Short answer: for most freelancers, a USD account built for Africans (Raenest, Grey or Cleva) costs far less than a bank wire and usually less than Payoneer's naira withdrawal, and on a $500 payment Raenest works out to about 1.3% on its published fees. Cleva could be cheaper if its zero-conversion claim holds, but I haven't been able to confirm that.
But the fee is only part of the cost. Check the exchange rate too, and confirm the numbers in your own app before you send money, because they change.
When a client pays you in dollars and you end up with naira, you can lose money in four places:
| Option | Receive USD (ACH) | Convert to naira | Withdraw to a Nigerian bank | How sure we are |
|---|---|---|---|---|
| Raenest | $2 under $500, $4 from $500 (some free deposits a month have been advertised) | 0.7%, capped at $2.70 | Free | From Raenest's help centre |
| Cleva | 0.8% (min $2, max $5); Upwork deposits free | 0%, claimed by Cleva | Free, claimed by Cleva | Deposit fee from its pricing page; the rest is a provider claim |
| Grey | 0.8% (min $2, max $10) | Not confirmed | ₦35 | Deposit and withdrawal confirmed; conversion not |
| Payoneer | Free via a receiving account (small amounts may carry fees) | Up to 2% when withdrawing USD to a naira bank account | Included in the up-to-2%; your bank may add charges | From Payoneer's own guidance; main pricing page not checked |
| Nigerian bank (domiciliary wire) | About $15 to $45, often charged on both ends | Typically 2% to 3% below the market rate | Varies by bank | Estimate from third-party guides |
Providers change fees often. Raenest, for example, introduced a conversion fee in January 2026. Always confirm in the app before you send money.
Raenest: $4 to receive, plus 0.7% to convert. That is about $3.47, but the cap holds it to $2.70. Total about $6.70, or 1.3%.
Payoneer: up to 2% to withdraw to a naira account, so up to $10.
Cleva and Grey: both charge a $4 deposit fee on this amount. Cleva says conversion is free, and Grey's conversion fee isn't confirmed, so I won't put a total on either.
Bank wire: $15 to $45 up front, plus a rate gap, so usually the most expensive.
One pattern worth knowing: Raenest's deposit and conversion fees are capped, so on bigger payments the percentage you pay shrinks. Payoneer's percentage doesn't.
I chose Raenest because I've used it for about six years as an alternative to PayPal for earning money online, and it has been easy throughout. Verification was fast, straightforward and intuitive. Have your passport or NIN ready, because you'll need one of them to verify your identity.
If you want to try it, sign up with my Raenest referral link. It is a referral link, so I may earn a reward, and Raenest says new users get a $2 bonus after meeting its requirements (terms apply, so read them in the app). It doesn't change what I wrote above.
One practical tip: when you pay for something with the card, keep a few extra dollars on top of the price, because purchases carry extra fees. When I bought a $10.46 domain, I needed roughly $11.16 on the card, and a balance of $11.13 was a few cents short, so the payment was declined.
Type the amount you're paid into the calculator and it shows what lands in your account with each provider.
Open the calculatorDisclosure. Some links on this site, including the Raenest sign-up link, are referral or affiliate links, which can earn a reward at no cost to you. Rankings are based on the numbers, not on commission.
NairaLanded · Fee data last checked 23 October 2026.