Can people in Nigeria open PayPal accounts? Yes. Nigerians can open business PayPal accounts. PayPal allows foreign currency transfers and has an affordable processing fee. Find out how to open a PayPal account in Nigeria below.
PayPal is convenient and reliable for sending or receiving money worldwide. To create a PayPal account, you should fill out a form with your name, address, contacts, etc. You will be able to open a business PayPal account with no one's help after reading this article.
What is PayPal?
PayPal is one of the leading online platforms for receiving, sending, and transferring money worldwide. Many Nigerians doing online jobs and businesses use PayPal to make and receive payments from abroad.
How to open a PayPal account in Nigeria
Opening a PayPal account Nigeria is easy. You need a valid email address, and Visa/MasterCard linked to your Nigerian bank account (it can be a credit or debit card). The Visa/MasterCard is necessary for verifying your PayPal account. This simple step-by-step guide will teach you how to open a PayPal account to receive money:
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- Visit the official PayPal website.
- Click "Open a Business Account."
- Enter your email address (Gmail, Yahoo, email@example.com).
- Click “Continue.“
- Enter your password.
- Click “Continue.“
- Enter your first and last name.
- Enter your business name and phone number (these should be legal details).
- Enter your business address (it should be the same address you used when opening your bank account). Your Nigerian postcode is also important.
- Choose the primary currency (Most Nigerians use the US Dollar).
- Click in the check box beside "By clicking Agree and Continue, I agree to the User Agreement and Privacy Statement."
- Click “Agree and Continue“ (the blue button).
- Enter your debit card details (card number, expiry date and the last three digits behind the debit card).
- You will receive a PayPal account verification link in your email.
- Click on the link to verify your account.
- Your account is set up.
- Your account is setup.
How to open a PayPal account via your bank's e-wallet account
Another way of opening a PayPal in Nigeria is through your bank's e-wallet account. Find out if your bank has an online banking system that can connect you to PayPal. First Bank clients can follow these steps:
- Log in to your internet banking account using your password and token.
- Choose “PayPal wallet” in the main tab.
- Click “Create PayPal Wallet” on the drop-down menu.
- Select which debit/credit cards you wish to link to your PayPal account.
- Press the button on your online token and confirm accordingly.
- Enter a password in the pop-up window.
- Click on “Agree and create account.”
- You will receive a message confirming you have successfully opened a PayPal account in the email account you used to open an account with First Bank.
Does PayPal work in Nigeria?
You can receive and send funds using a business PayPal account in Nigeria. Please note that you cannot make money transfers in Nigeria via a personal PayPal account.
PayPal Nigeria’s exchange rate and transaction fees
Third-party financial institutions (local banks) adjust PayPal's processing fee depending on the market conditions. When you make a foreign transfer via PayPal, the system will charge you 4% of the total amount being converted. This is called a processing fee or transaction fee.
If you use a debit/credit card to pay for a transfer, you will pay an extra 3% when loading your PayPal wallet. Therefore, you end up paying 4%-7% of the total amount being converted when you send money via PayPal.
Please note that PayPal's exchange rate is fixed for each currency and does not change for large or small amounts. Moreover, f you use your credit card to send a payment, you can use the credit card provider’s conversion rate instead of PayPal's. If you use Visa or MasterCard's exchange rate, the applied conversion rate will be shown on your credit card statement and not at the time of the transaction.
Can I link my Nigeria bank account to PayPal?
Yes, you can. Here is how you do it:
- Log into your PayPal business account via the PayPal website or mobile app.
- Click "Wallet" on the menu bar, then tap "Link bank account" or "Link a credit or debit card."
- Enter the credit/debit card or bank information.
- Click "Link card for credit/debit card" or "Link bank account" (depending on your previous choice).
Which bank uses PayPal in Nigeria?
You can link credit/debit cards of these banks to a PayPal account:
- Access Bank
- First Bank
- Diamond Bank
- GTCO (formerly GTBank)
- WEMA Bank
Now you know how to open a PayPal account in Nigeria and can use the platform when you need foreign currency transfer services. Millions of people worldwide enjoy PayPal's services.
DISCLAIMER: This article is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!
Legit.ng also explained the difference between a Mastercard and Verve card. These are the world's leading payment platforms.
Verve cards and Mastercard do not issue debit or credit cards. Banks and other financial institutions issue customers with cards with the Verve and Mastercard brand names.