I have blogged a lot about how to make
money online in Nigeria but it seems
the main issue people are more
concerned with, especially freelancers
or startups is how they would be able
to receive their money online in Nigeria.
How does one translate his internet or
virtual funds into real or physical
money?
Receiving money online is a good thing
but you should consider a lot of things
such as the fees associated with online
payment and its mode.
Cost and mode of online payment
How much will it cost you to receive
your online funds in Nigeria? If you are
for instance an Adsense publisher, your
income normally is kept for you until
you reach about $100 or until you opt
for payment. Then a cheque will be
sent to your registered home address
and you will be able to cash it in a
Nigerian bank within. So Adsense
payment involves a bit of online and
offline steps. For payments like those, it
may be more costly but if you were
able to earn and get your entire
payment system on the internet, for
instance getting paid via a debit card
designed to accept deposits, it would
be much more cheaper.
The cost of doing bank to bank wires or
Western union can also be high. For
doing bank wires, the two parties
should have bank accounts
denominated in the transacting
currency such as the USD and for
Nigeria you would need a domiciliary
account. The cost for getting it in
Nigeria may be as much as 10% while
for making withdrawals from your dom
account could be fixed at around $20.
For Western union, the sender pays
most of the fees and it can be as much
as $50 while the receiver pays nothing
except for providing the valid
identification.
For this reason, it would e much better
to just receive your funds online using a
Mastercard that allows you to receive
payments. Note that this is only good if
you are making regular income from
the internet since the card has a
monthly charge attached to it.
Other ways you could receive money
online for much lower fees are
Alertpay, 2checkout, Liberty reserve.
You could receive and send money
easily and affordably using any of these
systems. Alertpay allows you to do a lot
of things and when it comes to
receiving money, you can keep the
funds in your account for a long time
until it accumulates and then withdraw
it to Nigeria without necessary using a
bank account by using an Alertpay
exchanger and convert it to western
union. You may as well withdraw to you
domiciliiary bank account from Alertpay
when you choose to.
Receiving money into Mastercard
and withdrawing to an ATM in
Nigeria
One thing most people don't already
know is that Mastercard is already in
full force in Nigeria and you can use it
for a variety of online payment
transactions. Although most of the
cards we receive from Nigerian banks
allow you to withdraw from ATM
machines anywhere in the world, in
their local currency but it hardly allows
you to receive money into it except if
you are funding it through your bank. In
order to be able to add money to a
credit card in Nigeria, you will need to
get the funds to your bank or do a
transfer from a domicilliary account to
that card account. Now how about
being able to have other people from
around the world just send money into
your Mastercard? Well there is a card
that can do just that and this eliminates
the need for a domicilliary bank account
and all the transaction fees mosot of
which I would say are hidden costs that
you were probably not told when
signing up. A card that can do that is
called a Payoneer Mastercard.
Introducing Payoneer Mastercard
A Payoneer Mastercard is a prepaid
Mastercard that works just like a credit
card but it allow you to also receive
money online in Nigeria and withdraw it
from a Mastercard branded ATM.
There is no need for waiting for your
money in the mail or for waiting for
checks to clear. It is much faster to
receive online income with Payoneer.
Here is how it really works if you intend
getting one. If you work for an internet
company that is a Payoneer partner,
you will be able to get a card that
allows them to send you monthly
earnings when you reach your payment
threshold. All you need is to earn about
$50 and you will be able to get the card
at the first instant mailed to your
address in Nigeria. I will write a more
comprehensive report on this later on.
However if for instance, you write
articles or make money from web
publishing for a site like Infolinks, you
can choose to get paid through a
Payoneer card meaning that you no
longer have to wait for the traditional 1
or two months to get a cheque first in
Nigeria, cash it in a bank, pay many
fees before getting your money. With
an Infolinks Payoneer Mastercard for
instance, you will be able to get
credited immediately when they issue
payment and you will be able to
withdraw it from a Mastercard ATM in
Nigeria. No Long thing. Just get paid
Summary
There are several other ways to
receive money online in Nigeria and
while some allow you to store your
money on the internet until you choose
to withdraw it, others allow you to
withdraw it almost immediately. Some
may require a bank account, some may
require just identification at a bank
while only few allow you to withdraw
from an ATM in Nigeria after also
accumulating it over a period of time.
