PAYONEER FUNDS TO ACCESS BANK DOMICILIARY ACCOUNT NOT WORKING - ALTERNATIVES

Access bank of Nigeria has discontinued processing Payoneer inflow. It mean you are no more allowed to withdraw your Payoneer funds from your Payoneer account to your Access Bank Domiciliary account. As a result, the fund can either hang or reversed.

The above action revealed that Access bank is no longer in partnership with Payoneer, and it is presumed to be a loss for any further transaction by Access bank customers who has Payoneer attached to their bank account.

In recent times, Access bank customers enjoyed the privilege of zero percent charge when they withdraw from Payoneer to their domiciliary account. Payoneer only charges 2% for the transaction.

A secular release by Access bank recently stated that. “Pursuant to periodic due diligence standard employed by the bank.

We have carried out a review of FX inflow that is foreign exchange inflow and noticed a consistent and unjustifiable pattern of structured inflows from Premier Inc. With no substantial documentary evidence or economic justification to support these FX transactions.

This presents additional risks and challenges to the bank in terms of surveillance and transaction monitoring since we may not have adequate information and evidence to justify the source of funds for such transactions, which is against the bank's policy governing international payment and remittances.

While we are happy to support your payment needs, we regret to inform you that we are no longer comfortable processing FX inflow from Fiverr Users and its subsidiaries as it does not align with our risk appetite as a bank.

We, therefore, request you kindly ensure that your FX transfer from Payoneer and its subsidiaries is not directed to us so that there is no delay in your transaction. Access bank reserves the right to suspend or reject any or all FX permit transactions and subsequently close all accounts that receive or send money through the stated platform, the bank will no longer be liable for any loss in cure as a result of any delay or rejection on any payment that is not complying with requirements outlined above.”

It is advisable to avoid any future transactions involving Payoneer funds transfer with Access bank and many merchant banks in Nigeria. In addition, it is predictable that many merchant banks may align with the newly adopted policy by Access Bank. Most importantly, withdrawing to a domiciliary account from your Payoneer could lead to many losses, both time, funds, inconveniences, and more.

Other platforms have emerged to mitigate this issue. Such platforms are Grey. co and GigPay. Another alternative method is to contact a peer-to-peer exchanger who will exchange your Payoneer fund at the black-market rate. These types of withdrawals or rather conversions can only be possible if you have reached the $1000 threshold stipulated by Payoneer.

Ratefy. co is a platform that helps you exchange your Payoneer fund at the black-market rate while giving you fair, standard, and reasonable prices for your dollar. You can contact them at https://ratefy.co

Ratefy. co has a track record of legit and successful transactions carried out. Ratefy. co is open 24/7 for your transaction needs and inquiries.

Should you have any fund withdrawals from Payoneer, don't hesitate to contact ratefy. co. https://ratefy.co