To become an e currency exchanger in Nigeria or join the league of PayPal exchangers, you should have a PayPal account, a supply channel and a demand channel.
How to be an E currency Exchanger in Nigeria and Become a Millionaire in 6 Months
Are you done surfing the net and are ready to settle down with a no-brainer business model? One that can catapult you into the 6-figure realm in Nigeria? Then being an e currency exchanger in Nigeria or getting into the list of PayPal exchangers in Nigeria can be all you need right now!
The most unbelievable part of this business model is that you may only need to start with the same broke ass phone you are using to view this content right now!
That reads like not a requirement because you have it already, so I will let you some of the few lists you need to check to be sure you can succeed in this business without failing again.
- Not been an occupational scammer before now,
- Have a relatable and good online presence, and
- Know people who travel often or have needs to access forex,
If your answer to the above is yes, then you can read along. Additionally, you must learn about freelancers because most of these freelancers do not have the patience to wait for long.
They are mostly transactional and will call you a scammer the next hour you keep them waiting for their funds. So, you must be responsive and truthful so they can trust you for further sales.
So, here is the 4 stages to become an e currency exchanger in Nigeria:
Become an e Currency Exchanger Step #1
The first step in becoming a PayPal exchanger is to own a functional PayPal account.
I said in the intro that you obviously won’t need a dime to start this business but owing a PayPal account won’t hurt.
And depending on the country PayPal you are more comfortable with, you may be spending a little amount, let say #5000 preliminary, to get the setup done.
But it’s fine if you are not ready for PayPal drama, you can skip step #1
Become an e Currency Exchanger Step #2
You need to understand the PayPal supply and demand channels
You should be able to place a bet always anytime your buyer needs certain amount of funds from you. Let’s say your commissioner friend whose child is in the UK studying, and he calls you one afternoon and say I need you to send $2,000 to my child for her upkeep.
This shouldn’t take you forever to fulfil such order. Remember you had talked him into getting consist supply from you whenever he has need for it.
You should get connected into the huge network of freelancers, Udemy course providers, programmers, and remote workers who usually get paid in dollar and via PayPal.
A handful of the black-market dollar influx into the country comes from PayPal. They’re the market leader in this industry and if you will make a fortune with e currency exchange in Nigeria, having a good PayPal supply will make the difference.
You can join the 1000nairadaily Telegram Group to get into some of these networks and our verified group for the ones we can provide information about.
There are other groups on Facebook and other social media platforms.
I have compiled a list of them and will provide them to you if you can confirm that you qualify for the following list:
- Have an active and verifiable Facebook account
- Have an active bank account number
- You have no prior fraudulent profile
- Can work with escrow until you establish yourself as a reputable exchanger
If you are YES to all the above, click here to get the compiled list of platforms and admin contact details to join their network of freelancers so you can buy funds.
Become a PayPal Exchanger Step #3
If you do not know so much rich people like me, you may need to put yourself out there to get attracted to people who are most likely to buy from you.
You may have seen something like the picture above somewhere on the internet. You can list your services that you buy and sell e currency such as PayPal and Bitcoin on Google Map.
Other medium you can use is posters and flyers, this is also not too expensive. There are people who specialize in pasting posters around areas, and they can help you with it also.
Using bulk SMS to target people within a certain income group is also a very effective way to market your e currency exchange business.
Dash into an MTN office and buy a list of numbers you would like to broadcast to. You can get a bulk SMS service at a very affordable fee of #1 or 50 kobos per SMS unit. That means less than N500 to 500 numbers.
It may not be cheaper than Facebook ads, but it is a very cool way to reach you target audience easily.
With a budget of 10,000 you should be securing your first 5 to 10 clients who will give you consistent e currency demand in Nigeria.
This same process can be applied in other countries like Ghana etc.
Become a PayPal Exchanger Step #4
Once you have secured your demand and supply side of e currency exchange, it is time for you to understand the peculiarity of the business.
If you post in your freelancer network channel that you need PayPal funds, the following will be expected of you
- The volume
- The denomination (USD, Pounds, Euro etc)
- Buying rate
- Format (GnS or Fnf)
- Must it be from PayPal balance?
- Receiving country (US, UK, SA, KE, UAE etc)
So instead of saying,
“I need PayPal funds”,
“I need $500 FnF PayPal funds to US. My rate is #320/$, PayPal balance only. I pay once funds is confirmed.”
