If you have ever worked for a company that isn’t in Nigeria, you may have had the issue of getting the money into Nigeria or into your Nigerian bank account.
You must have had to go through all the host of options that have been touted to work and gone through some rigorous registration processes of the top-notch ones like Payoneer, PayPal, Western Union, etc.
If your choice, at last, was PayPal, then your next immediate issue is the way to withdraw the money into Nigeria, and this must have posed a few issues for you.
Because you must have heard that you require a PayPal business account to withdraw this money, and a business account requires a website and a website shopping cart to withdraw this money.
Well, I’m here today to help give you an insight into everything required to successfully withdraw money from your PayPal account to your Nigerian bank account.
First, let me give you some words of caution and some criteria you have to watch out for if you ever wish to withdraw money from your PayPal account.
Important Criteria to watch out for
The below are the top 5 criteria to watch out for if you ever wish to withdraw PayPal money to your Nigerian bank account.
- Your PayPal account can and will be re-verified once you hit a certain milestone of sending money out of the account.
- make sure that the names on your PayPal account are the same as the ones on your Nigeria bank statement of account, or you are going to have a lot of issues when withdrawing the money
- This is the same thing for your address.
- Your new account will undergo heavy review if a vast amount of money enters when it is still fresh, so take it to avoid the account’s needless suspicion.
- Please don’t play smart with PayPal because you could lose your money.
Now, remember that you can only get payment from PayPal when you are in Nigeria if you possess a business account, and a business account requires a website linked to a web-shopping cart.
This is because they believe your need to receive money, means that you have goods or services to sell to the public. Having a website is necessary for doing serious business online; that is why it is important to possess an active working website.
Therefore, you need a website to receive money through PayPal in Nigeria, remember though, that this website must be linked to a web-shopping cart in which the money will come through, as this is where they will send the money and not directly to you.
Since buyers can immediately pay for their merchandise, sellers receive payments immediately without having to wait for checks to go through the long and rigorous mail service or clear the bank and their overwhelming procedures.
Individual sellers can accept credit card payments without having to pay the fees and credit card processors charge because if you were to get it directly through a credit card, you would be required to pay a service fee to the credit card company, and merchants may find PayPal’s fees lower than other monetary processors.
PayPal offers a top-notch seller protection policy that may cover losses for products lost or damaged in shipment or from a chargeback, which helps prevent frequent monetary loss.
Therefore, as an affiliate marketer, a blogger, or all, if you do business online, it will be better to use PayPal to receive funds as it is easier.
You can use PayPal directly on your website using the shopping cart feature I mentioned above, and then you can withdraw funds to your credit card or your Payoneer account…
Read Also: How to open a Paypal Account that sends and receives money in Nigeria.
How to Withdraw From PayPal to Nigerian Bank Account
If you desire to receive money on your PayPal account, you need to provide the sender with one key piece of information, and that is the email address with which your PayPal account is registered.
That is the only requirement. Then the sender enters your email address into a field provided in their PayPal account and chooses how much they wish to send, and it will head your way. You will get an email alert when you have received the money into your PayPal account.
Once you have received the funds and wish to withdraw them to your bank account, the below step-to-step guides will work you through.
- Log into your PayPal account using your email account and your set unique password.
- On your transaction summary page, click on the “Transfer Money” button just beneath your PayPal monetary balance.
- Click on “Transfer to your bank.” then you will be promoted to a new screen where you have multiple bank accounts or cards linked to your PayPal account. Choose which one you wish to transfer your funds to, and click on “Next.”
- Enter the amount of money you want to transfer to your bank, then click on “Next” again.
- On the next page, you will be asked to review your money transfer. If all information showed is correct after this, click on “Transfer [your amount here] now.” Your funds will then be transferred to your bank account.
Remember, though, that;
- A transfer to your bank account usually completes itself in 1 business day, but it may take longer depending on how long your bank’s clearing process lasts.
- They only support money transfers in your local currency. If you have a PayPal account in England (GBP) and want to transfer money to your bank account in Germany (EUR), you will be subject to cross-border conversion fees, which will be deducted from you.
- Sometimes banks may additionally charge fees for electronic funds transfers. So please contact your bank directly for more information before you fret about stolen funds.
Read: How to Start a Pos Business In Nigeria
That pretty much sums up much of the requirements for withdrawing money from your PayPal account to your Nigerian bank account. If you have any other issues, please contact PayPal support or use the comment section while making sure your request is well taken care of.