Geegpay: Why Nigerians Should Switch from Payoneer to Grey and Geegpay for Online Payments
By Gabriel Ola
For many Nigerian freelancers, authors, and digital entrepreneurs, Payoneer has been promoted as a convenient option for receiving international payments. However, my experience as an Amazon KDP author has shown that Payoneer is a financial burden rather than a solution. With excessive fees, hidden charges, and exploitative policies, Nigerians and Africans should reconsider their reliance on Payoneer and explore better alternatives like Grey and Geegpay.
The Payoneer Trap: A Year of Unfair Deductions
Over the past year, Payoneer has drained my earnings through various deductions, making it almost impossible to retain my hard-earned money. Here’s a breakdown of the fees that made Payoneer a bad choice for me:
- Penalty Fee – $30: If an account does not generate a minimum of $2,000 annually, Payoneer imposes a $30 penalty.
- Annual Fee – $30: Whether you use the service actively or not, Payoneer deducts a mandatory $30 yearly fee.
- Withdrawal Fee – $10: Withdrawing any remaining balance incurs a $10 charge.
- Small Credit Deductions: Any transaction below $1 is entirely deducted. I had 20 transactions averaging $0.65 each, totaling $13, which Payoneer took.
- Per Transaction Fee – $1: For every deposit over $1, Payoneer deducts $1 per transaction. Over 30 transactions, I lost an additional $30.
In total, Payoneer took over $100 from me in just one year, leaving me with only $44 to withdraw.
Payoneer’s New Fee Hike: The Final Blow
As if these high charges weren’t enough, Payoneer recently announced an upcoming fee increase effective March 16, 2025. Their justification? Market conditions and service sustainability. The reality? Another attempt to squeeze more money from unsuspecting users, especially those in developing regions like Nigeria.
A Better Alternative: Why You Should Use Grey & Geegpay
Instead of Payoneer, I now use Grey and Geegpay—two fintech platforms that provide seamless, low-cost international payments for Nigerians and Africans.
Why Grey is a Better Option:
- Lower Fees: Unlike Payoneer, Grey charges significantly lower transaction and withdrawal fees.
- Virtual USD, GBP & EUR Accounts: Grey provides virtual foreign accounts, making it easy to receive payments from platforms like Amazon KDP, Upwork, Fiverr, and affiliate programs.
- Fast Transfers to Nigerian Banks: With Grey, withdrawals to Nigerian bank accounts are swift and cost-effective.
- Transparent Fees: You can calculate your fees before making transactions using the Grey Fee Calculator.
Why Geegpay is a Game Changer:
- Zero Monthly Maintenance Fee: Unlike Payoneer, Geegpay does not charge users a mandatory annual or inactivity fee.
- Competitive Exchange Rates: Get better naira rates when converting your foreign earnings.
- Free Virtual Dollar Card: Use a virtual USD card for online payments and subscriptions.
- Fast Withdrawals: Instant payouts to Nigerian banks at affordable rates.
The Verdict: Avoid Payoneer & Switch Today
If you are considering Payoneer, think twice. Their excessive fees and unfair policies make them a poor choice for freelancers, authors, and digital entrepreneurs in Nigeria. Grey and Geegpay offer better solutions, helping you keep more of your hard-earned money.
🔹 Ready to switch? Sign up using my referral links:
Don’t fall into Payoneer’s financial trap. Choose a smarter way to receive international payments today!
