The current rate inside the Payoneer platform if you try to send money directly from Payoneer to your Nigerian bank account is N410 per dollar.
That’s a lot of loss as you are aware that is now trading for over 650 Naira at least.
To make this clear for example. If you withdraw $100 from Payoneer directly to your naira bank account. You will get N41, OOO Naira.
Whereas if you use other methods explained below, you will get over N57,000 Naira minimum.
That is N16,000 Naira Difference. Now imagine what that would mean for a $1000 transaction. that is over 160,000 loss.
Many of us who are earning money online usually use platforms like Payoneer and PayPal to receive our money.
For example, freelancers on Fiverr and Upwork usually would send their earnings to Payoneer. The same goes for bloggers, amazon sellers, and many others.
The problem we all face with using Payoneer is when we want to send the dollars we have earned to a regular Nigerian bank account. The rate is usually ridiculous.
Now I will highlight 3 Methods you can use to Withdraw your Payoneer at higher rates.
Sell Your Payoneer Fund to Me @ 600 Naira/ Dollar and above
You know there are many places online where you can get this done. You send your Payoneer funds to someone who needs them and then the buyer sends Naira directly to your bank account at a very good rate.
The reason why most people do not do this is because of trust issues as there are many scammers online.
Therefore, as one of the leading tech blogs in Nigeria with over 500k readers every month, we have added the Payoneer exchange to our services.
You can now sell your Payoneer funds at a good rate and get Naira equivalent immediately.
- Send a WhatsApp Message to our support indicating the amount of Payoneer you want to sell. (09019767562)
- I will give you my Payoneer email to send the money to. (it’s very easy, but if you encounter issues doing this, let me know so I can put you through)
- Get Your Money in Your Bank Account Within 2 Minutes!!!
Connect Your Payoneer to a Nigerian Domiciliary Account
With this method, you can exchange your Payoneer at over N650/Dollar or at exactly the current dollar exchange rate.
A domiciliary account is a Nigerian bank account that can help you receive foreign currencies.
The best bank for domiciliary accounts in Nigeria for me is GTB. Just walk into their branch and request to open a domiciliary account.
After you have got your account, Login to Payoneer to connect a new bank account. This time, you will select the Dollar as the account currency.
Now, Payoneer will deduct some fees when every time you want to transfer to your Domiciliary account.
You will get the money in dollars in your new domiciliary account.
Now, you want to exchange your money for Naira at the highest possible rate.
This will require you to visit all these Bureau de change aboki, you will then transfer the money to them, and they will pay you in Naira. Right now, the rate is between 590 to 600 Naira.
I know this looks a little bit tedious because you will have to go outside to get things done.
but it is worth it. meanwhile, you can still use the first method explained above to cut all the stress.
CBN has been going after these “Aboki dollar changers” recently. As this is the latest update, I will advise you to go for the first option discussed above.
Withdraw Payoneer to “Grey GBP Bank Account”, The rate after all charges is slightly lower than the other options above.
In the example discussed below, I will use an example of when the dollar was around 600 Naira per Dollar.
If you register on grey.co and check their dollar exchange rate at that time, you will find out that the rate is N594/Dollar.
But after all the fees involved are calculated and deducted, the final rate is around N570/Dollar. The fees involved cuts from your money.
Note that these companies will usually buy at a lower rate cos they are running this as a full-blown business and they have to pay staff salaries.
Therefore, whatever the current rate on the Grey platform, be sure that the final rate you will get after they have deducted their fees will be N20 – N30 short.
Grey is a platform that will give you a foreign account number.
Once you register and verify your account with them, you must proceed to request for a GPB account.
You will now have this GPB account connected to your Payoneer account as a new account for withdrawals.
Then you must move all the money you want to cash out in Payoneer into the Payoneer GPB account. (you convert all the Payoneer money to Great Britain pounds)
Lastly, what you are going to do is to send all the Pounds in your Payoneer GBP account to the GBP account issued to you by grey.
and then use grey to convert the money to naira at a very good rate.
As I said earlier, there are many fees involved, here are the fees explained below:
- Payoneer will deduct 0.5% fees when converting from the dollar or other currencies to Pounds.
- Payoneer will also deduct another 2% when you transfer to the Pounds denominated account that Grey gives you.
- Now, Grey will deduct 1% when the money arrives in your grey GPB account
- Then, when you want to send the money to your naira account, they will deduct between N700 to N3000 Naira.
3.5% + 3000
Lets add all this fees together on $1000 * [3.5/100 ] * 594 = 573,000 – [N3000 Transfer Fee] = 570,000 Naira.
Therefore, if you do not want to go through the process of selling your Payoneer to a third party, then you can register with Grey as well.
