With Paypal Nigeria, no need to pay for Funding your Paypal account

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Posted by Felix Okoli on Friday June 20, 2014 at 8:55:56:

It's funny what Nigerians do to make money. People make millions even from helping other people to fund their Paypal accounts. This was because Paypal has no support for Nigerian residents yet and so there were people who were making a full time living by selling Paypal funds for a high fee.

It was a bit like the Liberty reserve fundes in Nigeria back then when Liberty reserve was still operating. Many people pay a high fee just to fund their liberty reserve accounts which they mostly use for trading foreign currencies. Liberty reserve is dead now and so is the business of LR currency exchanges but there seems to still be a big business for people who sell Paypal funds for Naira. Perhaps, not for too long as Paypal has finally decided to arrive the shores of Nigeria.

Imagine people spending over N200 per dollar just to fund other people's Paypal account in a country where the value of the USD is just about N170 - They were making above N30 profit to a dollar!

For people in Nigeria who normally buy Paypal funds worth $500, they might have to pay an extra N15,000(about $90) to Paypal funders just to be able to make payments online using Paypal.

Paypal has recently come into the picture and this is probably going to spoil the business for people who sell Paypal funds for profit. It's in fact against Paypal's terms of service to engage in digital currency exchange such as selling Paypal funds for Naira or exchanging it for other currency.

If you are in Nigeria, you no longer have to pay other people money just to help you fund your Paypal accounts since you can now make payments with your Nigerian credit/debit card.

Paypal Nigeria allows Nigerians to register and be able to use their Mastercard or Visa for making online payments. All it basically takes is to register for a free Nigerian account and add your card to Paypal. They will send a small fee to your card which will reflect in your bank account within 24 hrs. After that, you'll just copy the code and use it to verify your Paypal account.

After your Paypal Nigeria account has been verified, you can then start using it to make payments across the world on the internet anywhere Paypal is accepted and you'd no longer need to provide your Mastercard/Visa details again.

With your Paypal Nigeria account, you can send money to other people with Paypal accounts and also make payments on shopping websites without having to get funding from any other source other than the bank account to which your card is linked to.

The charges which Paypal makes on your bank account will be converted to Naira using the bank's exchange rate at the time of the transaction. I've made some payments using my Paypal Nigeria account and I have to say, it's a bit lower than the rates some Mallams are selling the USD. I sent a payment of $10 and was only credited N1167 compared to the N170 which black market sellers were currently using.

So, it's no longer smart to keep buying Paypal funds in Nigeria when you can make payments yourself with your own Paypal Nigeria account. If you don't have a Mastercard or Visa, it's time to get one at your bank.

Comments:

Comments:
Re: With Paypal Nigeria, no need to pay for Funding your Paypal account Posted by Jessy on Wednesday September 3, 2014 at 15:44:0:

It's a good thing I cam accross this post. It was helpful. But I'd like you to explain something for me. My pappal balance still shows 0.00 dollars even though I have verified my mastercard debit card and have some money in the bank account the card is linked to. What exactly does this mean?

Re: With Paypal Nigeria, no need to pay for Funding your Paypal account Posted by Felix Okoli on Wednesday September 3, 2014 at 15:44:0:

It means that you can't store money in your Paypal account but you can use it to send money to other Paypal users and the money will be debited to the bank account linked with your ATM card

Re: With Paypal Nigeria, no need to pay for Funding your Paypal account Posted by chOOx on Saturday November 22, 2014 at 7:31:57:

Please how can I store money in my Paypal account?

Re: With Paypal Nigeria, no need to pay for Funding your Paypal account Posted by Felix Okoli on Saturday November 22, 2014 at 7:31:57:

For now, Paypal Nigeria doesn't allow one to store money in their accounts. You are only allowed to store it i n your bank account and then link your Mastercard or Visa for making payments.

Re: With Paypal Nigeria, no need to pay for Funding your Paypal account Posted by Nenye on Thursday December 11, 2014 at 16:1:6:

Thank you so much for the info about account funding. my PayPal account has been showing 0 usd and i have read several ways people manipulate others until i read yours. My GTB mastercard is linked to my AyPal account so i quickly transfered 1usd to a friend in the UK and he received it. only thing is that they paid him 0.65usd instead. Nigerians shoulld just try and not rip people off at every opportunity. thank you once again for your insight. i appreciate.

Re: With Paypal Nigeria, no need to pay for Funding your Paypal account Posted by Praiz on Tuesday January 13, 2015 at 24:48:58:

Wow! This is a very good information you have here. I also saw my paypal account reading 0.00 and thought I won't be able to use it until I saw your post. Thanks a lot.

Re: With Paypal Nigeria, no need to pay for Funding your Paypal account Posted by DR AKINTOMIDE, AKINTUNDE OLUSIJIBOMI on Monday July 25, 2016 at 1:24:15:

Hi,i want to pay an academic journal based in India $75(USD)publication fee.How much will that be in Naira with the current exchange rate of first bank(25/07/2016)?

Re: With Paypal Nigeria, no need to pay for Funding your Paypal account Posted by Felix Okoli on Monday July 25, 2016 at 1:24:15:

It's hard to tell the exchange rate that banks use for Paypal payments. You only get to know the exact rate after the payment has been made. The rate lies in between the official exchange rate and the black market rate.