With the statement above, a seller already understands what you want. Let’s get into details on some of the points above.
This is the amount of PayPal funds that you need, is it $400, $500?
The denomination: This is the currency you need, USD, CAD, British Pounds, etc.
This is your exchange rate, PayPal exchange rate usually fall below every other channel because of the risk in keeping and operating a PayPal account from Nigeria.
So it’s only rational that the more risky a thing is, the more affordable it becomes in finance. Treasury bills are less risky investment portfolio and very affordable funding source for government.
On the other handing, investing in MBA Forex is very risky and returns pretty good amount to the investor. So viz a viz!
Payoneer for example is widely open for Nigerians and can withdraw directly to their bank account here in Nigeria.
It means, operating a payoneer account in Nigeria is less risky to PayPal. Payoneer is more like your UBA bank account in Nigeria, you do not get worried over your funds in the account. Or do you?
Assuming you don’t, that is the same situation with Payoneer and the more reason you are not likely to get Payoneer exchange for less than #350/$.
That’s assuming you find someone to buy from, for whatever strange reason.
Paypal has two sending format, the GnS (Goods and Service), and Fnf (Family and Friends).
Goods and services are supposed to be a PayPal option for those who have had a trade that warranty financial exchange.
The assumption with GnS payment is that the vendor sells either a physical or digital goods that require shipping.
Things every e Currency Exchanger in Nigeria should note while buying GnS PayPal Funds
To be on the safe side as an e currency exchanger in Nigeria, you should require your supplier to always tick that the goods have been received and in good condition.
By so doing, a future dispute by that same seller will be evitable.
This is one pain point most exchangers face, waking up to a dispute claim by your supplier after 3 to 4 months of fulfilling an order.
And for some that may run into millions, you don’t need a soothsayer to tell you that the village people hands are on your balls!
You may not have the privilege of asking this from your supplier as you start but you should ensure this is strictly adhered to as you progress in the business.
Pro Tip: Do not get into deals that you cannot bail out when issue arise, at least those you didn’t ask to do the above.
Do not make such a deal. Nevertheless, you may continue if you can always fart it out when you find yourself in the Red Sea!
GnS funds usually come with a variant small fee that is deducted from the receiver’s side.
You may also add this filter to your request or ads copy, that you pay what you receive or what they send etc.!
Family and Friends
As the name goes, it’s a PayPal money transportation feature that makes it affordable for people in the US and other supported countries to send feeless PayPal funds to their friends and families.
Tantamount this is not considered a business transaction by paypal that is why it is free of charge for US to US paypal and other supported countries.
However, sending with a FnF option from countries like say SA to the US, a fixed fee of $4.99 is usually deducted. Please see PayPal documentation on other variables!
Something crucial you should know when buying funds as FnF is that, it is not expected by paypal for there to be any dispute sending via this means.
That is if your supplier raises a charge back claim on a FnF paypal transaction, they are less likely to win the case than with a GnS transaction (the one that hadn’t click that they have received the item).
So many exchangers consider FnF a safer paypal option for them because it is cheap on their side and stress free, and safe!
However, there are exception, join the telegram group to learn from others.
Must it be from PayPal Balance:A supplier has two funding source option, from their paypal balance and from their Credit Card or bank balance. Why exchangers run away from any other funding source outside paypal balance is the complications.
If for any reason there is an issue with a paypal payment that originates from paypal balance, paypal has the full control of mediating and deciding who the claim favors after every other thing has been put into consideration.
But when it comes from a different channel like credit card or bank, it will take more than PayPal to resolve any issue. And sometimes out of the control of PayPal, and that will extend the complication with such claim and even render it impossible to be vindicated!
The receiving country is the country that your PayPal or that of your client (assuming you will send directly to him) is domiciled.
It’s necessary to specify this because not all client would want to receive payment from all countries, and not all supplier can send indiscriminately.
There are factors that influence this decision, like the sender’s country (is it possible to send as fnf?), and more other questions!
Getting into the league of Paypal exchangers should be easier now than you thought.
Right now, you should be a certified e currency exchanger in Nigeria if this was a certification course.
PS: You will also need a Payoneer account to stock funds so you don’t have to go scampering for funds when your client needs them.
So click here to signup on Payoneer.
If you signup to Payoneer with my link you will get $25, and I will get the same also.