funds to you.
Request Mass Payout
This option is popular among freelancers who receive payments either directly from their clients or through such platforms as Fiverr or Upwork. You can register your Payoneer account with them and your client or the platform will automatically send money to it.
How to Transfer Funds from Your Payoneer Account to Your Account in a Nigerian Bank
Payoneer lets you choose between two options. You can either request its payment card or receive funds directly to your local Nigerian bank account. You can’t use both of these options and need to select only one. If you request the card, you’ll be able to use it to withdraw money from ATMs.
This is what you should do to withdraw funds from your Payoneer account:
- Sign in to the system
- Press the Withdraw button on the top menu
- Indicate the account to withdraw from
- Specify your bank details
- Confirm the transaction
You might need to wait for up to five days until your transaction is processed and the money lands in your bank account.
How to Order a Payoneer Card
Some users who are new to Payoneer are afraid to click a wrong button in the user interface, order the card by mistake and lose the opportunity of sending funds to their local bank accounts forever. You shouldn’t get stressed over that. The process of ordering the card is very straightforward:
- Sign in to your Payoneer account
- Push the Settings button on the top menu
- Click on Payoneer cards
- On a new page, opt for Order Now and follow the on-screen instructions
You’ll receive a Visa or MasterCard card that you’ll be able to use both online and offline, anywhere in the world where these card systems function.
If you want to get a similar card without losing the opportunity of transferring funds to your local Nigerian bank account, you might want to consider an alternative. For instance, the Fibo card supports free transfers and bills payments. It allows you to get up to 1,000,000 NGN with a 0% interest rate for 45 days and offers other useful perks.
How to Send Funds with Payoneer
If you need to send funds through Payoneer , the process is just as simple as for receiving:
- Log into your account
- Press the Pay button in the top menu
- Opt for Make a Payment
- Specify the recipient’s bank account or Payoneer account
- Confirm the transaction
The interface of this payment system is highly intuitive, so it should take you just a short time to figure out how it works.
Conclusion
Hopefully, you found this article informative and now you have a better understanding of how to withdraw funds from the Payoneer payment system to your local account in a Nigerian bank. It’s quick, safe and easy.
