Direct to Local Bank in NIgeria

[ifeanyiegede]

What is the USD to Naira exchange rate  that Upwork uses for Direct to Local Bank transfers to Nigeria? 

[g_vasilevski]

Hi Ifeanyi,

Difference in exchange rates is not something Upwork can control. When a bank converts a transaction, they will mark up the interbank rate to buy or sell a currency. Online calculators will not take into consideration the mark up that is applied. Since rates constantly change throughout any given day, the rate you received is the rate offered by our bank at the time your specific transaction was processed. Thank you.

[4f99e5d2]

The last exchange rate I used for local bank transfer was N360 for $.  This is very low bobo and I have loosed over 150k due to this ridiculous exchange rate. 

Use Payoneer.  You'll only pay pata-pata $2 (~N850).  

To cash out on payoneer, find a bureau-de-change operator which you'll exchange $ for as much as N460 per $. 

NB: Payoneer will allow you to transfer to another account only once until you've received over $800 from Upwork or other partner firms. Also, they'll verify your ID.Government Issued ID. 

[d29b2631]

Olorunfemi, so how does the exchange work exactly, is it physical or online, what does the exchange require and how do you eventually get your money? Thank you

[4f99e5d2]

You simply transfer the $ to their Payoneer account email. 

They ask for your naira account and they transfer naira to you at a peer-to-peer rate.