The differences between a Payoneer
account and a domiciliary account are many. However, the differences mentioned
here represent the major ones available and most noticeable.
First, the Payoneer account isn’t a
bank account (unlike the domiciliary account). In that wise, you’d naturally
experience some limitation when it comes to matters like deposits. In
particular, your checking account (linked to your Payoneer card) cannot receive
payments from individuals – something your dorm account can actually do with
ease.
Second, the cost of opening a dorm
account is huge: between $300 – $500 (depending on the bank). On the flip side
however, Payoneer offers it’s cards completely free of charge – and only makes
it’s money after you start receiving funds unto your card. In this wise, you’d
find out that the dorm account system takes more than a fair share: when you
create the account and sadly, when you receive funds.
Third, funds sent into the Payoneer
card are available immediately (for instant load) and two days (in cases of the
normal load option). However, the local dorm accounts funds only become
available for withdrawal after a minimum of 3 days! In essence, Payoneer is
quite faster than the traditional dorm accounts.
Fourth, the Payoneer account
provides two distinct ways of loading money to the card: from American
corporations via the linked virtual checking account or the private load which
passes directly to the card and can be affected by private individuals.
Unfortunately, the numerous dorm
accounts operated by commercial banks can only accept direct deposits into them
– and nothing more.
Which is the Better Option for
Nigerians?
The joy of anyone who seeks payments
from his/her numerous jobs is to have access o his money with minimum ease and
as fair a commission/charge as possible. This means, any payment option that
has delays or excess commissions isn’t a desirable option.
Payoneer as a service is both fast
and has the distinct advantage of being fair on the commissions. In addition,
the distinct advantage of using the account to verify PayPal is indeed a very
distinct advantage that makes Payoneer a better option than the regular domiciliary account offered by commercial banks in the country.
Your Opinions?
Have you had a the privilege of
using any of these payment options to receive payment for service rendered
online or just receive payments from friends/loved ones across the globe? Which
one would you recommend for Nigerians – and why?
Make it a great day!
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