Payoneer has been a means for receiving payments in foreign currencies for freelancers and local business owners. I have been paid in Dollars, Euros, and Pounds via Payoneer. But it’s one thing to receive payment into your Payoneer account, it’s another thing to be able to move the money into your local bank account.
In this post, I will share with you 5 ways through which you can withdraw your Payoneer funds into your local bank account or in local physical currency. I will share the pros and cons of each method and leave you to decide which suits you best.
ATMs
I started receiving payments from Payoneer as far back as 2017. Back then, ATM withdrawals were one of the only available means of converting your money.
Pros
- You get your money in local physical cash
Cons
- Foreign currency is converted at an unfavorable rate (usually the CBN or bank rate)
- You pay through your nose for ATM withdrawal charges. I once accumulated the sum of fifteen thousand Naira in bank charges withdrawing from the ATM
- You won’t be able to withdraw all the funds in your Payoneer account
- Selective ATMs, only a handful of them work with Payoneer cards
- Lack of security in the transaction
This is by far my least preferred method of withdrawing Payoneer funds and ever since I’ve discovered new methods in 2019, I’ve never tried it again.
Naira account Withdrawal
This method simply allows Payoneer to send your funds in local currency into your local bank account. It typically takes 3 to 5 business days with possibilities of complications from your local bank.

Pros
- You get your money directly into your local bank account
Cons
- Your foreign currency is converted at an unfavorable rate, always at the CBN official rate
- The transaction takes 3 to 5 business days to be completed
- Exhorbitant transaction charge
- Your local bank account might be flagged for extra scrutiny
Dollar account withdrawal
This method is very similar to the Naira account withdrawal, the only difference is that you are credited into your Dollar domiciliary account or whichever currency domiciliary account you choose to use.
Pros
- You get your funds in the exact same currency you have it
- Less account scrutinizing as compared to the naira account withdrawal
Cons
- The transaction takes 2 to 3 business days to be completed
- Exhorbitant transaction charge
- You would have to convert your funds locally by yourself
Dollar Reseller
This is the riskiest method of getting your Payoneer funds as you could lose your money to a dishonest reseller, except you are transacting with someone you know, and you also stand the risk of losing your Payoneer account as Payoneer frowns against resellers.
Pros
- Faster transaction time as it’s basically a send the foreign currency and receive your locally converted rate
- Convert at a bargained rate, rather than being at the mercy of CBN rate
Cons
- You might get duped if you transact with a dishonest reseller
- Your account might be suspended if Payoneer notices the frequency of such transaction or any illicit activity on either account
Reseller is probably the last method I will recommend, except you are transacting with a known person.
Aboki Africa
AbokiAfrica, my favorite means of receiving Payoneer funds and the method I currently apply. Aboki is a payment gateway that facilitates seamless international transactions between currencies. It works like Sendvalu but even better.

Pros
- Seamless onboarding & verification
- Fast transaction; the longest I’ve had to wait for a transaction to be completed is 2 minutes
- Best currency conversion rate
- Securely secured
- Prompt and responsive customer care
Cons
- High transaction charge; you would be paying a 4.8% charge on whatever transaction/conversion you make via a card with 3.8% going to Flutterwave, their payment processor, and Aboki owning the remaining 1%
Although cheaper when compared to other methods, one can only hope for better transaction rates.
Conclusion
Like I said earlier, I’m going to leave you to decide which method is better for you. But for someone who has tried all 5 methods, I think it’s safe to recommend Aboki as a preferred method to you.
If you do try any of these methods, I would love to hear how it went, and if you know of any other method not listed here, I will love to learn about it as well. Do not hesitate to reach out to me via Twitter.
PS: This is not a sponsored post, and I do not work neither am I affiliated with Aboki.
Aboki Africa: The new way to Bank Internationally - Abspad
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