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How to Create a Working Payoneer Account in Nigeria

In today’s fast-paced world, it is crucial to have a reliable and globally accepted payment solution for digital transactions. Payoneer stands out as an adaptable and versatile platform that enables international transactions, making it an excellent choice for freelancers, businesses, and individuals alike. This guide will provide you with a comprehensive step-by-step process of creating a Payoneer account in Nigeria, ensuring that you can harness the benefits of this financial tool and make your transactions seamless.

Before diving into the account creation process, let’s make sure you have everything you need to create your Payoneer account.

Requirements for Creating a Payoneer Account in Nigeria

  • Valid Email Address: Ensure you have access to a valid and frequently used email address.
  • Government-Issued ID: Prepare a scanned copy of a government-issued identification document, such as an International Passport, National ID Card, or Driver’s License.
  • Personal Information: Have your personal details, including full name, address, and date of birth, at hand.
  • Bank account details
  • Phone number

Once you have everything you need, you can proceed to create your Payoneer account. We will walk you through the process step-by-step, ensuring that you have a hassle-free experience. By the end of this guide, you will have a fully functional Payoneer account that will allow you to send and receive payments worldwide.

Steps in Opening an Account

  1. Registration Process:
  • Visit the official Payoneer website.
  • Click on the “Make payments easy” button to initiate the registration process.

2. Choose the account type

There are options for Freelance or SMB, Online seller, affiliate marketer, vacation rental host, individual

(If you are a freelancer, choose ‘freelancer” as your option, then choose “I am looking to get the full power of Payoneer to both send and receive global payments”, then click “Register”)

3. On the registration page,

Select your account type. There are two account types:

  • Individual — for personal use
  • Company — if you have a company.

As a freelancer, you can select “individual”. If you choose “company”, make sure that you have an income tax return statement and your company registration document

4. Fill in your Personal Details

  • Fill in your name, email address, and other required personal information accurately.
  • Ensure the information matches the details on your identification document.
  • Then click next

5. On the next page,

Enter your country, your address, city, postal code and phone number. Your phone number is useful for password retrieval and also for receiving verification code.

  • Verify your account through the code sent to your phone number.

6. Click next

  • On the next page, you need to fill in some security details.
  • Set a password to your Payoneer account, then enter your identity document information. This can be your national ID, passport, and driver’s license.
  • Finally, enter the given captcha code.
  • Then click Next to continue.

7. The next step is to include your payment method

  • Enter your Bank account type, currency, bank name, account name, and bank account number.
  • Agree to the terms, click on submit and wait for your application to be reviewed. Review usually takes up to three business days

Verifying Payoneer

  1. Sign in to your Payoneer account
  2. Go to Settings and then to Verification Center
  3. Click on Account Verification and Provide Business Details to see which documents you need to provide.

To upload your documents, take note of these tips.

  • Upload a copy of a valid government-issued photo ID. A national ID card, passport, or driver’s license are all valid.
  • Make sure your ID hasn’t expired.
  • Make sure you upload copies of both sides of your ID.
  • The image of your ID must be clear, with no obstructions (such as your fingers).
  • A colour copy is preferable to black and white.
  • Scanned images of your ID are preferable to pictures. If you take a picture with a camera or phone, make sure that the picture is straight and do not use flash.

4. Upload your documents and submit them.

5. After submission of the documents, you have to wait for Payoneer’s Approval. Be patient during the verification process, as Payoneer will review the submitted documents.

Benefits of Using Payoneer

  • Global Payment Accessibility:

Payoneer serves as a versatile payment platform, catering to freelancers and businesses seeking to receive payments globally. Its widespread reach allows users to seamlessly receive payments from clients situated anywhere in the world, making it especially advantageous for those engaged in international business relationships.

  • Low Transaction Fees:

A notable advantage of utilizing Payoneer is its cost-effectiveness. The platform offers competitive fees for processing payments, which are generally more economical compared to the charges imposed by conventional payment processors. This aspect makes Payoneer an attractive choice for individuals and businesses aiming to minimize transaction costs.

