Guide to Opening a Foreign Bank Account in Nigeria (PAYONEER)

In an effort to decrease dollar liabilities, commercial banks in Nigeria reduced the monthly international spending limits on Naira cards earlier this year. Previously, the cap was $100, but now it’s only $20. Payoneer came in as a rescue for online transactions.

Simply, it implies that their clients may no longer use their naira debit cards for monthly purchases in excess of $20. It’s bad news for the numerous business people who rely on debit cards to make frequent dollar-based purchases.

While many Nigerian banks are having trouble getting their hands on foreign currency, customers of banks like Access Bank, Fidelity Bank, First Bank and Guaranty Trust Bank are not being ignored.

Nonetheless, there is still a chance in getting to opening payoneer account in nigeria.

So, today I’m going to guide to opening a foreign bank account in Nigeria using Payoneer without ever leaving Nigeria…

it’s simple, but it requires your undivided attention.

To begin using Payoneer, visit their website at or download their app from the Google Play Store. The app’s logo is a rainbow circle with a white background.

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Signing up for anything requires visiting the website or using the app.

When you click the sign up button, you’ll be asked to choose the sort of account you’d want to create.

The next step is to let the program choose the best account for you.

Freelancers, web marketers, affiliate marketers, those who rent out their homes, individuals, etc., all have this option. It really doesn’t matter which one you choose.

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You fill out the required fields after clicking the “Register” button.

Information collected includes: Name, Surname, Email, Birth Date, Country, Address, and Phone Number. It’s standard practice to send a verification code to the provided phone number.

Know that if a verification is needed, you’ll have to provide proof of your residence address in the form of a utility bill.

Names should match those on government-issued documents like passports, driver’s licenses, and National I.D card.

Input your password, then choose and answer a security question that suits you well.

Then, enter the information from your national identification card, driver’s license, or international passport.

If you really want to use an international passport, all you need is the passport number, the date the passport was issued, and the expiration date.

Then, at the last stage of registration, you’ll be prompted to provide the name and number of your personal Nigerian bank account.

Your submission indicates your acceptance of these terms and conditions, as well as the prices and fees outlined.

Your account request is currently being reviewed, and you will get an email notification once it has been processed.

While your account is being reviewed, you must verify your email address by clicking the link sent in the verification email.

Please be patient, the approval process often takes no more than 24 hours.

When you get the email confirming your account, open it and click the link to sign in again. Your email address would have been confirmed before that time.

If any of this information has changed, please update your account details the next time you log in. The second and third security questions are selected by you, and after answering them both, you will submit your form. You should choose security questions that are simple to recall.

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Take note that you may need the answers to your security questions if you ever forget your password or lose access to your email account.

In other words, after you’ve logged in again, you’ll see that your profile is ready and waiting for you on the homepage. It links to your accounts in British pounds ($), American dollars ($), and the euro (€).

Getting an account in places like Australia, Canada, or Japan requires an application. When you apply, it will be accepted relatively instantly.

Perhaps you’re wondering, “How can I get the account information?

Simply choose the “More” option (three dots) next to any of the listed banks directly beneath your homepage to get further information.

Details about your UK account, including the bank where it is held, the sort code it uses, the account number, and the name of the beneficiary, may be seen by selecting the “View Details” button.

The bank name, bank address, Routing number, Account number, Account type, and Beneficiary name are shown when you choose your United States American bank account.

You’ll notice “You have information to submit in the verification center” when you return to your homepage, so that’s good.

A “SUBMIT NOW” button will appear; click it to upload your file.

If you presented an international passport, you must provide a photo of the passport’s identification page or one that says your name and upload it.

If you have some free time, you may fill out a questionnaire for the Global Payment Service. You might ignore that detail as it’s not very important.

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In conclusion, you may use the account to buy things from Amazon and other retailers, as well as do business with those retailers.

Be sure to safely save your account details (email, password, security questions and answers, etc.), and don’t make sure you forget the details.

Frequently Asked questions?

  • CAN I OPEN A PAYONEER ACCOUNT IN NIGERIA? Yes. This account is totally free to open. And form there You can get paid globally in any of the three major currency (Dollars, Euros, Ponds).
  • WHICH BANK USES PAYONEER IN NIGERIA? First Bank Nigeria (FBN), United Bank for Africa (UBA), Guaranty Trust Holding Company (GT Bank), Access Bank, and Zenith Bank are Nigeria’s top five largest banks. You can send your money directly from Payoneer to these bank accounts and withdraw naira, once you link your Naira account to PAYONEER.
  • CAN I USE NIN FOR PAYONEER ACCOUNT? Yes. Payoneer has three different options International Passport, Driver’s License and NIN. Now, Most Nigerians don’t have either International passport or Driver’s license but only have the NIN.
  • WHAT YOU NEED TO OPEN A PAYONEER ACCOUNT? You need NIN, full name as it’s written on the NIN slip, Utility bill, picture of yourself, etc. More details gladly written above in the second paragraph. Follow it steps by steps.
  • WHAT TYPE OF ID DOES PAYONEER ACCEPT? NIN, International passport and Driver’s license.
  • HOW LONG DOES IT TAKE FOR PAYONEER TO APPROVE? Its literally takes 24hrs once you are all correct with your information but with misinformation it takes 5-7 days.

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