Wetin dey happen, my people? Today, we go talk about two popular platforms wey plenty Nigerians dey use to manage their money as freelancers: Payoneer and Wise. We go compare their fees, features, and how e fit help you as you dey hustle for that dollar.
Overview of Payoneer and Wise
Before we dive into the comparison, make we quickly check wetin Payoneer and Wise be. Payoneer na one platform wey freelancers dey use to receive money from clients all over the world. E dey popular among Nigerians because e easy to set up, and you fit collect money from many different platforms.
Wise, on the other hand, na money transfer service wey allow you send and receive money across borders for better exchange rates. E dey try to make sure say you no go pay plenty fees like other traditional banks.
Registration and Verification Process
First thing wey you gatz sabi na how to register for both platforms. Payoneer require say you provide your National Identification Number (NIN) for verification. Make sure say you get your NIN ready before you start.
For Wise, the process no too different. You go also need NIN and other identification documents like your utility bill or any government-issued ID wey show your address. E go take small time to verify, but once dem don verify you, you fit enjoy all the benefits.
Fees Comparison
Now, make we dive into the fees. Dem fees go fit affect how much you go earn as freelancer, so e dey important to know wetin you dey pay for.
- Payoneer Fees: When you dey receive money, Payoneer go collect 1% fee from wetin you receive. If you wan withdraw the money to your Nigerian bank account, dem go charge you $3.75.
- Wise Fees: Wise get a different structure. Dem go charge you for the conversion rate, but e dey cheaper pass Payoneer. For example, if you wan convert $100 to Naira, you fit pay around 0.5% to 1% of that amount.
Make you check the fees well before you start, so you go sabi how much you dey pay for each transaction.
Speed of Transactions
As freelancer, time dey important. You no wan dey wait for your money to come, abi? Make we see how both platforms take dey handle transaction speed.
- Payoneer: Usually, when you receive money, e go take about 2–3 working days before e go show for your account. If you withdraw to your Nigerian bank, e fit take another 3–5 days.
- Wise: For Wise, e dey quicker. Once you send money, e fit reach the recipient within minutes, especially if you dey send to another Wise account. If na bank transfer, e fit take 1–2 working days.
So, if you dey need your money sharp-sharp, Wise fit be better option for you.
Ease of Use and Customer Support
Another important factor na how easy e be to use the platforms. You no wan dey struggle to navigate your way through, abi?
- Payoneer: E get user-friendly interface wey make am easy to navigate. You fit easily check your balance, transaction history, and send invoices. But if you run into wahala, their customer support fit dey slow sometimes.
- Wise: Wise also dey easy to use. Their app dey straightforward, and you fit easily send and receive money. Plus, their customer support dey responsive, so if you get any issue, dem go quickly help you.
In terms of ease of use, both platforms dey good, but Wise get edge for customer support.
Conclusion
In summary, both Payoneer and Wise get their own advantages and disadvantages. If you dey focus on receiving money from international clients, Payoneer fit work well for you, but the fees dey high sha. On the other hand, if you dey look for better exchange rates and faster transactions, Wise na the way to go.
Whichever one you choose, make sure say you dey manage your fees well and always check for the best option based on your needs. As you dey hustle for that dollar, no forget say the right tools fit make your work easier and help you earn more.