Heads-up: I can help you convert all or part of your Fiverr earnings to Bitcoin and other Cryptocurrencies via Payoneer. If interested, kindly visit the Payoneer Exchange Page.
Earning from Fiverr as a Nigerian freelancer is a sweet deal. You get to do what you love doing at your convenience, and you earn good money for it. The average fiverr freelancer in Nigeria earns about $500 per month. Other high flyers earn at least $1,000 or more monthly doing what they love.
But the big issue for many freelancers in Nigeria today is getting value for their fiverr earnings. You see, you could earn $1,000 which is ideally over 450,000 Naira, but at the end of the day, you get to receive less than 380,000 Naira.
There are many scavengers in the value chain that are involved in receiving your fiverr earnings in Nigeria. These scavengers make money by fleecing freelancers through unofficial currency exchange rates that may not be favorable for the freelancer.
This is the Nigerian freelancer’s dilemma: How do I get the full value for my fiverr earnings?
Let’s take a look at some of the ways fiverr freelancers lose value from their earnings. I will support this with my personal point of view.
Withdrawing Your Fiverr Earnings To Nigeria
Usually, to withdraw your fiverr earnings to Nigeria, you could either withdraw to Payoneer or withdraw to Paypal. Either way, you would need a way to transfer your earnings from Payoneer or Paypal to your Nigerian bank account, and that is where you might lose money.
The Payoneer Route
Heads-up: I can help you withdraw your Payoneer funds at higher rates than the banks can offer you. To use my exchange services, kindly visit the Payoneer Exchange Page.
If you take the Payoneer route to withdrawing your money to Nigeria, you can get your money in several ways. First, you can withdraw directly from Payoneer to your domiciliary account if you have one. This way, you can get the value of your money in full. From your domiciliary account, you can transfer or withdraw dollars in cash to exchange with a Bureau De Change. This way, you would get the full black market rate for your money.
But the problem is that most fiverr freelancers in Nigeria don’t have a domiciliary account. So, this first option is usually limited to only a few savvy freelancers. However, there is a remedy to this. You can now open a domiciliary account in Nigeria in just 5 minutes without any references. Check how to open this domiciliary account here.
The second option from Payoneer is to withdraw directly to your local bank account in Naira. Payoneer has several partners that do this, but their exchange rates are nothing to write home about. They usually use a rate that is way below the official CBN rate.
In my experience, right now this rate fluctuates between 370 – 373 Naira to $1. So, if you withdraw $1,000 from Payoneer using this method, you would receive a maximum of 373,000 Naira, which is a far cry from the 450,000 Naira you would have gotten if you withdrew in dollars and exchange it by yourself. That is a whopping loss of about 77,000 Naira.
The third route is to use Payoneer exchangers to withdraw your money from Payoneer. To do this, you would have to transfer your funds from your Payoneer account to the Payoneer account of the exchanger. Once they confirm the transfer, they would then transfer the agreed exchange amount of Naira to your Nigerian bank account. This is the fastest way to withdraw your fiverr earnings via Payoner, but also the least paying method. Payoneer exchangers are the true scavengers. They lowball you and pay way less than you’d get anywhere.
The Paypal Route
This is the riskiest route to take if you want to withdraw your earnings from fiverr. Firstly, Paypal doesn’t allow Nigerians to receive funds via their Paypal account, so your money is at risk of being freezed. Also, most fund exchangers are wary of Paypal funds due to the risk of chargebacks and account closure.
Some people have argued that Paypal recognizes fiverr as a safe source of incoming transactions, and that Paypal wouldn’t freeze your account if you only use it for fiverr withdrawal. But then, you can never predict the actions of a company that has a history of dealing ruthlessly with Nigerians on its platform.
If however, you choose to withdraw your fiverr earnings through this route, you will need to contact Paypal exchangers to help you exchange your dollars for Naira. Again, these exchangers would lowball you and pay the lowest rates you could ever find, especially if your fund is less than $500.
An Alternative Way To Withdraw Your Fiverr Earnings
What if there was a way to safely withdraw your fiverr earnings in Nigeria and get the full value of your money?
What if you could safely convert your fiverr earnings to Cryptocurrency and keep it that way until you have a need for Naira?
Most freelancers would love this, as it helps to keep your money away from the growing inflation in Nigeria. You want your mind to be at rest that your money is safe and growing while you work harder to make more money. That is the goal.
So, how do you achieve this?
Converting Your Fiverr Earnings To Bitcoin
If you have some fiverr earnings lying in your payoneer account right now, it’s best to leave it there for now until you finish reading this post.
To convert your fiverr earnings to Bitcoin, you have to first withdraw your earnings from fiverr to Payoneer. Then the next step is to download the Paxful app. Paxful is one of the best P2P cryptocurrency exchangers we have in Nigeria. But they have an edge over others.
On Paxful P2P, you can convert your Payoneer fund to cryptocurrency. I think most Paxful exchangers offer Payoneer to Bitcoin, and Payoneer to USDT. So, you have different options to take.
Once you have downloaded the Paxful app and verified your account, you can start trading. It is important to verify your Paxful account first before undertaking any trade so as to avoid your account being restricted.
After that, you can then go to the P2P section, select online wallets to Bitcoin exchange, and then search and select Payoneer as your online wallet. There will be several available Payoneer exchangers to trade with, you just have to select the one that fits your criteria, such as minimum and maximum tradable amount, and payment methods.
Once you have agreed to a deal with a chosen exchanger, the amount of Bitcoin would be locked in the Paxful escrow. You would then have to send your Payoneer funds to the Payoneer email provided by the exchanger. Once the transfer is completed and confirmed, the exchanger would release the locked Bitcoin to you.
Once you have received the Bitcoin, you could exchange it for Naira with any exchanger on the Paxful platform, or keep it for future use or trade. It is up to you.
Now, you have a new alternative way to receive your fiverr earnings. If you are a freelancer that is actively involved in crypto trading, this gives you the avenue to directly use your fiverr earnings for your trade without losing much value via the forex rates.
Imagine if you have to first convert your fiverr earnings to Naira at a low rate such as 370 Naira to $1, and then convert that Naira back to dollars at a high rate of 460 Naira to $1. That is econmic suicide. There would be no more value to trade with at this point.
So, converting your fiverr earnings directly to Bitcoin gives you more control of your money and many options of what to do with your hard earned money. If you have any other ideas or opinion about this method, kindly let me know in the comments section below.