For Naija freelancers wey dey hustle for dollars, knowing the right payment platform fit make all the difference. In this article, we go compare Payoneer and Wise, so you go fit choose wetin go work best for your freelancing journey.
Understanding Payoneer and Wise
Payoneer and Wise (formerly TransferWise) na two popular platforms wey freelancers dey use to receive and send money across borders. Both of dem get their unique features and benefits, but e important make you sabi wetin each one fit offer you as a Nigerian freelancer.
Account Setup and Verification
To start using either Payoneer or Wise, you go need to set up your account and verify your identity. For Nigeria, most platforms including these two require your NIN (National Identification Number) for verification.
Payoneer: To open Payoneer account, go to their website, click on "Sign Up," and fill in your details. After you enter your NIN, dem go send you an email to verify your identity. Make sure say your details match wetin dey for your ID.
Wise: For Wise, the setup be similar. Visit their website, sign up, and provide your NIN alongside other details. Dem go also require some form of identification like passport or driver’s license to verify your identity.
Tip: Always double-check say your name and other details dey correct to avoid wahala during verification.
Fees and Exchange Rates
Fees and exchange rates fit vary between Payoneer and Wise, and e dey important to compare dem before you choose one.
Payoneer: Payoneer dey charge fees for receiving payments, which fit range from 1% to 3% depending on where the money dey come from. E also dey charge for currency conversion, and you fit lose some money if you no check the exchange rate well.
Wise: Wise dey known for their transparent fees. Dem get a small percentage for conversion, but you fit always see wetin you go pay before you make any transfer. Plus, dem dey use mid-market rate for exchange, which dey more favorable compared to Payoneer.
Actionable Advice: If you dey receive plenty payments, check wetin go save you more money in the long run. Wise fit be better choice if you go dey transfer money to Nigeria often.
Withdrawal Options
How you fit withdraw your money from these platforms fit also influence wetin you go choose.
Payoneer: With Payoneer, you fit withdraw your funds directly to your Nigerian bank account. Popular banks like GTBank, UBA, and Access Bank dey support withdrawals from Payoneer. Just link your bank account during the withdrawal process.
Wise: Wise also allow you withdraw to your Nigerian bank account, but e go take some days to process. You fit expect your money to land within 2-5 working days. Make sure say you provide the correct bank details to avoid wahala.
Practical Step: If you wan withdraw from Payoneer, just log in, click on "Withdraw," select your bank, and enter the amount. For Wise, go to your balance, click on "Send Money," and follow the prompts to withdraw.
Customer Support and User Experience
Customer support and how easy e be to use the platforms fit affect your experience as a freelancer.
Payoneer: Payoneer get customer support wey dey available via email and live chat. Some users complain say dem response dey slow sometimes, but generally, you fit get help if you need am.
Wise: Wise dey known for their user-friendly interface and quick customer support. You fit reach dem via email, chat, or phone, and dem dey usually respond fast. Dem also get plenty resources on their website to help you understand how to use the platform better.
Actionable Tip: If you dey new to international payments, try Wise first because e dey easy to navigate. Plus, their customer support dey responsive if you run into any issue.
Conclusion
For Naija freelancers wey wan dey receive and send money, both Payoneer and Wise get their advantages. Payoneer fit be better if you dey work with clients wey already dey use am, while Wise dey shine for those wey dey look for better exchange rates and transparent fees. No forget say you go need your NIN for verification, and always use banks wey fit support your withdrawals well. Choose wisely and start your journey to earning dollars!
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