Why Payoneer is the best payment option for Nigerian freelancers
By : Martin -
As promised in a previous post “Payoneer, the best payment solution for Nigerian Freelancers”, this post would discuss 3 features of Payoneer which makes it the best option for Nigerian Freelancers.
2. Availability to Nigerians
Withdrawal Methods on Fiverr, Freelancer and Upwork
|Platform||Payoneer Card||PayPal||USD Wire Transfer||Others|
|Fiverr||Fiverr Revenue Card||Yes||No||Bank Transfer (Payoneer Account), Direct Deposit (Payoneer Account),|
|Freelancer||Freelancer Debit Card||Yes||Yes ($25 fee)||Express withdrawal (Australia, Canada, India, New Zealand, the Philippines, Poland, USA and Vietnam), Skrill (formerly Moneybookers)|
|Upwork||Payoneer Account||Yes||Yes ($30 fee)||Direct to US Bank (ACH), Direct to Local Bank, M-Pesa (Kenya only)|
However, not all are available to Nigerians, for instance PayPal which is common to all three platforms, does not allow receipt of funds to Nigerian PayPal accounts, as a Nigerian, you can only make payments using PayPal but can’t receive money through it.
Direct Deposits/Express withdrawal/Direct to US Bank and Direct to Local Bank are also not available to Nigerian freelancers except of course via Payoneer (supplying your Payoneer Checking Account Details during payment).
Wire Transfers are rather expensive with a transaction fee of $30 on Upwork and $25 on Freelancer.
It is therefore, evident that based on availability, Payoneer is simply the best choice!
2. Easy Access to Funds
With Payoneer, you can easily access your funds using the Prepaid Mastercard they issue to account holders. These cards can be used internationally on ATMs, PoS and to shop online, thereby effectively eliminating the need for an exchanger or someone to sell reviews to in exchange for Naira.
Personally, I’ve used my Prepaid Mastercard both online and on PoS (I paid for this site’s domain name and hosting plan using it).
3. $25 Referral Bonus
To attract new users, Payoneer gives $25 (about N7,850 using an exchange rate of N314 to $1) to every account holder who invites a friend. This bonus is also extended to the newcomer, making a total of $50 in bonuses ($25 to the account holder who invites a friend and $25 to the invited friend). This one-time bonus is however given only when the invitee receives a payment of at least $100.
Below is a screen shot of my first $25 bonus received on the 20th of September, 2016.
Having worked on various global freelance platforms and being a member of different social media groups for Nigerian Freelancers, I’ve noticed that withdrawing earnings can be a major challenge. With Payoneer however, this can be easily overcome, giving Nigerian Freelancers easy access to their funds in record time.