Steps To Withdraw From Payoneer in Nigeria

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Steps To Withdraw From Payoneer in Nigeria

Whether you withdraw funds from your Payoneer account with Kuda Bank or a traditional Nigerian bank, Payoneer’s well-designed platform makes it easy for you to get paid. However, it is important to note that fees will vary if you want to receive naira, US dollars, or another foreign currency in Nigeria¹.

Receiving Funds Into Your Nigerian Bank

Through Payoneer, you charge your clients for your business services and you receive payments into your Payoneer account. Thanks to Payoneer's powerful technology, the platform allows you to transfer your international business earnings directly into your local bank account in Nigeria.

Fees associated with this currency conversion will change depending on two variables: the original currency and the desired currency.

  • USD in Payoneer to USD: $1.50 flat fee
  • Non-USD in Payoneer to USD: 2% of the transaction
  • Any currency in Payoneer to NGN: 2% of the transaction

Withdraw Funds with Kuda Bank

Withdrawing your business revenue from Payoneer to Kuda Bank is straightforward and streamlined thanks to the digital integration of the two platforms.  

  1. Log in to the Kuda Bank digital app
  2. Give Kuda Bank access to your Payoneer account and link accounts
  3. Specify an amount of foreign currency you want to withdraw from
  4. Click ‘Withdraw’ to convert funds to Naira (NGN) in your Kuda account
  5. Use Kuda Bank’s debit card at local merchants or ATMs to spend naira

Withdraw Funds with a Traditional Nigerian Bank

Like Kuda Bank, you can withdraw your Payoneer revenue in the form of naira. Since Nigerian domiciliary accounts accept US dollars without charging exchange rate fees, you may benefit from simply sending USD directly to your US dollar domiciliary bank account in Nigeria.

  1. Log in to your Payoneer account
  2. Enter your Nigerian bank account details
  3. Choose which balance (i.e. USD, JPY, EUR, etc) to withdraw
  4. Specify an amount of the balance to withdraw
  5. Send and check to confirm that your local bank received funds
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