Available Ways Of Receiving Foreign Online Payments In Nigeria

Nigerians and other African countries indeed are exempted from most online services and this is because of so many reasons. For Nigerians, they are exempted because of the antecedents of the whites in the hands of Nigerians online.

That is, many people who started an online business in Nigeria spoilt her reputation online. They engaged in dubious activities online like scamming the whites (popularly referred to as Yahoo Yahoo), trying to break some security measures put in place by site owners, and many others you can think of.

Another issue that led to the exemption of Nigerians is the Nigerian government’s policy that barred transactions through PayPal and other online money exchange sites.

In this article, we would look at the various ways through which you can get your money in Nigeria from different online services that earn from.

Available ways of receiving your online payments in Nigeria

Note: we do not advise that you make use of Nigerian banks for exchanging your foreign currencies because many are fraudsters in the sense that they buy funds at very low rate when compared with those by merchants. You can also exchange with them if you wish but be rest assured that the exchange rate will be very low.

1. Sell to online merchants:this is the easiest way of receiving your online payments. Even though some services are blocked for Nigerians, some Nigerians open foreign PayPal and other foreign money reception services from here in Nigeria. These merchants will help you withdraw the money and pay you the Naira equivalent of the amount to your Nigerian account.

These merchants are mostly importers that buy goods in dollars and so, need dollars for their business.

How do they work you might say? These guys make use of premium VPN services to open foreign accounts and then, operate them from here. You too can open one for yourself but we advise that you stick to your Nigerian identity.

For you to open foreign accounts from here in Nigeria, you need to read and research about how to go about it to avoid losing your money in the process. This is because these online services sometimes detect fake accounts, ban them with the amount you have in them and you cannot get them back.

Where can I find these merchants? There are several places where you can find these merchants like on Facebook, Nairaland, and other forum sites.  We also advise that you make sure you verify the originality of the said merchants as Nigerians now use this method for defrauding their fellow Nigerians i.e. there are scammers who disguise themselves as merchants to dupe people.

 

2. Payoneer:Payoneer is another foreign money exchange service that still accepts Nigerians. They do so by assigning virtual U.S checking account to every person that registers with them and with this, you can receive payments online using your unique checking number and routing number.

 

To open an account with Payoneer, head over to their website payoneer.com and hit the registration button. Complete the registration process with your correct details. Your Payoneer Mastercard will be shipped to the postal address you provided within 3 weeks.

 

You will need to activate your account using the pin sent alongside your Payoneer card. With this, you can withdraw your funds from any online platform if it allows the use of Payoneer. Once withdrawn, the revenue will be on your Payoneer online account.

 

Once received, you will need to add your bank account to the dashboard. Click on the “Add Bank Account” option and follow the prompt. It is an easy method and you can do it I assure you.

 

To withdraw the money to your bank account, on your dashboard,

Click on the “Withdraw” button on the menu and then select “To Bank Account”.

Select the bank account where you want to withdraw the money to and then fill in the details of the transfer and click on “continue”. Then, provide the details on the security confirmation page and submit your request.

 

You can also withdraw your fund at any point with your Payoneer MasterCard from any ATM machine that processes MasterCard transactions in Nigeria.

 

3. Wire Transfer:wire transfer is another great and effective option to receive money in Nigeria from almost all online money making ventures ranging from AdSense payment, affiliate marketing sites, etc.

This involves the sending of the money in either dollar or euro format to your domiciliary account.

What is a domiciliary account you may be asking? This is an account that has the ability to receive foreign currencies depending on the one you specified when you are creating the account. Almost all banks in Nigeria provide this type of account service to their customers.

It requires $100 to open this account but if you do not have the dollars, you can bring a Naira equivalent of it. There is no need to fear because, at any point, you can close down the account and withdraw the whole money in it.

Some affiliate marketing firms, AdSense, and other online money making ventures accept this type of transfer. You only need to get the details for your domiciliary account and provide them on the said site, and then request for payment. The payment might take some days or a few weeks before they arrive depending on the bank.

Note: you might be tempted to sell the fund to the bank at their exchange rate. While some do that, it is not advised because the exchange rates offered by banks are lower than that offered at black markets. Therefore, once the funds arrive, withdraw them in dollars and find black market dealers to sell your funds to. 

4. Western Union money transfer:although this method is not available on some online money making platforms, it is also ideal for receiving money from your business partners, freelance clients, friends and family members abroad. To do this, you will be required to provide valid government-issued ID card before you are allowed to receive the payment.

This method is not advised if you are receiving a small amount of money because of the service charges on the service. You might end up losing so much money in the process after all charges are deducted from it.

 

5. Cheque:some affiliate and other online money making services have the option of sending your earnings through a cheque. To make use of this, you must have a domiciliary account also. Whenever you want to receive payment, just use the cheque option and provide the needed details depending on the online money making venture in question.

A cheque is then sent to your postal or mailing address here in Nigeria and once you receive the cheque, you can go and cash it in the bank where you have a domiciliary account.

6. Skrill:Skrill is also a payment service just like PayPal and is still available for Nigerians to receive funds from anywhere in the world. It can also be used to make purchases if the said service allows the use of Skrill.

Skrill allows you to fund your account with Naira just like PayPal, but it is worthy of note that you will not be allowed to access all the features of Skrill until you verify your account. You can withdraw funds from your Skrill account directly to your Nigerian bank account at any time.

Conclusion:

You can explore these options for receiving online payments here in Nigeria and get back to us. Have you made use of any of these services? What was your experience? We would like to hear from you. Tell us about it using the comment section below.