Payoneer is a global financial services platform that allows individuals and businesses to send, receive, and manage international payments easily. In this article, we’ll go through the Payoneer Review Nigeria so that you can know all there is to the platform.
Payoneer was created to solve one major problem: how people outside the United States and Europe can receive money from international companies quickly and affordably.
Today, Payoneer serves millions of users in over 190 countries, supporting freelancers, remote workers, online sellers, agencies, and international businesses. Whether you work on Fiverr, Upwork, Amazon, Shopify, or directly with foreign clients, Payoneer gives you access to global payments without needing a traditional foreign bank account.
Unlike PayPal, which focuses on peer-to-peer payments, Payoneer is built mainly for business payments, freelancing income, and international commerce. Simply go through this Payoneer Review Nigeria guide, and learn everything about Payoneer, including how it works, fees, supported countries, pros, cons, and a step-by-step setup guide.
Payoneer Review Nigeria: How Payoneer Works
Payoneer works by providing you with virtual bank accounts in major currencies such as:
- USD (United States)
- EUR (Europe)
- GBP (United Kingdom)
- JPY (Japan)
- CAD, AUD, and more
These accounts act like real local bank accounts. When a company or client pays you, they send money to your Payoneer receiving account instead of wiring money internationally.
Basic Flow:
1. You create a Payoneer account
2. Payoneer gives you local receiving accounts
3. Clients pay you like a local transfer
4. Money lands in your Payoneer balance
5. You withdraw to your local bank or use a Payoneer card
This system removes high international wire fees and long processing times.
Who Should Use Payoneer?
Payoneer is best suited for:
- Freelancers & Remote Workers
- Upwork
- Fiverr
- Freelancer.com
- Toptal
- PeoplePerHour
- Online Sellers
- Amazon
- eBay
- Etsy
- Walmart
- Shopee
- Lazada
- Digital Entrepreneurs
- Affiliate marketers
- SaaS founders
- Online agencies
- Consultants
- International Businesses
- Paying contractors
- Receiving cross-border payments
- Mass payouts
If you earn money internationally, Payoneer is one of the strongest tools available.
Payoneer Account Types
Payoneer offers two main account types:
- Individual Account
For freelancers and solo earners who receive payments personally.
- Business Account
For registered businesses, agencies, and companies with multiple team members.
Both accounts give access to receiving accounts, withdrawals, and cards, but business accounts offer more advanced tools like mass payouts and team access.
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How to Create a Payoneer Account (Step-by-Step)
- Step 1: Visit the Payoneer Website
Go to Payoneer’s official website at www.payoneer.com and click “Sign Up”.
- Step 2: Choose Account Type
Select “Individual” or “Business”.
- Step 3: Fill in Personal Details
- Full name
- Date of birth
- Address
- Phone number
- Step 4: Add Bank Details
This is where Payoneer sends your money when you withdraw.
- Step 5: Upload Verification Documents
- Government ID (passport, national ID, or driver’s license)
- Proof of address (if requested)
- Step 6: Approval
Approval usually takes 1–5 business days.
Payoneer Fees
Understanding Payoneer fees is critical before using it.
Receiving Payments
- From other Payoneer users: FREE
- From marketplaces (Amazon, Fiverr, etc.): FREE
- From clients via bank transfer: FREE
Currency Conversion Fees
About 0.5% – 2% above mid-market rate
Withdrawal to Local Bank
Typically $1.50 – $3
May vary by country and currency
Payoneer Card Fees
- Annual card fee: $29.95
- ATM withdrawal fee: around $3.15
- ATM currency conversion fee: up to 3.5%
Payoneer is generally cheaper than traditional banks and competitive with PayPal for international use.
How Payoneer Card Works
The Payoneer Mastercard allows you to:
- Withdraw cash from ATMs worldwide
- Pay online and in-store
- Spend directly from your Payoneer balance
The card is linked to your Payoneer account and supports multiple currencies.
Important: You must receive at least $100 in payments before you can request a card.
Payoneer Supported Countries
Payoneer supports users in over 190 countries, including:
- Nigeria
- Ghana
- Kenya
- South Africa
- India
- Pakistan
- Philippines
- United States
- United Kingdom
- Canada
Some features may vary by country.
Payoneer in Nigeria
Payoneer is fully legal and widely used in Nigeria.
Nigerian Users Can:
- Receive USD, EUR, GBP payments
- Withdraw directly to Nigerian banks
- Use Payoneer Mastercard (availability may vary)
- Get paid by international clients and platforms
Nigerian Bank Withdrawal Time: Usually within 24 hours. Payoneer is one of the most reliable international payment platforms for Nigerians.
Payoneer VS PayPal (Comparison)
Advantages of Payoneer
- Lower fees for large payments
- Better for freelancing & marketplaces
- Local receiving accounts
- Stronger business tools
Advantages of PayPal
- Easier peer-to-peer payments
- Better for small online purchases
- More widely accepted by individuals
Verdict:
Use Payoneer for business and freelancing, PayPal for casual online payments.
Payoneer for Freelancers
Payoneer integrates directly with most freelancing platforms. This means:
- Faster payments
- Lower fees
- Easy withdrawals
Many freelancers prefer Payoneer over PayPal due to fewer account limitations and better currency support.
Payoneer Security & Safety
Payoneer uses:
- Bank-level encryption
- Two-factor authentication (2FA)
- Regulatory compliance worldwide
- Fraud detection systems
It is regulated in the U.S. and Europe, making it a safe and trusted platform.
Common Payoneer Problems & Solutions
- Account Verification Delays
To solve this, upload clear documents and correct information.
- Payment Holds
To tackle this, provide proof of business or a client relationship.
- Card Not Working
Activate the card and ensure sufficient balance, and it will be resolved.
Pros and Cons of Payoneer
Pros:
- Global payment access
- Low fees for businesses
- Multi-currency accounts
- Strong marketplace integrations
- Trusted worldwide
Cons:
- Annual card fee
- Not ideal for personal transfers
- Some countries have limited features
Payoneer FAQ
- Is Payoneer free?
Yes, opening an account is free.
- Can Payoneer replace a bank?
It can act as a digital alternative, but not a full bank.
- Can I receive a salary via Payoneer?
Yes, from international employers.
- Does Payoneer work without a card?
Yes, you can withdraw directly to your bank.
Is Payoneer Worth it?
Payoneer is one of the best global payment platforms for freelancers, online sellers, and international businesses. If you earn money online or work with foreign clients, Payoneer gives you speed, reliability, and cost savings.
For anyone serious about global income, Payoneer is not optional — it’s essential.
Conclusion
Payoneer has transformed how people receive international payments. With its wide global support, low fees, and business-friendly features, it remains one of the top choices for freelancers and online entrepreneurs worldwide.
If your goal is to earn globally and withdraw locally, Payoneer is a powerful tool you should fully understand and use.
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