How to Exchange Payoneer to Naira In Nigeria

Introduction

In today’s globalized world, online transactions have become increasingly common. One popular payment service that facilitates international transfers is Payoneer. Payoneer allows users to send and receive funds worldwide, making it a convenient option for freelancers, remote workers, and businesses operating on a global scale.

For individuals or businesses in Nigeria, exchanging Payoneer funds to Naira, the national currency, is a crucial step in accessing and utilizing their funds. This article serves as a comprehensive guide on how to exchange Payoneer to Naira efficiently and securely.

The Payoneer Exchange Rate Challenge

One of the primary concerns when exchanging Payoneer funds to Naira is the prevailing exchange rate. The Payoneer platform has a current exchange rate of N410 per dollar for direct transfers to a Nigerian bank account. However, this rate falls significantly below the market rate, which is usually over N720 per dollar. As a result, there is a substantial loss of money for individuals and businesses engaging in direct Payoneer-to-Naira transactions.

To put it into perspective, if you withdraw $100 from Payoneer using the direct transfer method, you will receive N41,000 Naira. However, other methods can yield a minimum of N60,000 Naira for the same amount. This difference of N19,000 for a $100 transaction and over N190,000 for a $1,000 transaction highlights the significance of finding alternative ways to exchange Payoneer to Naira.

Many online workers, such as freelancers on platforms like Fiverr and Upwork, face this challenge when transferring their hard-earned dollars to their local Nigerian bank accounts.

2 Methods to Withdraw from Payoneer at a Better Rate

To address the issue of unfavorable exchange rates, there are two alternative methods you can use to exchange your Payoneer funds at a more advantageous rate:

Method 1: Sell Payoneer Funds to an Online Buyer

One method to obtain a better exchange rate for your Payoneer funds is to sell them to an online buyer at a rate of N650 or higher per dollar. Our leading digital blog, with over 10,000 monthly readers, now offers Payoneer exchange services. This allows you to sell your funds with peace of mind.

To initiate the exchange, simply send a WhatsApp message to us here, indicating the amount of funds you want to sell. We will provide you with our Payoneer email to send the money to. Within minutes, you will receive the equivalent amount in Naira directly into your bank account. This method ensures a swift and secure transaction, offering you a more favorable exchange rate compared to the direct Payoneer transfer.

Method 2: Connect Payoneer to a Nigerian Domiciliary Account

Another alternative is to connect your Payoneer account to a Nigerian domiciliary account. This enables you to exchange your Payoneer funds at a rate of over N735 or at the prevailing dollar exchange rate. Among the banks in Nigeria, Wema, GTB, and UBA are recommended choices for opening a domiciliary account to receive foreign currencies.

Once your Payoneer account is linked to the domiciliary account, you will receive the funds in dollars. To convert the dollars into Naira, you can visit a Bureau de Change, commonly known as “aboki,” to initiate the exchange. These establishments offer rates ranging between N720 and N735.

Frequently Asked Questions (FAQs)

How long does it take to exchange Payoneer to Naira using these methods?

The duration of the exchange process depends on the specific method and service you choose. If you opt for selling your Payoneer funds to an online buyer, the transaction can be completed within minutes once the funds are received. For the second method involving a domiciliary account, the timing may vary. It usually takes a few business days to link the accounts, and the visit to the Bureau de Change may require additional time. However, these estimates are subject to the particular circumstances and processes involved.

Is there a limit to the amount I can exchange using these alternative methods?

The limits for exchanging Payoneer funds using these alternative methods can vary. When selling your funds to an online buyer, there may be minimum and maximum thresholds set by the buyer or the exchange service. Similarly, the domiciliary account and Bureau de Change may have their own restrictions on transaction amounts. It is advisable to inquire about any limits or restrictions from the respective service providers before initiating the exchange.

Are these alternative methods legal and secure?

Yes, both methods described above are legal and secure. Selling your Payoneer funds to an online buyer through a reputable platform ensures a safe transaction, and linking your Payoneer account to a Nigerian domiciliary account is a legitimate means of exchanging funds. However, it is essential to exercise caution and verify the credibility of the service providers to protect yourself from potential scams or fraudulent activities.

Can I reverse the exchange using these methods?

Once the exchange is completed using these alternative methods, it is typically irreversible. Therefore, it is crucial to review all transaction details and ensure your decision before proceeding with the exchange.

Which method is recommended for exchanging Payoneer to Naira?

Considering the recent actions taken against “aboki dollar changers,” the first method of selling your Payoneer funds to an online buyer is generally recommended for a safer and more convenient exchange experience. However, it is essential to evaluate your specific needs and circumstances before making a decision.

Conclusion

Exchanging Payoneer funds to Naira at a favorable rate is crucial for individuals and businesses in Nigeria. By exploring alternative methods, such as selling your funds to an online buyer or connecting your Payoneer account to a Nigerian domiciliary account, you can obtain a more advantageous exchange rate. It is important to compare rates, verify the credibility of service providers, and prioritize safety and security throughout the exchange process.

s you can use to exchange your Payoneer funds at a better rate: