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Author Topic: Withdrawing Naira from Payoneer Card Via ATM Machine in Nigeria  (Read 753 times)

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There has been a lot of talk about making use of Payoneer mastercard in Nigeria and how you can use it for things like getting a US bank account, withdrawing from your Paypal account and getting paid directly by US merchants you are affiliated to. Yes, there has been a lot of publicity about Payoneer in Nigeria and how it can give one the extra edge he needs in collecting payments globally for online work. However, not many people have actually talked or written about how to actually withdraw from your Payoneer mastercard in Nigeria using the Local ATM.

Some people apply for a Payoneer Mastercard and they eventually get it but only few actually get to make money into their Payoneer card and even for some who do, the money may not be enough to offset the yearly bills and fees associated with using a Payoneer card in Nigeria.

I'd like to write about my experience with using a Payoneer mastercard in Nigeria and how I was able to use it for making withdrawals from a local ATM in Naira. Yes, I did my first Payoneer ATM withdrawal yesterday and I think it's only fitting to share the experience.

Personally, I don't really like reviewing products I've hardly used because they won't be much t osay about it but after using my Payoneer mastercard to withdraw from a Zenith bank ATM yesterday, it became a real life experience and I guess, me and Payoneer are going to do business for a long time.

I first applied for my Payoneer mastercard a couple of years ago through Infolinks and I got it but that later expired and even moreso became useless since Infolinks refused to pay me the $50 they were owing. However, nowdays, things have changed as you can apply for a Payoneer Mastercard directly from Payoneer without going through any agent and it comes with a free $25 credit to your account.

I applied for my second Payoneer mastercard and I got it directly and as Payoneer has introduced what we call a US Payment service, this would now allow people to withdraw Directly from their Paypal account to their Payoneer Mastercard and then withdraw the money locally in Nigeria.

Anyway, enough talk about my story with Payoneer and let me focus on how I actually withdrew money from my Payoneer Mastercard.

My main problem
==========
Once I noticed that there was money in my Payoneer account and decided to withdraw it, my major problem was that I didn't remember the 4 digit PIN I used when activating the card. I later found out that it was the same PIN I normally used for my ATM cards. Never forget your PIN because it could cost you $1 everytime you enter the wrong PIN. If you did forget your PIN, then you should call Payoneer using their contact numbers to help reset your PIN for you. Check out their FAQ for more details.

How I withdrew cash from Payoneer Mastercard
===============
- First log into Payoneer account online and confirm if you have money in your account
- Deduct $3.15 from your balance to get a new balance since $3.15 is the ATM withdrawal fee
- Convert your balance to your local currency to know the amount of money you can withdaw. In my case, I Googled 31 USD to NGN. This gave me about N5000
- I first slotted my Payoneer Mastercard into Stanbic IBTC's ATM and it didn't physically enter. I later noticed that I was slotting it in the wrong way. I retried later with a Zenith bank's ATM
- I entered my 4 digit PIN
- Selected to make a withdrawal
- Selected Savings as the account type
- Entered the Amount as N5000
- Waited for about 10 seconds. It was fast
- ATM paid me my N5000 in Nigerian currency.

Note: The Payoneer Mastercard is a bit different from Mastercard debit cards we have in Nigeria since I didn't see any chip on it but it still works on the ATM. Just put in the other side(where your card number starts) facing upwards into the ATM and it would accept this. I think Stanbic's ATM would also work.

I decided to use Zenith bank's ATM since they are reliable for foreign issued cards. I once used it for withdrawing money from my AdDynamo debit card when AdDynamo paid me.

How my Payoneer account actually got funded
=======
I am a writer for Hubpages and had been making money with them from their Ad program and they normally issue payments the following month after the person has earned about $50 in their account. So, in the past, I had been using my Paypal payments from Hubpages to shop at eBay or make online payments but lately, I decided to withdraw the money directly.

So, after deciding that, I had to ensure that the US bank account which Payoneer offered me was already confirmed by paypal and after I initiated a withdrawal to US bank account from Paypal, the money was transferred to my account.

Fees associated with my Paypal to US bank withdrawal
===========
Payoneer charged me some fees which included:

- Transaction fee: 1% of amount involved
- Activation fee: A one time fee and it was fixed. It cost me $29.95 and I think this is the same as the annual card maintenance fee
- ATM withdrawal fee: $3.15

I withdrew N5000 from the ATM and when I checked my transaction history in my Payoneer account, the value was $35.05(). If the $3.15 withdrawal fee was included, then it means that the actual dollar amount was $31.09 and this gives and exchange rate of about N156 to a US Dollar which is a bit low given that the official rate is about N160 to a $ and it's already at N170 to the USD in the black market.

Somehow, it seems that the exchange rate is a bit low when you are withdrawing from Payoneer. It may have been worth more for me If I used it to buy stuff at eBay and sent the item to Nigeria.

The good thing about withdrawing from a Payoneer account using an ATM in Nigeria is that you get your money within a week once you receive money from Paypal.

Source: Multidox

NOTE: Never make the mistake of slotting your card into the machine when you don’t have funds within. You card will be seized!



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There has been a lot of talk about making use of Payoneer mastercard in Nigeria and how you can use it for things like getting a US bank account, withdrawing from your Paypal account and getting paid directly by US merchants you are affiliated to. Yes, there has been a lot of publicity about Payoneer in Nigeria and how it can give one the extra edge he needs in collecting payments globally for online work. However, not many people have actually talked or written about how to actually withdraw from your Payoneer mastercard in Nigeria using the Local ATM.