Whichever you choose, you should
consider the costs, convenience and
time frame which are all important for
your business, especially if it is an
internet business.
money online in Nigeria but it seems
the main issue people are more
concerned with, especially freelancers
or startups is how they would be able
to receive their money online in Nigeria.
How does one translate his internet or
virtual funds into real or physical
money?
Receiving money online is a good thing
but you should consider a lot of things
such as the fees associated with online
payment and its mode.
Cost and mode of online payment
How much will it cost you to receive
your online funds in Nigeria? If you are
for instance an Adsense publisher, your
income normally is kept for you until
you reach about $100 or until you opt
for payment. Then a cheque will be
sent to your registered home address
and you will be able to cash it in a
Nigerian bank within. So Adsense
payment involves a bit of online and
offline steps. For payments like those, it
may be more costly but if you were
able to earn and get your entire
payment system on the internet, for
instance getting paid via a debit card
designed to accept deposits, it would
be much more cheaper.
The cost of doing bank to bank wires or
Western union can also be high. For
doing bank wires, the two parties
should have bank accounts
denominated in the transacting
currency such as the USD and for
Nigeria you would need a domiciliary
account. The cost for getting it in
Nigeria may be as much as 10% while
for making withdrawals from your dom
account could be fixed at around $20.
For Western union, the sender pays
most of the fees and it can be as much
as $50 while the receiver pays nothing
except for providing the valid
identification.
For this reason, it would e much better
to just receive your funds online using a
Mastercard that allows you to receive
payments. Note that this is only good if
you are making regular income from
the internet since the card has a
monthly charge attached to it.
Other ways you could receive money
online for much lower fees are
Alertpay, 2checkout, Liberty reserve.
You could receive and send money
easily and affordably using any of these
systems. Alertpay allows you to do a lot
of things and when it comes to
receiving money, you can keep the
funds in your account for a long time
until it accumulates and then withdraw
it to Nigeria without necessary using a
bank account by using an Alertpay
exchanger and convert it to western
union. You may as well withdraw to you
domiciliiary bank account from Alertpay
when you choose to.
Receiving money into Mastercard
and withdrawing to an ATM in
Nigeria
One thing most people don't already
know is that Mastercard is already in
full force in Nigeria and you can use it
for a variety of online payment
transactions. Although most of the
cards we receive from Nigerian banks
allow you to withdraw from ATM
machines anywhere in the world, in
their local currency but it hardly allows
you to receive money into it except if
you are funding it through your bank. In
order to be able to add money to a
credit card in Nigeria, you will need to
get the funds to your bank or do a
transfer from a domicilliary account to
that card account. Now how about
being able to have other people from
around the world just send money into
your Mastercard? Well there is a card
that can do just that and this eliminates
the need for a domicilliary bank account
and all the transaction fees mosot of
which I would say are hidden costs that
you were probably not told when
signing up. A card that can do that is
called a Payoneer Mastercard.
Introducing Payoneer Mastercard
A Payoneer Mastercard is a prepaid
Mastercard that works just like a credit
card but it allow you to also receive
money online in Nigeria and withdraw it
from a Mastercard branded ATM.
There is no need for waiting for your
money in the mail or for waiting for
checks to clear. It is much faster to
receive online income with Payoneer.
Here is how it really works if you intend
getting one. If you work for an internet
company that is a Payoneer partner,
you will be able to get a card that
allows them to send you monthly
earnings when you reach your payment
threshold. All you need is to earn about
$50 and you will be able to get the card
at the first instant mailed to your
address in Nigeria. I will write a more
comprehensive report on this later on.
However if for instance, you write
articles or make money from web
publishing for a site like Infolinks, you
can choose to get paid through a
Payoneer card meaning that you no
longer have to wait for the traditional 1
or two months to get a cheque first in
Nigeria, cash it in a bank, pay many
fees before getting your money. With
an Infolinks Payoneer Mastercard for
instance, you will be able to get
credited immediately when they issue
payment and you will be able to
withdraw it from a Mastercard ATM in
Nigeria. No Long thing. Just get paid
Summary
There are several other ways to
receive money online in Nigeria and
while some allow you to store your
money on the internet until you choose
to withdraw it, others allow you to
withdraw it almost immediately. Some
may require a bank account, some may
require just identification at a bank
while only few allow you to withdraw
from an ATM in Nigeria after also
accumulating it over a period of time.
Whichever you choose, you should
consider the costs, convenience and
time frame which are all important for
your business, especially if it is an
internet business.
