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Payoneer: Payments for Freelancers & SMEs
Payoneer is a global payment service that allows freelancers, professionals and e-commerce businesses to pay and get paid online. It is widely used by a lot of freelancers in Nigeria and beyond, to accept payments from their online gigs. Popular freelance marketplaces that payout through the financial service provider include Fiverr, Envato, Airbnb, Upwork etc.
Can Nigerians use Payoneer?
Yes. It is open to users in Nigeria and most of the countries in the world.
Can I withdraw from Payoneer in Nigeria?
Yes. The financial company issues prepaid MasterCard debit cards that can be used to withdraw from any of the dozens of thousands of Automated Teller Machines (ATMs) that are on the international Mastercard network across Nigeria. Another option is bank withdrawal that allows payouts to your bank account in Nigeria. You cannot combine both options.
How can I check my Payoneer account in Nigeria?
You need to login to the Dashboard from their website to check your balance and recent transactions.
Can I withdraw money from Payoneer?
Yes. You can EITHER withdraw using the MasterCard debit card or to your local bank account. They do not support both methods on the same account simultaneously.
Is Payoneer safe?
It is safe to the extent that it is closely regulated in the United States and the European Union. As of August 2019, Payoneer Inc. is regulated in the United States as a registered Money Services Business with FinCEN and as a licensed money transmitter in various U.S. states. Payoneer (EU) Limited is a regulated E-Money Institution, licensed by the Financial Services Commission (FSC), Gibraltar, under the Financial Services (Electronic Money) Regulations 2011 and the Financial Services (Banking) Act 1992.
It is also registered in Hong Kong, Japan, Australia and Canada.
Is Payoneer account free?
The account is free to open but there are fees for receiving, sending and withdrawing funds.
Is Payoneer better than PayPal?
This is relative. They are not exactly the same. The features they offer in each country varies. Their usefulness would, therefore, vary par use-case and location.
Are PayPal and Payoneer same?
They are very different and have little in common aside from being licenced money transmission services.
How does Payoneer make money?
They make money from the fees on all the financial transactions that go through their platform.
What bank does Payoneer use?
They use various financial institutions across the world.
– Meta Bank (USA) for MasterCard prepaid debit cards
– Induslnd Bank for local compliance in India
