I am about to use my Payoneer ATM card for first-time Withdrawal today. I like to know what is the exchange rate with Nigerian banks and Which bank pays the highest rate( I bank with First Bank)and what's the account option to select(current, saving or Checking)

7ftMan:
I am about to use my Payoneer ATM card for first-time Withdrawal today. I like to know what is the exchange rate with Nigerian banks and Which bank pays the highest rate( I bank with First Bank)and what's the account option to select(current, saving or Checking)

If you have a make payment option on your payoneer account, I will suggest who will buy your fund at a good rate (N345/$1). Trusted person anyway.

But if you want to use ATM, kindly use First bank or Access bank. I would strongly recommend First Bank. For every N20k withdrawn, payoneer will charge $60.11 (this includes the processing fee). When you divide it, you will realize the exchange rate is N332/$1. Kindly select Savings as the account type.

Lastly, we have a fiverr thread created by beatzone, kindly ask your questions on that thread instead of creating a new thread for it.

Don't even try it. The rates are high. In fact, why did you order for the card at first when you could be selling the dollars and cashing in Naira. I sell mine and I have sold thousands of dollars. Wise up bro

dabocity:
Don't even try it. The rates are high. In fact, why did you order for the card at first when you could be selling the dollars and cashing in Naira. I sell mine and I have sold thousands of dollars. Wise up bro

I don't understand this comment.

It is safer to withdraw using the ATM than through exchangers. Except you have a trusted exchanger, I recommend people to use ATM.

He made a decision to use ATM, and I helped him with the answers. It is left for him to make the decision on whether to use an exchanger or ATM.
Though the ATM rate is low, its still safer.

@op, Make your decision and live with it.

mrphysics:

If you have a make payment option on your payoneer account, I will suggest who will buy your fund at a good rate (N345/$1). Trusted person anyway.

But if you want to use ATM, kindly use First bank or Access bank. I would strongly recommend First Bank. For every N20k withdrawn, payoneer will charge $60.11 (this includes the processing fee). When you divide it, you will realize the exchange rate is N332/$1. Kindly select Savings as the account type.

Lastly, we have a fiverr thread created by beatzone, kindly ask your questions on that thread instead of creating a new thread for it.

$60.11 or what? Or you meant $6.11( that's affordable)

7ftMan:

$60.11 or what? Or you meant $6.11( that's affordable)

This is business section bro. Not here to impress you but to tell you the truth.

If you are withdrawing using ATM, For every N20k withdrawn from First Bank, an equivalent of $60.11 would be deducted. This means that the exchange rate is N332/$.

I would advise you to go with an exchanger, especially one you can trust. Be informed that withdrawing through the ATM is the safest and fastest way to withdraw your money, the only price to be paid is the low exchange rate.

If you need a trusted exchanger do let me know that is if you have a make payment option on your payoneer account.

Okay. What's the type of account I should choose. Current or savings or checking.

7ftMan:
Okay. What's the type of account I should choose. Current or savings or checking.

Seems to me you didn't read my first response.

Choose savings.

mrphysics:

I don't understand this comment.

It is safer to withdraw using the ATM than through exchangers. Except you have a trusted exchanger, I recommend people to use ATM.

He made a decision to use ATM, and I helped him with the answers. It is left for him to make the decision on whether to use an exchanger or ATM.
Though the ATM rate is low, its still safer.

@op, Make your decision and live with it.

I still stand by my decision.
OP.. Try and look for a good and trusted exchanger because the charges on atm card are much..

Breakdown:
Card Annual Activation $29.95
Card Replacement $12.95
ATM Withdrawal $3.15
ATM Decline $1
ATM Balance Inquiry $1

As I have mentioned above, Payoneer will only charge you $3.15 from the amount you withdraw however the ATM from which you’re withdrawing your funds will also charge you so normally you’ll be charged around $7 or $7.95 on your total ATM Withdrawal.

Hello,
Here is the update: I withdraw 20k using First Bank ATM( savings account selected as account option). Ensued Transaction as seen from Payoneer website:
Transaction amount is 54.97$
Fee:5.07$
Total amount: 60.04$(21,880 naira)

Seem fair.

7ftMan:
Hello,
Here is the update: I withdraw 20k using First Bank ATM( savings account selected as account option). Ensued Transaction as seen from Payoneer website:
Transaction amount is 54.97$
Fee:5.07$
Total amount: 60.04$(21,880 naira)

Seem fair.

Thanks for the update.
So 20k withdrawal debits 60.04usd

7ftMan:
Hello,
Here is the update: I withdraw 20k using First Bank ATM( savings account selected as account option). Ensued Transaction as seen from Payoneer website:
Transaction amount is 54.97$
Fee:5.07$
Total amount: 60.04$(21,880 naira)

Seem fair.

what bank did u use?

jonextee:


what bank did u use?

Nairalanders. Na wao. Read his update again and you will see the bank he withdrew from