Unlike other Nigerian banks, KudaBank (or Kuda) has been building some really cool features into their product and recently, they rolled out a feature that lets you process Payoneer payments directly to your KudaBank account. This is a big deal because Nigerians can now create Payoneer accounts and receive foreign payments with the KudaBank app and Website. Don’t worry, I’ll explain it proper below:
How does KudaBank x Payoneer work?
Payoneer makes it easy for freelancers to receive international payments from clients outside Nigeria. With Payoneer, you can receive USD, EUR, GBP and other currencies from all over the world for a very small fee. Now, this is great but not very smooth and it takes a day or more for you to receive your money in your Nigerian account when you withdraw from Payoneer to your Nigerian Bank account. This is where KudaBank comes in…
What can I do with Payoneer on KudaBank?
- Create a Payoneer account or connect your existing Payoneer account on KudaBank.
- Receive payments from companies and marketplaces abroad with your KudaBank account, instantly.
- See your Payoneer account details and balance(s) on KudaBank. No need to login to Payoneer
- Send money from your Payoneer account to your KudaBank account instantly.
How can I register on KudaBank and Payoneer?
They’re both very easy and FREE to register on. Please note that you need to be at least 18 years old to apply for a Payoneer account. Applying for a Payoneer account takes seconds, but approval of the application may take some minutes or a day. Click here to open a Payoneer account for free. Click here to learn more about KudaBank and register.
How much do they cost?
As I said, they are both free to register on. If you’re withdrawing from Payoneer with KudaBank then you will be charged at FX rate, the same rate you would be charged if you were withdrawing from Payoneer to any Nigerian (Naira) bank account. Please see the screenshot below for an example:
Do I receive my money immediately?
Yes. And that’s what’s really interesting about using KudaBank to receive your Payoneer payments. You will receive your money In naira immediately you make a withdrawal. This is a big deal because Payoneer payments usually take hours, most times days to enter a Nigerian bank account.
Can I receive foreign currencies in my KudaBank account through Payoneer?
No, you can’t. Your payments will be converted to naira at Payoneer’s exchange rate and deposited in our KudaBank account.
I have more questions
Please click here to visit KudaBank’s page on this feature.