If you need to receive money from abroad, Payoneer is one of the best ways to do so. Payoneer is a financial technology company that enables individuals and businesses to work together.
The company provides an online platform for companies and individuals to receive funds from international sources in one’s local bank accounts like Fibo.
This article will go through the steps on how to receive funds from abroad via Payoneer and link your account with a local bank.
What is Payoneer?
Payoneer allows people to pay money abroad in an easy way. With Payoneer, people with no knowledge of local banking systems or currencies can send and receive money internationally with ease; there’s even data analytics that provides businesses insights into their payment trends and figures.
You can also deposit funds into your local bank accounts, making it more convenient for business owners. Payoneer can be used in many different ways, such as paying freelancers, outsourcing projects to contractors, etc.
Benefits of Using Payoneer
There are many benefits to using Payoneer, from saving money to receiving payment faster from anywhere. Payoneer is available to both professionals and non-professionals. For example, if you are a freelancer, it will be easy to receive funds through Payoneer. There are also other benefits listed below.
- It is one of the most convenient ways to receive funds abroad online. Your money can be sent anywhere in the world and deposited into your local bank account for easy access. This saves you the hassle of transferring money through traditional methods, such as calling up a bank and waiting up to a week before the money is transferred, which can be stressful when you need that cash straight away.
- This is a large global network with more than 250 supported countries.
- There are many different currencies to choose from, making it more convenient to find the one you need without worry.
- It has multiple integrated payment methods, such as bank account wire and bank deposit.
- There is no need to have a special account in your bank, simply link your existing Payoneer account with your local bank account and receive funds straight away using this transfer method.
- No setup fees, monthly service fees, or hidden costs. Only low-cost annual and transaction fees.
What’s The Best Bank To Withdraw From Payoneer?
There are a lot of banks to choose from. Your account is linked with your Payoneer account, so you’ll be able to transfer funds across any local bank within the supported countries. Payoneer will only send funds to your local bank account, and then you can withdraw the funds via an ATM card.
Steps To Receive Funds To Your Local Bank Account Through Payoneer
These are the steps to follow to receive funds to your local bank account:
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Log Into The To The Bank Digital App
Go to the Bank Digital app and log into your Payoneer account.
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Give Bank Access To Your Payoneer Account And Link Accounts
Go to the main page of your bank account, then select “Account Settings.” On this screen, you’ll be able to link your Payoneer account. Click on “Connect Bank Account,” and you’ll be able to give the bank access to your Payoneer account.
Specify The Amount Of Foreign Currency You Want To Withdraw From
Withdrawing funds to your Payoneer account is very easy. It will only require a few minutes, and your funds will be transferred directly to your local bank account. After this, it’s important to know how much foreign currency you want to withdraw from Payoneer so the transfer can be made successfully.
Click ‘Withdraw’ To Convert Funds To Naira (NGN) In Your Bank Account
Once you’ve specified the amount of foreign currency you want to withdraw from Payoneer, click on ‘withdraw.’ This will convert your funds in Payoneer to Nigerian Naira (NGN) and will show up in your bank account.
Use Your Bank’s Debit Card At Local Merchants Or ATMs To Spend Naira
Once your funds are converted to Naira, you can now withdraw the funds via your bank debit card. You can also use your bank debit card to withdraw local currency at local merchants or ATMs.
The Bottom Line
Using Payoneer is one of the easiest ways to receive funds from abroad. You can link your local bank account and transfer money directly into your bank account. By doing this, you’ll receive your money quickly and will not have to go through the hassle of another currency exchange service that is available in Nigeria.
Payoneer has a great platform that allows users to monitor their transactions, and receive and transfer funds at any time. If users work in online startups, online freelancing, or business projects, then trying this system would be an excellent decision.
