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How to Open, Fund and Withdraw from Payoneer – Nigerians and Non Nigerians

In this article, I shall explain to you all you need to know about Payoneer.

It includes; Pros and Cons of Payoneer, Payoneer charges, how to Register or Open a Payoneer account, Fund your Payoneer account, Request for a Payoneer MasterCard, Withdraw from your Payoneer account, Transfer Payoneer funds, and so on.

What is Payoneer

Payoneer is a financial services provider company which has is headquartered in New York, USA. It was founded in the year 2005, and it specializes in facilitating online payment transfers internationally.

A good number of Payoneer’s Users are over four million as we speak. The company users are in over 200 countries worldwide.

These users can process cross-border transactions in over 150 currencies, including; USD, Pounds, Euro, Yen, and so on.

Major players in the eCommerce business use Payoneer services, this includes; AmazonAliexpress, Walmart, Konga, Jumia e.t.c.

Also, top international companies such as GoogleFiverr, Freelancer, and lots of others support it too.

If you want your business need to start receiving online payments, be it domestically or internationally. Payoneer should be among the best option looking consider.

While companies like PayPal offer similar financial services, it seems more rigid and as do not support all countries to make withdrawals. Payoneer, on its part, has a stronger focus on international transactions as they offer lower costs than its competitors.

Pros and Cons of Using Payoneer

After understanding what Payoneer is, let’s take a look at the advantages and disadvantages of Payoneer

Pros of Payoneer

  • It is straightforward to use.
  • It offers global payment services.
  • Top companies like Google and Amazon support it.
  • It allows local bank withdrawal
  • Creates room for transfer between Payoneer accounts
  • Offer its customers an International MasterCard
  • Free $25 on Sign up. Get it here

Cons of Payoneer

  • Charges on card renewal.
  • It does not offer merchant banking services.
  • Difficulty to reach its support team directly.

Payoneer Products and Services

  1. Payoneer account: All Payoneer customer receives bank accounts that he or she can use to make and receive payments.
  2. Payoneer MasterCard: Payoneer sends a MasterCard to its customers on request. The MasterCard can be used to make a withdrawal for ATMs and also to make payments online. This process will be explained below.
  3. Payoneer Mobile app: Payoneer has a Mobile App for Android and iOS for free download. The app can be used to ease transactions on the platform.
  4. eCheck processing: The Payoneer eCheck processing is for both making and receiving payments free of charge.
  5. Online Fund Transfer: Log in online to access your Payoneer account. It is where you will go to make specific payments, and as well transfer funds received to your local bank account.
  6. Security features: Transactions on Payoneer are encrypted. For security reasons, Payoneer does not disclose its encryption methods to the public.

Payoneer Rates and Charges

  • Payments from a Payoneer account to another is free.
  • All Payments that are made using local bank transfer will incur a 0% fee, if only it is made in USD.
  • Transfers in British pounds or Euros are also free.
  • All Payments made through eCheck incur a 0% fee in US dollars.
  • Credit card payments incur a flat rate of 3.0% as a processing fee.
  • Withdrawal Payoneer funds to your local bank account, you will pay a flat of $1.50 each time.
  • To convert the withdrawing funds to your local currency, you will have to pay up to 2% above the market rate for the conversion.
  • Payoneer MasterCard charges an annual fee of $29.95.

To view the Payoneer Fees page click here

How to Create a Payoneer account in Nigeria

Payoneer gives free accounts to Nigerians for them to facilitate their online payment with ease, confidence, and reliability.

Payoneer has been embraced by most internet entrepreneurs in Nigeria, knowing full that Paypal denied Nigeria from withdrawing funds from Nigeria.

Payoneer is a more natural means for Nigerians to withdraw funds from services delivered online.

With Payoneer, all users, including Nigerians, are given a US bank account for USD funds, UK bank accounts for funds in Great Britain Pounds, Euro bank account, and so on.

These bank accounts will bear your name (as it is on your identity card during registration).

You can also see other details of the account such as; checking your number and routing number. Those are the details you need whenever you want to receive payments into your Payoneer account.

The registration process is as easy as ABC. Fill out the form with the correct information and submit it.

