Do you know you can open a Payoneer account for free in Nigeria? Ah! Don’t tell me you had no idea. I guess you do not also know that you can effectively conduct international business transactions using a Payoneer account. Oya sit down let me gist you.
Payoneer is a financial services company whose headquarters is currently based in New York City, USA. The company provides digital and online payment and transfer services. They aid cross-border business to business transactions. This is done by using their banking network around the world to make local bank transfers. Cash payments can be sent or received using the Payoneer bank account, e-wallet or a reloadable prepaid MasterCard debit card.
You would like to open a Payoneer account? Ok! That’s easy plus you get to open it for ‘free’ in Nigeria. Talk of third world country advantage. All you need to do is…
1. Ensure you have a valid email address and photo ID e.g. National ID, drivers’ license, international passport or voters’ card (all ye that have refused to get your voters’ card)
2. You must also have an easily accessible postal, office or home address for delivery of your MasterCard.
3. Visit the Payoneer official website https://www.payoneer.com/main/
4. Click on the ‘sign up’ icon
5. Fill in your personal details like your name, email address, nationality, date of birth, home address and phone number as they appear on your ID.
6. Set a password and security question and answer. Kindly do yourself a favor by choosing a question that you can easily remember.
7. Select your ID type and provide the details on your ID card as this will be used for verification.
8. You will also be required to provide an alternate shipping address and your bank details including the SWIFT/BIC code. Swift codes are encrypted digits used to identify banks internationally. You would have to google that of your bank.
9. Done with filling the application? Then check the three agreement boxes and click the ‘order’ icon
10. Next, you will receive an email notification from Payoneer which confirms your application status.
11. Wait patiently for 3-5 working days to receive another email which indicates that your MasterCard has been shipped.
12. It would, however, take another 20-28 days for your card to be delivered to your stated address.
13. Afterward, follow the instructions inscribed on the label inside the envelope to activate your MasterCard.
Wallah! Your Payoneer Account is open and ready for use.
Do I Need A Bank Account Before Opening A Payoneer Account?
Nope, Nope, Nope, you don’t. Cool huh? Well, that’s one of the many reasons people fancy the platform a great deal. While opening your Payoneer account, indicated Prepaid MasterCard as your preferred withdrawal method. This way, you can cash out your dough from literally any ATM that works for MasterCard.
Why Do I Need A Payoneer Account?
It’s quite needless to say there is a lot you stand to gain by opening a Payoneer account. Here are a few benefits:
1. It is fast and easy to use and attracts low service charges for international transactions.
2. Payoneer offers 24hrs customer services.
3. You can conduct online shopping transactions.
4. You can create a virtual bank account to receive payment from your foreign clients including American and European companies.
5. You can use your Payoneer account for payments from freelancing marketplaces e.g. Amazon, Airbnb, Fiverr, iStock, eBay, Upwork, Lazada, Cdiscount, Rakuten, Payza, Elance and other websites that utilize Payoneer payment method.
6. You are also entitled to a MasterCard debit card which can be used for online payments and cash withdrawal from any ATM in Nigeria. Yeah, any ATM in Nigeria.
7. Here’s the best part. You get to be the lucky recipient of a $25 bonus once you receive $1000 payment into your Payoneer account.
See Also: Complete Guide To Buying Nigerian Used Cars
What Is Payoneer All About?
The foregoing did a good job letting the cat out of the bag. What’s more is that Payoneer was founded by Yuval Tal, a former Israeli army officer in 2005 with a whopping $2 million start-up capital. He was also assisted by other private investors such as Greylock Israel, Carmel Ventures, Crossbar Capital, Ping An, Wellington Management, Susquehanna Growth Equity, and Nyca Partners.
They began deals with the Indian market but had to recede in 2011 due to certain irregularities. Thus, they found their way to the Philippines, Japan, and Korea in 2016. That same year, they acquired internet escrow company, Armor Payments and also began working with Linio, a Latin America e-commerce website. Then in June 2017, Payoneer opened its London office. What can I say? This organization has done quite well for itself. And now, here they are in our country Nigeria.
Go open a Payoneer account today, get all your money issues sorted and enjoy the extra benefits. You can thank me later.
