The current rate within the Payoneer platform if you are trying to send money directly from Payoneer to your Nigerian bank account is N410 per dollar.
That is a lot of loss as you know which is now trading for at least 650 Naira.
For example, to make this clear. If you withdraw $100 directly from Payoneer to your naira bank account. You will get N41, OOO Naira.
Whereas if you use other methods explained below you will get a minimum of N57,000 Naira.
That is N16,000 Naira difference. Now imagine what that would mean for a $1000 trade. That’s over 160,000 loss.
Many of us who make money online usually use platforms like Payoneer and PayPal to receive our money.
For example, freelancers on Fiverr and Upwork usually send their earnings to Payoneer. The same goes for bloggers, Amazon sellers, and many others.
The problem we all face when 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 price.
The reason most people don’t do this is because of trust issues as there are many scammers online.
That’s why, as one of the leading tech blogs in Nigeria with over 500,000 monthly readers, we’ve added the Payoneer exchange to our services.
You can now sell your Payoneer funds at a good price and get Naira equivalent immediately.
Send a WhatsApp message to our support with the amount of Payoneer you want to sell. (09019767562) I will give you my Payoneer email address to send the money to. (it’s very easy, but if you’re having trouble doing this let me know so I can put you through) Receive your money in your bank account in 2 minutes!!!
Connect your Payoneer to a Nigerian direct debit account
This method allows you to exchange your Payoneer for more than N650/Dollar or at the exact current dollar rate.
A direct debit account is a Nigerian bank account that allows you to receive foreign currency.
The best home bank in Nigeria for me is GTB. Just walk into their branch and ask to open a direct debit account.
After creating your account, log in to Payoneer to link a new bank account. This time, select the Dollar as the account currency.
Now Payoneer will deduct a number of fees when you transfer to your Direct Debit account every time you want to.
You will receive the money in dollars in your new home account.
Now you want to exchange your money for Naira at the highest possible rate.
For this you have to visit all these Bureau de change aboki, you will then transfer the money to them and they will pay you in Naira. At present, the rate is between 590 and 600 Naira.
I know this looks a little annoying because you have to go outside to get things done.
But it is worth it. meanwhile, you can still use the first method explained above to reduce all the stress.
CBN has been going after these “Aboki dollar exchangers” lately. Since this is the latest update, I recommend that you 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 below I will use an example of when the dollar was about 600 Naira per dollar.
If you register on grey.co and at that time check their dollar rate, you will find that the rate is N594/Dollar.
But after all the costs involved have been calculated and subtracted, the final rate is around N570/Dollar. The costs involved are discounts on your money.
Note that these companies usually buy at a lower rate because they run this as a full-fledged business and they have to pay the salaries of the staff.
Therefore, regardless of the current rate on the Gray platform, make sure that the final rate you get after they deduct their fees will be N20 – N30 short.
Gray is a platform that gives you a foreign account number.
After registering and verifying your account with them, you should proceed to apply for a GPB account.
You have now linked this GPB account to your Payoneer account as a new account for withdrawals.
Then you need to transfer all the money you want to withdraw in Payoneer into the Payoneer GPB account. (you convert all Payoneer money into British Pounds)
Finally, what you are going to do is send all the pounds in your Payoneer GBP account to the GBP account that was issued to you in gray.
and then use gray to convert the money into naira at a very good price.
As I said before, there are many costs involved, here are the costs explained below:
Payoneer will deduct a 0.5% fee when converting from the dollar or other currencies to pounds. Payoneer will also deduct an additional 2% when you transfer to the pound-denominated account Gray gives you. Now Gray will deduct 1% when the money in your Gray GPB account Then if you want to send the money to your naira account it will be charged between N700 and N3000 Naira.
3.5% + 3000
Let’s add up all these costs to $1000* [3.5/100 ] * 594 = 573,000 – [N3000 Transfer Fee] = 570,000 Naira.
Therefore, if you don’t want to go through the process of selling your Payoneer to a third party, you can also register with Gray.
If you have any questions or would like someone to transfer you, please contact me only via WhatsApp – (09019767562).
A Gift For You – How To Create A Fully Verified Paypal Account And Send Your Money Directly To Naira Bank Accounts (Free PDF)
Do you need a working PayPal account to receive your earnings?
or do you have a Paypal account that allows you to receive money but want to be able to withdraw money directly to a Nigerian bank account?
This information is normally sold for 10,000 Naira but I will give it to you for free.
Send WhatsApp message to 09019767562 to get this. Totally free.