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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.
- Log in
to the Kuda Bank digital app
- Give
Kuda Bank access to your Payoneer account and link accounts
- Specify an amount of foreign currency you want to withdraw from
- Click
‘Withdraw’ to convert funds to Naira (NGN) in your Kuda account
- 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.
- Log in
to your Payoneer account
- Enter
your Nigerian bank account details
- Choose
which balance (i.e. USD, JPY, EUR, etc) to withdraw
- Specify an amount of the balance to withdraw
- Send and check to confirm that your local bank received funds