FintechTech-How

How to receive money with Paypal account in Nigeria

To receive money through Paypal account, you need to first open an account with Paypal, you can read here top know how to do that.

Some think they can’t receive payment with Paypal in Nigeria, but that is not true, as a matter of fact, you have multiple options to receive online payments in Nigeria. They include:

  • Western Union
  • Flutterwave
  • Payoneer
  • Skrill

And a few others. However, we will only be focusing on Paypal in this article.

How to receive/withdraw money with Paypal in Nigeria

Follow the following step to receive Payment with Paypal:

  1. Log in to your Paypal account, if you don’t have one, you need to set it up. Learn how here.
  2. After logging in to your account, tap/click on ‘Request button’ which can be found on the right hand side of your screen.
  3. Enter the email address of the sender and then click/tap on ‘Next’.
  4. Enter the amount and the currency type.
  5. Finish the step by clicking/tapping on ‘Request now’.

What are the transaction limits on Paypal?

If you want to withdraw money from Paypal you should know that there is a limit to how much you can withdraw. A personal account on Paypal has the following transaction limits:

  • $5,000 for one single transaction
  • $5,000 every day
  • $5,000 every week, and
  • $15,000 every month

What this implies is that you can only receive $5,000 in a week and a maximum of $15,000 in a month.

How much does Paypal charge for receiving money in Nigeria?

Receiving payment through Paypal account is subject to particular fees for international payments outside the US. The charge fee is usually 5% of the transaction amount, the minimum is $0.99 while the maximum is $4.99. You should however note that this fee is deducted from the money sent from the sender, so it is important to always consider this when planning to receive money from someone through Paypal as there will be a change in the total amount.

How long does it take to send money through Paypal?

When you send money on Paypal, the transaction will not be reflected immediately because of there will be a manual review. This review can take up to 3-5 business days before the money will be credited to the account of our receiver.

If you know you cannot wait for that long, you should then go for the instant transfer, it only takes some minutes for the transfer to be completed. You should however know that opting for instant transfer will imply that you will have to pay an extra %1 fee of the amount you want to transfer with the maximum charge rate at %10

How long does it take to receive money through Paypal in Nigeria?

The time it takes to receive money from Paypal depends on the payment method used by the sender to send the money. If the sender used their credit/debit card or their Paypal balance it will just take few minutes. However, if the payment was made through the sender’s bank account, it can take up to 3-5 business days for the transaction to reflect in your Paypal balance. So if you know you can’t wait for too long, ensure you instruct your sender to use the first method.

 

Ayodeji Akomolafe

Ayodeji is passionate about blockchain technology. He can write effortless on blockchain topics such as DeFi, DApp, NFTs, Crypto and Metaverse. Apart from writing long-form articles, he also write on crypto news and press release.

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