  • Efficient and Secure Payment Processing:

Payoneer prioritizes swift and secure payment processing. This ensures that users receive their funds promptly, fostering a reliable and efficient financial transaction experience. The emphasis on security adds an extra layer of confidence, addressing concerns related to the safety of financial transactions.

  • Diverse Payment Options:

Payoneer provides a range of payment options to accommodate the preferences of both businesses and clients. Users can choose from various methods, including bank transfers, credit cards, and e-wallets. This flexibility enhances the convenience of the payment process, allowing clients to use their preferred mode of payment.

  • Integration with Freelancing Platforms:

An additional feature that sets Payoneer apart is its seamless integration with popular freelancing platforms such as Upwork and Fiverr. This integration streamlines the payment process for freelancers, enabling them to receive earnings directly into their Payoneer account from these platforms. This integration not only saves time but also enhances the overall efficiency of financial transactions for freelancers.

In summary, Payoneer stands out as a global payment solution with benefits encompassing its international accessibility, cost-effectiveness, efficient processing, diverse payment options, and integration with freelancing platforms. These features collectively contribute to a user-friendly experience, making Payoneer a valuable tool for those engaged in online businesses and freelancing activities aiming to improve financial well-being.

Funding and Receiving Money to your Payoneer Account:

You can receive funds in your Payoneer account through any of the following ways:

  • Bank Transfers:

Payoneer offers a popular option for adding funds through bank transfers. By linking your local bank account to your Payoneer account, you can directly transfer funds. Payoneer provides account numbers and routing information to facilitate this seamless process.

  • Receive Payments as a Freelancer or Business Professional:

Freelancers or business professionals can receive payments directly into their Payoneer account. By sharing Payoneer account details with clients, funds from various sources can be received, streamlining international transactions.

  • Transfer Funds from Other Online Platforms:

Payoneer allows users to transfer funds from other online payment platforms like PayPal or Skrill. Linking these accounts to Payoneer facilitates a smooth transfer of funds.

  • Partnerships and Collaborations:

Payoneer has partnerships with various companies and platforms. Users can load funds directly into their accounts through partnerships, including receiving funds from affiliate programs or collaborating with businesses supporting Payoneer transactions.

  • Integration with Freelancing Platforms:

Freelancers using platforms like Upwork or Fiverr can link their accounts with Payoneer. This convenient option eliminates the need for additional steps to transfer earnings, streamlining the process.

  • Mass Payout Services:

Companies using mass payout services can use Payoneer as a reliable payment method. In scenarios where businesses pay multiple freelancers or service providers, Payoneer serves as a seamless and secure payment method.

Withdrawing from your Payoneer Account to your Nigerian Bank.

As a Payoneer user, the options given to access funds in local currencies are local bank transfers and Prepaid card

You can withdraw funds directly to your local bank account by initiating a bank withdrawal through Payoneer. Linking your local bank account to your Payoneer account allows for a smooth transfer of funds, providing you with access to your money in your local currency.

Payoneer provides users with a prepaid Mastercard, which allows them to withdraw cash from ATMs worldwide. This is a convenient option for quick access to funds, especially when you need physical currency for day-to-day expenses.

As a Nigerian, a profitable method for getting your Payoneer funds to your Nigerian bank is by using Ratefy. Processing your Payoneer withdrawal through Ratefy allows you to get your funds exchanged at a competitive rate that is higher than that of local banks.

With Ratefy, you can conveniently get the true value of your Payoneer funds at the latest exchange rate.

Changing your Payoneer funds to naira through Ratefy can be done through Payoneer-to-Payoneer Transfer or using any of the third-party accounts for Payoneer Request. Check here to get detailed information

Final Thoughts

Creating a Payoneer account in Nigeria opens up a world of possibilities for seamless international transactions and receiving payments from freelance work. Follow this guide diligently, and soon you’ll be navigating the global financial landscape with the convenience and efficiency that Payoneer provides.

Don’t hesitate to explore the amazing features Ratefy offer for the withdrawal of your Payoneer funds.

Oyedele Victor February 28, 2024 READ TIME: 14 mins

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