₦airaland Forum

Strahovski:
I Have A Dollar Debit Card Provided By GTBANK. .


It works perfectly

For sure that one will continue to work on foreign countries and foreign transactions even if CBN and other banks go ahead to implement the policy as stated by next year

bongolistik:
no it's not

Okay.

Pls I need clarifications,,does it mean from next year,,even payoneer cards cannot be used to withdraw money?

bongolistik:
My dear, you tried with your logic, but what you don't know is that by January 1st 2016, all ATM in the country will be set to accept transactions from only cards dominated in Naira. And ur Payoneer is dominated in Dollars, so I repeat you will not be able to carry out withdrawal transactions in Nigeria with your Payoneer after 31st of this month

please sir stop misinforming the public!!!!!!

I have read a lot about this payoneer card. Please how do one get it? And how do one fund it in Nigeria,assuming the person lives in Nigeria?

ikihealthplus:
Pls I need clarifications,,does it mean from next year,,even payoneer cards cannot be used to withdraw money?

make una answer me abeg,,its urgent

It shall not be well with PMB for rendering my Payoneer card useless. His kindreds will face all these inconveniences we are experiencing soon.

benodihe:
I have read a lot about this payoneer card. Please how do one get it? And how do one fund it in Nigeria,assuming the person lives in Nigeria?

payoneer.com

you will register and your card will be sent to you...

Pidggin:
It shall not be well with PMB for rendering my Payoneer card useless. His kindreds will face all these inconveniences we are experiencing soon.

Be patient to know if it's for real (I mean if Payoneer won't work on Nigerian ATMs). And if it turns out to be true.... Then it will be a time for all Nigerian freelancers to petition Payoneer to return the feature of sending funds to local bank account.

mayorbch:
Greetings,
I need a little help here! I've been reading all sorts of scary news lately about the uncertainties in Nigeria's banking sector.
More especially, the "prophecy" by different economists and financial analysts that 2016 promises to be tougher than we all imagine. Now my question:
Is it advisable to go withdraw my money from the bank, save it the traditional way, and then prepare for the worst?
I don't trust this bank people. Perhaps tomorrow, minimum deposit would skyrocket to 100k and the lying liars would start blaming GEJ while the yam eaters in power would tell me stories concerning my money.

Pls advise.

Convert as much as you can to crypto currency and you have nothing to fear

Relax guys, it won't work. Are they trying to say that credit cards are now to be used only within Nigeria? What happens to peeps that want to purchase stuffs from aliexpress and the likes? C'mon thats not only crazy but outrageous as well. Thats like asking for a revolution. It wont work. Make them kukuma kill us.

Aurelius1:
Relax guys, it won't work. Are they trying to say that credit cards are now to be used only within Nigeria? What happens to peeps that want to purchase stuffs from aliexpress and the likes? C'mon thats not only crazy but outrageous as well. Thats like asking for a revolution. It wont work. Make them kukuma kill us.

for your info, CBN said no going back and have only apologised to Nigerians on the hardship that it is going to cause them.

They said the policy is inevitable as they seek means to checkmate excess outflow of foreign exchange.

For those that even thought it was going to be a temporal measure and that the policy will be relaxed in no long time should even brace up for the worst and extended time (if not infinity) it will take cos according to the latest development just coming in, CBN has no plan to relax the policy any moment if there is no foreseen improvement.

And they gave a condition before they will think of relaxing the policy and taking out the restrictions placed on the use of ATM cards abroad and on foreign transactions.

The condition is this: Nigeria foreign reserve has fallen and now stand at $29billion, until they build the reserve to $50billion that is when they will start thinking of lifting those restrictions.

So we all have to deal with the reality on ground and the hardship it will bring in 2016.

Brace up for it instead of still dreaming about it.

Though I have succeeded in writing about the next escape routes to take in order to cope well in the face of this new stringent CBN policy.

You can have it here

http://highteknology.com/2015/12/how-to-cope-and-way-forward-on-latest.html

Bongolistik,

I want to draw your attention to the below quote I got from this thread: https://www.nairaland.com/2827242/cbn-insists-it-wont-reverse

“They were restrictions that Deposit Money Banks
placed because they have to settle whatever
transactions you make with your debit cards with their
corresponding banks in foreign currency.
“And if the banks do not have the foreign currency to
do that, then you create a liability problem for them.”

I'm placing emphasis on the bolded. Like I said in my previous post, when Nigerians used Naira dominated cards on foreign sites and overseas, money is going out of Nigeria and thus, their banks will have to settle the receiving oversea banks in foreign currency as shown in the bolded.

But for those using foreign currency dominated cards, they are bringing in money to the country and thus the affected oversea banks will pay our banks in foreign currency.

Our foreign reserve is depleting, hence the restriction on the use of Naira cards outside Nigeria and on foreign sites.

I'm sorry but I still disagree with you that the use of Payoneer cards on Nigerian ATMs will be stopped come January.

I stand corrected!

ferhyntorlah:
Bongolistik,

I want to draw your attention to the below quote I got from this thread: https://www.nairaland.com/2827242/cbn-insists-it-wont-reverse



I'm placing emphasis on the bolded. Like I said in my previous post, when Nigerians used Naira dominated cards on foreign sites and overseas, money is going out of Nigeria and thus, their banks will have to settle the receiving oversea banks in foreign currency as shown in the bolded.

