As the Nigerian Naira continues to lose value, many freelancers, entrepreneurs, and online workers are turning to international platforms to earn in stronger currencies like the US Dollar. Two popular and trusted tools that allow Nigerians to receive money in USD from abroad are Payoneer and Wise (formerly TransferWise).
This guide will walk you through how to set up these platforms, get verified, receive payments in USD, and safely withdraw your money here in Nigeria — all without breaking any financial laws.
Why You Should Receive Payments in USD
Getting paid in dollars helps protect your income from the constant devaluation of the Naira. For example, if the exchange rate is ₦1300/$1, a single $100 payment equals ₦130,000. This gives you more purchasing power and saves your earnings from being eaten up by inflation.
Additionally, earning in USD gives you access to:
- Global services and software like Canva, Amazon AWS, or Zoom
- Better-paying remote job opportunities
- International marketplaces like Fiverr, Upwork, Amazon, and Shopify
Many Nigerians already use platforms like Fiverr, Toptal, and PeoplePerHour to work with clients abroad. These platforms pay in USD, which is why Payoneer and Wise are so important.
Payoneer vs. Wise: Which One Should You Choose?
Payoneer is more suitable if you earn from freelance marketplaces or affiliate networks. It provides virtual USD, GBP, and EUR bank accounts and even offers a prepaid MasterCard for international spending.
Wise is better for receiving direct payments from clients or transferring funds globally with low fees. It gives you real exchange rates (mid-market rates) and offers personal and business multi-currency accounts.
| Feature | Payoneer | Wise |
|---|---|---|
| Best For | Freelancers, Affiliates | Businesses, Direct Clients |
| Setup Time | 5–10 minutes | 10–15 minutes |
| Currency Accounts | USD, EUR, GBP | USD, EUR, GBP, CAD, AUD |
| Bank Withdrawal | To Nigerian Naira or Domiciliary | To Naira, Domiciliary, or USD |
| Fees | Moderate | Very Low |
| Card | Optional MasterCard | No card in Nigeria |
How to Set Up and Use Payoneer in Nigeria
Follow these steps to create and verify your Payoneer account:
- Go to the Payoneer official website.
- Click on “Sign Up” and choose your account type (freelancer, affiliate, or business).
- Provide your full name, email address, and Nigerian phone number.
- Enter a strong password and your date of birth.
- Supply your Nigerian bank details (Naira or domiciliary).
- Upload a valid government ID (such as NIN, driver’s license, or international passport).
Once your account is approved (usually within 48 hours), you’ll get a USD virtual bank account (ACH and SWIFT) that lets you receive payments from platforms like:
- Fiverr
- Upwork
- Amazon Affiliates
- Clients in the US
You can also order a Payoneer MasterCard for online purchases and ATM withdrawals (charges apply).
How to Set Up and Use Wise in Nigeria
Wise is excellent if you’re billing clients directly or using it for business payments.
To open an account:
- Visit Wise.com.
- Sign up using your email and create a personal or business account.
- Upload your Nigerian identification (NIN, passport, or utility bill).
- Once verified, set up a USD account through your dashboard.
- Share your USD account details with clients or platforms for direct payment.
Wise will give you:
- A USD routing number and account number
- GBP (UK), EUR (EU), CAD (Canada) and more
- The ability to send and receive money across borders at excellent rates
Fees are very transparent, and conversion to Naira is fast and cheaper than most banks.
Comparing Fees: Payoneer vs Wise
| Service | Payoneer | Wise |
|---|---|---|
| Opening Account | Free | Free |
| USD Receiving | Free (some limits) | ~0.5–1.5% |
| Withdrawal Fee | Free to Nigerian bank | ₦1000–₦2500 |
| Currency Conversion | ~3% hidden fee | Real exchange rate + 0.6% |
If you’re working on freelance platforms, go with Payoneer. If you work with direct clients or want low fees, Wise is your best option.
How to Withdraw Dollars in Nigeria
Here are three ways to access your money once you’ve received payment:
- Withdraw to Naira Account
- Works for both Payoneer and Wise
- Money is automatically converted to Naira at the platform’s rate
- Fast but you lose the advantage of keeping your earnings in USD
- Withdraw to a Domiciliary Account
- You get raw USD in your bank account
- You can sell at black market rates (₦1300+)
- Ideal for freelancers who want to save or trade forex
- Requires you to open a domiciliary account from banks like Zenith, GTBank, Access
- Use Payoneer MasterCard
- Payoneer offers a prepaid USD card
- You can use it on POS machines, online, or ATM withdrawals
- Be mindful of ATM limits and fees
Pro Tips to Avoid Payment Delays
- Always use your real name and accurate ID
- Ensure email and phone verification is complete
- Link your freelance platforms properly to Payoneer
- Avoid receiving funds from illegal or unknown sources
- Turn on 2-factor authentication (2FA) to protect your funds
FAQs
Can I receive USD from Fiverr through Wise?
No. Fiverr supports Payoneer and PayPal only.
How long does it take to receive money from Payoneer?
Payments usually reflect within 2–24 hours depending on the source.
Do I need a domiciliary account to use Payoneer or Wise?
Not required, but recommended if you want to withdraw raw USD.
Final Thoughts
Receiving payment in dollars has become one of the most effective ways to thrive financially in Nigeria. Thanks to platforms like Payoneer and Wise, it’s now easier than ever to:
- Work with global clients
- Receive international payments
- Save, spend, or convert your dollars with ease
If you’re just getting started with online business or freelancing, opening a Payoneer or Wise account should be your first step.
Bonus: Free Setup Guide
Want a free step-by-step PDF guide showing how to open and verify both Payoneer and Wise from Nigeria?
Click here to download your guide
Related Post:
- 10 Legit Ways to Make Money in USD as a Nigerian
- Top 5 Freelancing Websites for Nigerians
- Payoneer Website
- Wise Website
- CBN Dollar Exchange Rate
- Zenith Bank Domiciliary Account Setup
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