Registration can be completed in less than 5 minutes. Whether you are in Nigeria or not, the same process also applies. You can start by clicking on the link below.

Click Here to Register Now

How to fund your Payoneer account in Nigeria

Whether you are in Nigeria or not, the same process also applies.

1. Fund via another Payoneer Mastercard Account

To Fund your Payoneer Mastercard Account via Card Transfer. Payoneer provides you with a platform that allows you to transfer funds from any other Payoneer Card, Visa, or MasterCard from any bank in the world.

All that you need is to open the Payoneer Load Card on the website and fill in all the required information.

Information needed to execute this transaction are; the email address of the Payoneer Card Holder you wish to fund, the Card Type, Amount, and reason for the transfer.

After you have filled and submitted the form, $7.50 will be deducted from the transferring account as the transfer fee.

2. Fund Payoneer MasterCard through Online Earnings from Partners.

Here is another means of transferring money to your Payoneer account. It is by receiving payments for services you have rendered online, either from freelancing sites, affiliate sales, or other means.

This process is straightforward. To do this very simply select Payoneer as your payment option, then fill in card details into the space provided for you – just as it appears on the card and then save.

Register and Fund your Payoneer Account

How to apply for Payoneer MasterCard in Nigeria

Whether you are in Nigeria or not, the same process is also involved. 


To do this follow the steps below;

1. login into your Payoneer dashboard click on Order a Payoneer Prepaid MasterCard.

See the image below:



There is also an “Order Card” button on top of the menu – you can also click there

2. On the next page, choose the card currency and fill in the necessary information in the form given to you and Order.

See the image below:


It may take a couple of few days for the application to be confirmed and approved after which a Payoneer Mastercard would be sent to your address in Nigeria.

Once approved, a notification will be sent to your email address which you registered with although it might take a couple of months before the card will arrive in Nigeria.

If it exceeds the estimated time and you are yet to receive the card, you may need to visit the nearest Post Office in your location. Supply them with your name and shipping details, and they will track it for you.

You will be directed via your email address to confirm that you have gotten the card by login into your Payoneer dashboard and putting in your card number. After that, your card will be activated and ready to use.

If you need a safe, widely accepted means of international or online payments, then you must Payoneer MasterCard. Click on the Sign Up Button to get your personal Payoneer Account

Sign Up For Payoneer

How to withdraw money from Payoneer Account in Nigeria

The same process applies to Nigerians and non-Nigerians.

Withdrawing funds from Payoneer is quite an easy and flexible task. Use any of the methods below to achieve your purpose.

1. Move funds from your Payoneer account to Your Local Bank account:

You can withdraw the cash through your local bank account. It is very easy and convenient. Follow the steps below;

I, Simply login to your Payoneer account dashboard, click on “Withdraw to Bank Account.” See image below


You can also click “Withdraw” on the menu bar to perform the same task.

ii, Select which of the allocated accounts you wish to withdraw from, and click “Next” You can only withdraw from an account with funds. See image below


iii, Next, enter withdrawal details and click on “Review.” To review may take a couple of days; in some cases, it took a few hours. 


iv, An email will be sent to you once it has been approved or not.

v, If successful, the fund will be credited to your local bank account.

vi, Withdraw your fund or leave it in your bank.

2. Make use of your Payoneer MasterCard:

You can use your Payoneer MasterCard to withdraw money from any ATM or pay point that accepts MasterCard in Nigeria.

The process is the same as using your normal Nigerian bank ATM. Note that you will be charged for each withdrawal you make. I explained earlier how to request for Payoneer MasterCard.

How to set up a Virtual Bank Account Number in the US with Payoneer

After receiving and activating your Payoneer MasterCard, there is a need for you to log into your Payoneer account dashboard with your details.

Click on the “Receive tab” and select “US Virtual Bank Account” from the drop-down menu options.

Fill up the required information in the form on the next page and submit. You will be notified via email once your US Virtual has been created. It may take some days.

Get free $25 as a bonus when you sign up for a Payoneer. Click on the button below to receive it after your sign up

Sign Up and get Free $25 from Payoneer

If you have any information are questions pertaining to Payoneer, please make use of the comment button as your comment will be auto-approved.


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