But for those using foreign currency dominated cards, they are bringing in money to the country and thus the affected oversea banks will pay our banks in foreign currency.

Our foreign reserve is depleting, hence the restriction on the use of Naira cards outside Nigeria and on foreign sites.

I'm sorry but I still disagree with you that the use of Payoneer cards on Nigerian ATMs will be stopped come January.

I stand corrected!

I like your doggedness, especially as seen coming from a female NL moniker and if truly you are a lady.

With your stands, you are logically correct. Just that it was reported earlier on Punch Newspaper that the same restrictions on use of Naira ATM cards abroad will be metted on the use of foreign ATM cards in Nigeria.

But after digging deep, we noticed that Punch have updated and modified the article and have pulled out that line where they indicated that foreign ATM will also be restricted in Nigeria.

With that action by Punch, it implies that owners of foreign cards like Payoneer and other dollar ATM cards will most likely still be allowed to withdraw anywhere abroad and in Nigeria.

Kudos ferhyntorlah. I love babes like you so much

Bongolistik , no toast my ferhyntorlah oo kidding... I think that's good news.... You guys wan give me high BP

Did you open a dorm account with them before getting the card?

How will I load money into payoneer card here in Nigeria... Help please

Everyday4:
Did you open a dorm account with them before getting the card?

which card?

twosquare:
Bongolistik , no toast my ferhyntorlah oo kidding... I think that's good news.... You guys wan give me high BP

I don toast her finish o, just waiting for her to come to my house

Lstar4real:
How will I load money into payoneer card here in Nigeria... Help please

You can load through wire transfer or when you receive money you worked for into your Payoneer account and since your Payoneer card is associated with your Payoneer account. But you can get better options here
other than Payoneer http://highteknology.com/2015/12/how-to-cope-and-way-forward-on-latest.html

bongolistik:
You can load through wire transfer or when you receive money you worked for into your Payoneer account and since your Payoneer card is associated with your Payoneer account. But you can get better options here
other than Payoneer http://highteknology.com/2015/12/how-to-cope-and-way-forward-on-latest.html

okay cool.how will I do.wire transfer because I don't understand it?

Lstar4real:
okay cool.how will I do.wire transfer because I don't understand it?

the wire transfer into Payoneer is quite rigorous cos it will need you to have a dorm account and funds in it and it will also require you to apply for US payment service on your Payoneer, where you will be given a separate US bank account that is linked to your Payoneer account and thereafter you can request your local bank to do a wire transfer from your dorm into the account, and your bank on the cause of doing so will still require their US intermediary banks to facilitate the payment.

And in all the steps from one bank to the other, transaction charges apply and by the time you know what is going on you have spent so much just to fund your Payoneer.

So the best way to fund it is to use your Payoneer account to receive payment from companies you might be working online with that also pay into Payoneer account.

But since not everybody is working online with those companies, now your second best alternative to funding your Payoneer card is to look for those that work and receive payments in their Payoneer account to buy Payoneer fund, which they can easily transfer from theirs to yours.

Otherwise just follow the link that I dropped above to get better options other than the use of Payoneer

bongolistik:
the wire transfer into Payoneer is quite rigorous cos it will need you to have a dorm account and funds in it and it will also require you to apply for US payment service on your Payoneer, where you will be given a separate US bank account that is linked to your Payoneer account and thereafter you can request your local bank to do a wire transfer from your dorm into the account, and your bank on the cause of doing so will still require their US intermediary banks to facilitate the payment.

And in all the steps from one bank to the other, transaction charges apply and by the time you know what is going on you have spent so much just to fund your Payoneer.

So the best way to fund it is to use your Payoneer account to receive payment from companies you might be working online with that also pay into Payoneer account.

But since not everybody is working online with those companies, now your second best alternative to funding your Payoneer card is to look for those that work and receive payments in their Payoneer account to buy Payoneer fund, which they can easily transfer from theirs to yours.

Otherwise just follow the link that I dropped above to get better options other than the use of Payoneer

you are wonderful Thanks

bongolistik:
the wire transfer into Payoneer is quite rigorous cos it will need you to have a dorm account and funds in it and it will also require you to apply for US payment service on your Payoneer, where you will be given a separate US bank account that is linked to your Payoneer account and thereafter you can request your local bank to do a wire transfer from your dorm into the account, and your bank on the cause of doing so will still require their US intermediary banks to facilitate the payment.

And in all the steps from one bank to the other, transaction charges apply and by the time you know what is going on you have spent so much just to fund your Payoneer.

So the best way to fund it is to use your Payoneer account to receive payment from companies you might be working online with that also pay into Payoneer account.

But since not everybody is working online with those companies, now your second best alternative to funding your Payoneer card is to look for those that work and receive payments in their Payoneer account to buy Payoneer fund, which they can easily transfer from theirs to yours.

Otherwise just follow the link that I dropped above to get better options other than the use of Payoneer

Hello, is Payoneer card able to make transfers to local anccounts and withdrawals too? This is Jan 2nd and want to find out. Many Thankss.