If you work with international clients, you've probably heard of both Wise and Payoneer. Both let Nigerian freelancers receive payments in USD, GBP, and EUR. But they work differently, charge different fees, and suit different types of freelancers.
Here's an honest comparison to help you choose.
Wise (formerly TransferWise) is a money transfer service that gives you local bank account details in the US, UK, EU, Australia, and other countries. Your US client pays your Wise USD account as a local US transfer, and Wise converts and sends the money to your Nigerian bank account.
Best for: Freelancers with clients in the US, UK, or Europe who prefer direct bank transfers.
Payoneer is a global payment platform popular with freelancers, especially those working on platforms like Upwork, Fiverr, and Freelancer.com. It also gives you virtual account details in multiple currencies.
Best for: Freelancers working on marketplaces, or those whose clients are already familiar with Payoneer.
| Feature | Wise | Payoneer |
|---------|------|----------|
| Receiving USD (bank transfer) | Free | 1% fee |
| Currency conversion | ~0.5-1% | 2-3% |
| Withdrawal to Nigerian bank | ₦100-200 | $1.50-3 |
| Monthly fee | None | None |
Wise is almost always cheaper for currency conversion.
Both services typically deliver funds to your Nigerian bank account within 1-3 business days. Wise tends to be slightly faster in practice.
Both require identity verification (BVN, NIN, or passport). Wise approval is usually instant. Payoneer can take 1-3 days.
Choose Wise if:
Choose Payoneer if:
Use both if:
Grey and Raenest are Nigerian fintechs that also provide USD/GBP virtual accounts. They're worth considering if you want a local company with Nigerian customer support.
Once you have a Wise or Payoneer account, add your USD/GBP account details to your invoice so international clients know exactly where to send money.
In Soloist, you can save your international payment details in Settings and they'll automatically appear on USD and GBP invoices.