Some people apply for a Payoneer Mastercard and they eventually get it but only few actually get to make money into their Payoneer card and even for some who do, the money may not be enough to offset the yearly bills and fees associated with using a Payoneer card in Nigeria.

I'd like to write about my experience with using a Payoneer mastercard in Nigeria and how I was able to use it for making withdrawals from a local ATM in Naira. Yes, I did my first Payoneer ATM withdrawal yesterday and I think it's only fitting to share the experience.

Personally, I don't really like reviewing products I've hardly used because they won't be much t osay about it but after using my Payoneer mastercard to withdraw from a Zenith bank ATM yesterday, it became a real life experience and I guess, me and Payoneer are going to do business for a long time.

I first applied for my Payoneer mastercard a couple of years ago through Infolinks and I got it but that later expired and even moreso became useless since Infolinks refused to pay me the $50 they were owing. However, nowdays, things have changed as you can apply for a Payoneer Mastercard directly from Payoneer without going through any agent and it comes with a free $25 credit to your account.

I applied for my second Payoneer mastercard and I got it directly and as Payoneer has introduced what we call a US Payment service, this would now allow people to withdraw Directly from their Paypal account to their Payoneer Mastercard and then withdraw the money locally in Nigeria.

Anyway, enough talk about my story with Payoneer and let me focus on how I actually withdrew money from my Payoneer Mastercard.

My main problem
==========
Once I noticed that there was money in my Payoneer account and decided to withdraw it, my major problem was that I didn't remember the 4 digit PIN I used when activating the card. I later found out that it was the same PIN I normally used for my ATM cards. Never forget your PIN because it could cost you $1 everytime you enter the wrong PIN. If you did forget your PIN, then you should call Payoneer using their contact numbers to help reset your PIN for you. Check out their FAQ for more details.

How I withdrew cash from Payoneer Mastercard
===============
- First log into Payoneer account online and confirm if you have money in your account
- Deduct $3.15 from your balance to get a new balance since $3.15 is the ATM withdrawal fee
- Convert your balance to your local currency to know the amount of money you can withdaw. In my case, I Googled 31 USD to NGN. This gave me about N5000
- I first slotted my Payoneer Mastercard into Stanbic IBTC's ATM and it didn't physically enter. I later noticed that I was slotting it in the wrong way. I retried later with a Zenith bank's ATM
- I entered my 4 digit PIN
- Selected to make a withdrawal
- Selected Savings as the account type
- Entered the Amount as N5000
- Waited for about 10 seconds. It was fast
- ATM paid me my N5000 in Nigerian currency.

Note: The Payoneer Mastercard is a bit different from Mastercard debit cards we have in Nigeria since I didn't see any chip on it but it still works on the ATM. Just put in the other side(where your card number starts) facing upwards into the ATM and it would accept this. I think Stanbic's ATM would also work.

I decided to use Zenith bank's ATM since they are reliable for foreign issued cards. I once used it for withdrawing money from my AdDynamo debit card when AdDynamo paid me.

How my Payoneer account actually got funded
=======
I am a writer for Hubpages and had been making money with them from their Ad program and they normally issue payments the following month after the person has earned about $50 in their account. So, in the past, I had been using my Paypal payments from Hubpages to shop at eBay or make online payments but lately, I decided to withdraw the money directly.

So, after deciding that, I had to ensure that the US bank account which Payoneer offered me was already confirmed by paypal and after I initiated a withdrawal to US bank account from Paypal, the money was transferred to my account.

Fees associated with my Paypal to US bank withdrawal
===========
Payoneer charged me some fees which included:

- Transaction fee: 1% of amount involved
- Activation fee: A one time fee and it was fixed. It cost me $29.95 and I think this is the same as the annual card maintenance fee
- ATM withdrawal fee: $3.15

I withdrew N5000 from the ATM and when I checked my transaction history in my Payoneer account, the value was $35.05(). If the $3.15 withdrawal fee was included, then it means that the actual dollar amount was $31.09 and this gives and exchange rate of about N156 to a US Dollar which is a bit low given that the official rate is about N160 to a $ and it's already at N170 to the USD in the black market.

Somehow, it seems that the exchange rate is a bit low when you are withdrawing from Payoneer. It may have been worth more for me If I used it to buy stuff at eBay and sent the item to Nigeria.

The good thing about withdrawing from a Payoneer account using an ATM in Nigeria is that you get your money within a week once you receive money from Paypal.

Source: Multidox

NOTE: Never make the mistake of slotting your card into the machine when you don’t have funds within. You card will be seized!
Please i have some questions for you?

1. How did you open a US paypal that allows you to withdraw with payoneer card?
2. Which address did you use and what phone number and was any phone verification required?
3. Did you use the same address for opening paypal account to open payoneer? I asked this because you need a nigerian address to receive a payoneer card and that Nigerian address cannot be use to open a US paypal.

Your answers to my questions will be very highly appreciated. Thanks in advance of your reply.
Don't Give Up, Don't Give in, Give It Your All....It is Always Worth the Effort

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@ Problogger -  Thanks for your useful questions the answers of which will definitely assist forumites who may be nursing the ambitions of opening such accounts.

Best regards,

Aare MacFally
Knowledge Is Power – Seek For It

 

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