Payoneer payoneer freeWhy Nigerians Should Avoid Using Payoneer for Online Payments
By Gabriel Ola
For many Nigerian freelancers, authors, and digital entrepreneurs, Payoneer has long been marketed as a viable alternative for receiving international payments. However, my experience as an Amazon KDP author paints a different picture—one of excessive fees, hidden charges, and exploitative policies that make it nearly impossible to retain earnings. If you are in Nigeria or any part of Africa, I strongly advise you to steer clear of Payoneer.
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The Payoneer Trap: A Year of Unfair Deductions
Over the past year, I have been subjected to outrageous deductions that have left me with only a fraction of my hard-earned money. Below is a breakdown of how Payoneer drained my funds:
- Penalty Fee – $30: Payoneer imposes a penalty of $30 if an account does not generate a minimum of $2,000 in revenue per annum. This means that low-earning users are disproportionately punished.
- Annual Fee – $30: Regardless of activity or earnings, Payoneer charges a mandatory $30 annual fee, further cutting into users’ funds.
- Withdrawal Fee – $10: When I attempted to withdraw my remaining balance after all these deductions, Payoneer charged me an additional $10 as a withdrawal fee.
- Small Credit Deductions: Any credit to my account below $1 was entirely removed. I had 20 transactions averaging $0.65 each, totaling $13, which Payoneer deducted entirely.
- Per Transaction Fee – $1: For any deposit exceeding $1, Payoneer deducted $1 per transaction. Over the course of 30 such transactions, I lost an additional $30.
In total, Payoneer took over $100 from me in just one year, leaving me with a meager $44 to withdraw.
Payoneer’s New Fee Hike: The Final Blow
As if these exorbitant charges were not enough, Payoneer recently notified users of an impending fee increase, effective March 16, 2025. Their justification? Market changes and the need to sustain their services. In reality, this is just another way to squeeze more money from unsuspecting users, particularly in developing regions like Nigeria.
Who Uses Payoneer in Nigeria?
Many Nigerians rely on Payoneer for payments from international platforms such as:
- Amazon KDP (authors receiving royalties)
- Upwork & Fiverr (freelancers)
- Affiliate Marketing Programs
- Dropshipping & E-commerce
These individuals, already struggling with limited financial options, are the ones being exploited the most.
The Verdict: Avoid Payoneer at All Costs
If you are considering using Payoneer, think twice. The fees are excessive, the policies are predatory, and the alternatives are better. Instead, consider PayPal (where available), Wise, or even direct bank transfers from international platforms.
Payoneer is not just an inconvenience; it is a financial trap. Do not fall for it.
