Getting paid by an international client can be exciting—until you discover that part of your earnings disappeared through payment fees, currency conversion and withdrawal charges.

For a Nigerian freelancer, remote worker, creator or online business owner, choosing the right payment platform can make a noticeable difference.

Platforms such as LemFi, Grey, Raenest and Payoneer offer different ways to receive international payments.

But there isn't one platform that is cheapest for everyone.

The best choice depends on where your client is located, what currency they are sending, how they pay you and whether you want to keep the money in foreign currency or convert it to naira.

Here's how the major costs compare.

The Four Costs You Should Compare

Before choosing a payment platform, look at four things:

1. Receiving fee

This is what the platform charges when your client sends money to your account.

2. Conversion fee

If you receive dollars and convert them to naira, the platform may charge a fee or build a margin into the exchange rate.

3. Withdrawal fee

Some platforms charge when you move your money from the platform to your Nigerian bank account.

4. Payment-method fee

The fee can depend on whether your client pays by:

• ACH

• Local bank transfer

• SWIFT

• Card

• Payment platform

• Marketplace

So don't stop at:

“Does this app charge a receiving fee?”

Ask:

“How much of my $1,000 will actually reach me in Nigeria?”

1. LemFi

LemFi is particularly interesting for freelancers and global professionals because it offers USD and GBP accounts to eligible users in Nigeria.

Its Nigerian site says users can open USD and GBP accounts and receive their earnings with zero fees.

LemFi also offers a payment-request feature that lets users request money from other people without charging a fee for collecting the money.

Why it can be attractive

If your client is paying you in USD or GBP and the payment route is supported, receiving the money without a receiving fee can help you keep more of your earnings.

However, zero receiving fees does not mean every transaction is completely free.

If you later convert currencies or transfer money onward, other charges may apply. LemFi says applicable transaction fees and currency-conversion charges are displayed before a transaction is completed.

Best for:

Freelancers and remote workers who regularly receive USD or GBP.

2. Grey

Grey provides multi-currency accounts for people in Nigeria and other supported countries.

For example, eligible users can receive USD using ACH or wire details and GBP using UK payment details. Grey says users can find their account details inside the app and share them with the person or company paying them.

But Grey's receiving fees are important to understand.

Current Grey receiving fees

These are Grey's published fees as of 2026 and can change.

Example

If a US client sends you $1,000 through ACH, 0.8% is:

$8

So approximately $992 would remain before any other applicable costs.

If they send $10,000 through ACH, 0.8% would be $80—but Grey's $10 maximum means the published receiving fee would be capped at $10.

That cap becomes important for larger payments.

Best for:

Freelancers receiving regular USD, GBP or EUR payments who want clear published fee caps.

3. Raenest

Raenest also offers international receiving accounts to Nigerian users.

Its current fee schedule is particularly useful for comparing payment routes.

Current receiving fees

Raenest published these receiving charges in July 2026.

*For SWIFT payments, the sender's fee arrangement can affect the final amount received, including SHA, BEN or OUR arrangements.

Why this matters

Suppose an American client sends you:

$1,000 via ACH

A $1 receiving fee means approximately:

$999

before any other applicable conversion or withdrawal costs.

That's a straightforward structure compared with a percentage fee.

Raenest also says its conversion fee does not apply when you simply receive funds without converting them. Conversion fees apply when you convert currencies.

Best for:

Freelancers receiving USD through ACH, especially where the flat $1 fee is available.

4. Payoneer

Payoneer is another established option for international freelancers and businesses.

It provides receiving accounts in multiple currencies and lets eligible users receive payments from clients and marketplaces. Payoneer says its receiving accounts can provide local account details in major currencies including USD, EUR and GBP.

However, its fee structure is more complicated.

Payoneer's current published pricing says:

• Payments from another Payoneer customer: Free

• Receiving through a local-currency receiving account: Free

• Receiving through a receiving account in a currency other than your local currency: 1%, minimum $1 equivalent

• Credit-card payments: up to 3.99% + $0.49

• US ACH bank debit: 1%

• EU/UK bank-account payments: 1%

There is also a potential $29.95 annual account fee if your account receives less than $6,000 or equivalent during any 12 consecutive months, subject to Payoneer's terms and account type.

Best for:

Freelancers and businesses that work with international marketplaces or clients already using Payoneer.

So Which One Is Cheapest?

There isn't a universal winner.

But here's a simplified comparison for common receiving methods:

Always check the exact fee displayed in your account before giving payment details to a client because pricing, eligibility and supported payment routes can change.

Example: Receiving $1,000 From a US Client

Let's make the comparison practical.

Suppose a client in the United States owes you:

$1,000

Raenest ACH

Published receiving fee:

$1

Approximate balance after the receiving fee:

$999

Grey ACH

Published fee:

0.8%

On $1,000:

$8

Approximate balance:

$992

LemFi

LemFi advertises zero fees for eligible global-account receipts, so the receiving fee can be:

$0

But check the exact payment route and any subsequent conversion/withdrawal costs before accepting the payment.

Payoneer

The fee depends on how the client pays and the applicable receiving-account arrangement.

For example, some local receiving-account payments are free, while other payment methods carry fees.

Important:

This comparison does not mean Raenest or LemFi will always put the most money in your pocket.

Why?

Because the receiving fee is only one part of the equation.

The Exchange Rate Can Cost More Than the Fee

This is where many people make a mistake.

