In today’s international marketplace, African freelancers and SMEs need a reliable way of receiving international payments. A Payoneer bank account is designed to meet the needs of African freelancers and online business owners in unique ways. In this article, you get to discover how you can create a Payoneer bank account, and verify it. You’ll also find out the different fees the platform requires. What is Payoneer Bank Account? The Payoneer bank account is an online service that provides online transactions and other services. This foreign bank account allows business-to-business payments. As a business owner or freelancer, you can use this account to receive payments. With a Payoneer bank account, you can receive payments in three currencies such as USD, GBP, and EUR. You can also withdraw to your local bank in your currency or other currencies. Payoneer was established in 2005 and it has grown significantly since then. International companies like Amazon, Walmart, Google, and freelancer websites like Fiverr and Upwork make use of Payoneer bank accounts. So, if you’re a freelancer or business owner using any of these platforms, you can benefit from their cross-border wire transfers. Pros Cons Features of Payoneer Bank Account Payoneer has a variety of amazing features that make Payoneer’s bank account stand out as a frontrunner in the area of online transactions. The features of the Payoneer bank account are as follows: Getting Started With Payoneer Getting started with Payoneer is very easy. Follow the steps below to set up your Payoneer bank account. How To Open a Payoneer Bank Account How Can I Verify My Payoneer Bank Account? Your Payoneer account will be reviewed in 2 to 3 days. How Can I Receive Payment From Payoneer? Your payment request will be sent to the Payer email address which will be used for the transaction. How To Withdraw Money From My Payoneer Bank Account A confirmation email will be sent to you. How To Send Money With Payoneer Bank Account Note: if the currency you have in your balance is different from the recipient’s currency, you will need to convert your currency to that of the person’s currency. Furthermore, a conversion fee will be charged for your transaction. Payoneer Bank Account Fees There are different fees for different services in Payoneer which are: For business and freelance platforms like Fiverr, Upwork, and Airbnb the charges will vary. Conclusion Payoneer bank accounts provide a solution for African freelancers and SMEs seeking to succeed in the international market. With this bank account, receiving international payments and expanding businesses is easier. With Payoneer, you get to enjoy the benefits of low fee charges of 2% when you send payments from your Payoneer account and a 0% fee when you receive payment from a Payoneer account. Quick transfers and a seamless user interface with a variety of features to meet your unique needs. The Payoneer bank account is a game changer for Africans. Frequently Asked Questions 1. Can a Nigerian Own a Payoneer Bank Account? Yes, Payoneer is open to Nigerians. It is also the best choice for online business owners and freelancers in Nigeria. 2. Can I Transfer Money From Payoneer to My Bank Account? Absolutely! You can withdraw money from your Payoneer account to your local bank account in the currency of your choice. 3. Can I Withdraw $10 From My Payoneer? You can withdraw up to $10 from your Payoneer account. The minimum withdrawal amount is $20 with a $1 Payoneer fee. The maximum amount you can withdraw is $3000. 4. How Long Does It Take Payoneer To Verify Account? It takes up to two to three business days for Payoneer to verify your account. Once approved, a confirmation message will be sent to your email account which allows you to request and send payments.