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PayPal is a widely-used platform for online payments, but withdrawing money from it in Nigeria can be tricky due to currency regulations. This blog post will guide you through a simple way to link your PayPal to a Klasha card, letting you withdraw your USD PayPal balance in Nigerian Naira.
What is PayPal?
PayPal is an online platform that lets you send and receive money, store funds digitally, make online purchases, and accept payments as a business or freelancer. With over 429 million users globally, PayPal operates in more than 200 markets.
Why Withdrawing PayPal Funds in Nigeria is Tricky
Nigeria has some challenges when it comes to withdrawing PayPal funds:
- Foreign exchange restrictions: Nigerian banks and the Central Bank of Nigeria (CBN) have strict foreign exchange rules.
- High fees: Traditional bank withdrawals involve fees and paperwork.
- Delays: It can take a long time to receive your money in a Nigerian bank account.
Meet Klasha Card
Klasha is a Nigerian fintech company offering virtual and physical debit cards. It lets you link your PayPal account for instant withdrawals in USD, which you can then withdraw as Naira from any Nigerian ATM.
Benefits of Using Klasha Card for PayPal Withdrawals:
- Bypasses Forex issues: Your USD stays as USD, avoiding delays.
- No fees: Zero charges for withdrawals or card spending.
- Instant access: Your money is available immediately on the card.
- Great exchange rates: Competitive rates for USD to NGN conversions.
- Higher withdrawal limits: Up to NGN 200,000 daily, much higher than traditional cards.
How to Link Klasha Card to PayPal
Requirements:
- A verified PayPal account
- An activated Klasha debit card
Activation Steps for Klasha Card:
- Sign up on Klasha’s website.
- Complete profile verification and fund your Klasha wallet.
Linking Steps:
- Log in to PayPal.
- Go to Settings > Bank Accounts & Cards.
- Click ‘Link a card’ and enter your Klasha card details.
- Verify by entering two micro-deposits PayPal makes into your Klasha balance.
Withdrawing Money to Klasha Card
- In PayPal, click ‘Transfer Money’.
- Choose ‘To your Bank’ and enter Klasha card details.
- Enter the amount and complete verification if prompted.
- Approve the withdrawal, and the funds will be in your Klasha wallet instantly.
Accessing Funds
You can withdraw cash from ATMs, make purchases online or in-store, buy crypto, or transfer money to your Nigerian bank account.
FAQs
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Is Klasha card safe?
- Absolutely! Klasha uses PCI DSS Level 1 certified infrastructure, 256-bit SSL encryption, and multi-factor authentication for security.
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What are the spending limits?
- Up to N200,000 for ATM withdrawals per day and a monthly spending limit of $5,000.
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Can I use Klasha to receive payments?
- No, currently Klasha only allows withdrawals from PayPal.
Conclusion
With Klasha Card, withdrawing your PayPal funds in Nigeria becomes easy and hassle-free. It bypasses the usual challenges, offers great rates, and gives you instant access to your money. If you’ve been struggling with PayPal withdrawals in Nigeria, Klasha Card is the solution you’ve been waiting for.
