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Topic Summary

Posted by: Tonyyy
« on: June 10, 2022, 09:03:30 AM »

The Payoneer debit card isn't an option to use, as the conversion fees are very low compared to the market rates, and you get charged estimate $5 for every withdrawal. Payoneer withdraw to bank (Naira) would be a better option.
Only use the card (or card details) for online purchases.

If the withdrawal for all amounts - large or small - is $15, it is much better compared to Upwork Wire Transfer (wiring 'dollars' to your domiciled account) whose fee is $30 per wire.
Posted by: E-Collins
« on: March 31, 2019, 01:52:46 AM »

Are you contemplating whether to use Payoneer to send or receive money in Nigeria? Yes, you can but not yet until you read my stories to understand how Payoneer works for Nigerians.

Most of the Nigerian online marketers and freelancers look for the best convenient means to receive their earnings but sometimes you end up spending more just to receive your money directly to your Nigerian bank account. Am not trying to write off Payoneer but want others to learn from my mistake.


As they say, one man poison is another man best food but trust me Payoneer might be helpful to some people but to me, they are the worst online payment processor any Nigerian freelancer can think of using and if you want to know why then keep reading.

What is Payoneer?


It's okay if you don't know what Payoneer is all about because I was like you a few months ago but I know better now. However, Payoneer is one of the best online payment processors that let you send and receive online payment in different currencies such as Dollars, Euro and Pounds.

I started blogging and online marketing in 2012 and have used Skrill, PayPal and recently Payoneer but my experience with Payoneer is the worst I have encountered since 2012.

Nigerians who work online as a freelancer knows how hard and the cost they have to pay to receive their money, it will even become harder when you are new to the system.

My Experience with Payoneer


The main reason I am writing this post is to help you learn from my mistake and apart from the ugly experience I had with Payoneer, I don't see any good reason to use them but am coming to that later.

I heard about Payoneer in one of the Nigerian forum and people were discussing on how to get Payoneer card in Nigeria while some ask questions on how to open Payoneer account and from the discussion, I thought that Payoneer will save me the stress and fees but I was wrong.

A few months ago I was invited by a friend of mine to fix things for him and we used Upwork platform, the money was not much though, he paid a total of $118 but after Upwork fees, I was left with $94.40 which I decided to withdraw through Payoneer since I have a dollar account capable to receive the money without converting it by the bank.

Upwork offered the best withdrawal option, they support direct to Nigerian local bank transfer but I chose the wrong path when I decided to receive the money using  Payoneer instead. My intention was to receive the money in dollars and exchange at a higher rate which is the best but guess what?

I ended up reducing the money further from $94.40 to $77.40 loosing $17 which is about N6,120 in Nigerian Naira but how did it happen?
I transferred the money to my newly registered Payoneer account and it landed safely in less than 2 minutes and for that to happen Upwork had to take their cut of about $2 leaving me again with $92.40, though I don't have any problem with that but my eyes cleared when I decided to transfer the remaining $92.40 to my Nigerian Dollar account.

For me to withdraw $92.40 to my dollar account Payoneer charged me $15 leaving me again with $77.40, does that sound normal to you. I have never spent upto $6 to receive such small money.

Now, the question is, why all these noises about Payoneer at least if other countries a benefiting from the platform differently not Nigerians, I stand to be corrected if am wrong. To back up my claim I took a screenshot but what I still don't know if the amount they are going to charge when withdrawing big amount or is it going to remain $15.

Reasons to Avoid Payoneer as your payment option


Yes, I am aware of Payoneer card that can be used to shop and withdraw money worldwide which is surely great for those living in a country that use dollars as their main currency and not for Nigerians, why?

When you have dollars and withdraw with Payoneer card then the bank will convert the money to naira and the rate might not be attractive compared to when you have your dollar and decide the rate.

The Payoneer Debit card will also cost your money to own and maintain and some of those fees are as follows.

* Card activation between   $12.95 - $24.95 per card
* Loading Payments - Immediate (within 2 hours)   $3.00   per load
* Monthly card account maintenance and lots more.

However, you are required to must have a minimum balance of 20 USD so you can withdraw funds to your Payoneer debit card

Finally, Payoneer offers cool services but their charges are way too high and trust me you can receive your money without spending such huge amount of money using other platforms.

I understand how stranded some Nigerians are when PayPal decided to allow Nigerians to use their account to make payment online but can't receive payment but you can still withdraw through PayPal genuinely without stress if you know the system but that's story for another day. Challenge me if you think that Payoneer is the best platform that Nigerians should be using to receive their online payment