What is Payoneer?

 Payoneer is an American based payment service headquartered in the US. The company offers Master Card powered prepaid cards free of charge to all deserving applicants anywhere in the world. Commissions on private loads, ATM withdrawals, loading fees and other sundry (and punitive charges such as failed transactions) are some of the various ways the company makes money.

After an application is accepted, a card is shipped to the applicant and a checking account created with the same profile that was used to create the account. With such a virtual checking account, you (the applicant), can easily receive payments from American corporations like Amazon or withdraw funds from other payment services such as PayPal.

What is Meant By a Domiciliary Account

A domiciliary account is a special account offered by commercial banks who seek to serve individuals who are interested in receiving payments from persons who are not in the same countries as they are. In Nigeria, the standard currency for such accounts is USD and a minimum of between $300 and $500 is necessary to open and maintain a ‘dorm’ account.

Dorm accounts can also be linked to debit cards that can be used to make payments from the funds currently in the account. In this way, both accounts are quite similar in their issuance of cards that can be used at POS terminals, used to pay for goods and services online and most importantly, very easy to use for ATM withdrawals.