Imagine Platform A charges:

$0 receiving fee

but gives you a significantly worse exchange rate when you convert your $1,000 to naira.

Platform B charges:

$5 receiving fee

but gives you a better conversion rate.

Platform B could leave you with more naira.

Example

Suppose:

Platform A: $1,000 converts to ₦1,480,000

Platform B: $995 after fees converts to ₦1,510,000

Even though Platform B charged a fee, you receive more naira.

That's why you should compare the final amount, not simply the advertised fee.

Should You Convert Your Dollars Immediately?

Not necessarily.

If your platform allows you to hold your foreign currency, you may choose to keep it there until you actually need naira.

This can be useful for freelancers who:

• Pay international subscriptions

• Buy software

• Pay foreign suppliers

• Make international purchases

• Receive recurring USD payments

But don't keep money on a platform simply because you expect exchange rates to move in your favour.

Understand the platform's terms, limits, withdrawal options and risks first.

How to Ask a Client to Pay You

Once your account is ready, don't send your client your login details.

Instead, provide the specific receiving account details generated by the platform.

For example, a USD receiving account may provide:

• Account name

• Account number

• Routing number

• Bank details

The exact information depends on the platform and payment route.

Raenest, for example, instructs users to access their account details through the app and share the relevant account number and routing information with the payer.

Grey similarly provides USD, GBP and EUR account details for supported receiving methods.

Don't Give Your Client Your Personal Banking Login

Your client only needs the payment details necessary to send the money.

Never send:

❌ Banking password

❌ OTP

❌ ATM PIN

❌ Platform login password

❌ Two-factor authentication code

❌ Recovery phrase

If someone says:

“Send me your OTP so I can complete your payment”

stop immediately.

That's not how a legitimate client should pay you.

What About Receiving Through SWIFT?

SWIFT can be useful when a client or company can't use ACH or local payment rails.

But SWIFT can become expensive because intermediary and correspondent banks may deduct fees.

For example, Raenest currently lists $16 for receiving USD via SWIFT, while also explaining that the sender's SHA, BEN or OUR fee arrangement can affect how much ultimately reaches the beneficiary.

Payoneer also warns that intermediary banks can impose additional fees on international wire transfers.

So if your client asks:

“Can I send you a SWIFT transfer?”

Ask whether ACH, local bank transfer or another supported payment method is available first.

What About PayPal?

PayPal availability and functionality can vary by country.

Don't build your entire international-payment strategy around a payment method unless you have confirmed that your Nigerian account can receive, hold and withdraw the specific type of payment you need.

A payment method being popular globally doesn't automatically mean every feature is available to Nigerian users.

What About Wise?

Wise is another major international payments company, but Nigerians should be careful not to assume that every Wise feature is available in Nigeria.

The ability to send money internationally is different from having local receiving-account details.

Always check the current Nigeria-specific availability before telling a client to pay you through a particular Wise feature.

How to Reduce Your Payment Costs

1. Use the right payment rail

If your US client can pay you by ACH, compare that with SWIFT.

A low-cost local payment rail can be substantially cheaper than an international wire.

2. Compare flat fees with percentage fees

A $1 flat fee is attractive on a $1,000 payment.

A 1% fee would be $10.

But on a $50 payment, a 1% fee is only $0.50.

The cheapest option depends on the amount.

3. Look for fee caps

A percentage fee with a maximum can become more attractive for larger payments.

Grey's USD ACH fee, for example, is capped at $10.

4. Don't convert currencies unnecessarily

If you receive USD and immediately convert it to another foreign currency before eventually converting to naira, you're potentially creating additional conversion costs.

5. Compare the final naira amount

Before withdrawing, check:

Foreign currency balance

minus

Platform fees

minus

Conversion cost

minus

Bank/intermediary charges

equals

Your actual money received.

A Simple Payment Strategy for Nigerian Freelancers

If you're just starting out, you don't need five payment platforms.

Consider this approach:

If most clients pay you in USD:

Compare LemFi, Raenest, Grey and Payoneer.

If most clients are on freelance marketplaces:

Check which payment method the marketplace supports and compare its withdrawal costs.

If you receive large payments:

Pay particular attention to percentage fees, caps and SWIFT/intermediary charges.

If you receive small payments:

Look for platforms with low minimum fees or flat fees, because minimum charges can make a big difference on small payments.

Before Choosing a Payment Platform

Ask these seven questions:

1. Can Nigerians currently use the service?

2. Can I receive the currency my client wants to send?

3. How much does receiving cost?

4. How much does conversion to naira cost?

5. How much does withdrawal to my Nigerian bank cost?

6. How long will the money take to arrive?

7. What happens if the payment is rejected or reversed?

If you can answer all seven, you have a much better idea of the platform's real cost.

Bottom Line

The cheapest international-payment platform isn't necessarily the one advertising “zero fees.”

For a Nigerian freelancer, the real calculation is:

Receiving fee + conversion cost + withdrawal cost + exchange rate = your true cost.

LemFi can be attractive for eligible USD/GBP global-account receipts because it advertises zero fees for receiving earnings. Raenest currently lists a $1 flat fee for USD ACH receipts, while Grey lists 0.8% for USD ACH/FedNow, capped at $10. Payoneer offers broader receiving and marketplace functionality, but its fees vary significantly by payment method and account type.

Don't choose the platform with the lowest advertised fee. Choose the one that leaves you with the most money after all costs.