If you earn in dollars through Payoneer and are looking for the best platform to receive those funds, you have likely come across three names: Cleva, Grey, and Raenest. All three let you receive Payoneer deposit via ACH or wire transfer, but they charge very different fees for doing so, and they are not built the same way.
This post breaks down exactly what each platform charges, what the real-world cost looks like at different amounts, and why Cleva stands out as the most well-rounded option for Nigerian freelancers.
How Payoneer withdrawals to a USD account work
When you withdraw from Payoneer to a third-party USD account, such as Cleva, Grey, or Raenest, the funds are sent either as an ACH transfer or a domestic wire transfer. ACH is the more common method for regular freelancer payouts; wire is faster but typically carries a higher fee at the receiving end.
Each platform charges its own deposit fee when the money arrives. That deposit fee is what determines how much of your Payoneer deposit you actually keep.
Fee comparison at a glance: Cleva vs Grey vs Raenest
Platform-by-platform breakdown
1. Cleva — Transparent and flat Fees with no conditions
Cleva’s pricing is straightforward and requires no planning or timing. ACH deposits under $300 cost $1. For deposits of $300 or more, the fee is a flat $3. Wire transfers are $10 regardless of the amount. Upwork deposits are completely free with no monthly limits or conditions attached.
Cleva also supports stablecoins deposits (USDC/USDT) at $1 flat, and offers a full USD ecosystem: you can hold your dollars, convert to Naira at competitive rates, spend globally with your Cleva virtual card, or send USD to other Cleva users. It is built to be more than just a receiving account, it is where you manage your dollar earnings end to end.
2. Grey — Percentage-based fees that add up
Grey charges a percentage-based deposit fee for ACH: 0.8% of the amount received, with a minimum of $2 and a maximum of $10. Because of the $2 minimum, even small transfers are disproportionately expensive, a $200 withdrawal costs $2 even though 0.8% of that amount is only $1.60. As amounts grow, so does the fee, until it caps at $10.
For wire transfers, Grey charges a flat $20, double what both Cleva and Raenest charge. Grey only supports USDC deposits which limits flexibility for those who receive payments in USDT as well.
3. Raenest — Cheap per deposit, But conditional
Raenest gives users one free ACH deposit per month, after which each ACH deposit costs $1 flat. Wire transfers are $10 flat. On the surface, this makes Raenest one of the lowest-cost options for receiving USD from Payoneer, especially when looking at deposit fees alone.
However, deposit fees are only part of the total cost. Raenest charges a 0.5% conversion fee when you convert your USD to Naira. This means that while you may pay less upfront to receive funds, you give up value at the point of conversion.
In contrast, Cleva does not charge any conversion fees. What you see is what you get when converting to Naira, with no percentage taken off your balance.
Frequently Asked Questions
1. Which platform is best for receiving Payoneer payments in Nigeria?
Cleva is the most well-rounded option. It offers flat, predictable deposit fees, free Upwork deposits with no monthly limits, competitive Naira conversion rates, and a full USD account with a virtual card. Cleva also doesn’t charge any conversion fee unlike Grey and Raenest.
2. Does Cleva charge fees for Upwork deposits?
No. Upwork deposits to Cleva are completely free, with no monthly limits or conditions. Grey charges 0.8% (minimum $2), and Raenest provides one free deposit per month before charging $1 flat.
3. Are the fees in this comparison current?
Yes. This article reflects the fee schedules published by Cleva, Grey, and Raenest at the time of writing. Fees can change, so always verify on each platform’s pricing or help page before making a decision.
Why Cleva is the better choice for most freelancers
Fees are only part of the picture. The right platform is the one that fits how you actually work and for most Nigerian freelancers receiving multiple Payoneer payments across the month, Cleva’s model is built for that reality.
- No conditions or monthly limits: Cleva’s flat fees apply every time, regardless of how often you receive. There is no free allowance to track, no threshold to hit, and no surprise charges on your second or third withdrawal of the month.
- The only platform with truly free Upwork deposits: Cleva charges nothing to receive Upwork payments, not one free per month, not a reduced rate. Free, always. Grey charges 0.8% (min $2) and Raenest charges $1 after the first deposit.
- A full USD account, not just a receiving wallet: With Cleva, you can hold USD, convert to Naira at competitive rates, spend globally with your virtual card, and send dollars to other Cleva users, all from one account.
- Competitive conversion rates: When you do convert to Naira, Cleva offers better rates than converting directly on Payoneer, which means you keep more value even after the fee.
- Wire and stablecoin parity: Cleva matches Raenest on wire transfer fees at $10 flat and offers stablecoin deposits at $1.
- No conversion fee: On Cleva, conversion is free unlike Raenest that charges 0.5% of amount and Grey that charges 1% of amount.
| The bottom line: For freelancers withdrawing from Payoneer, Cleva offers the most practical and cost-effective setup, with predictable fees, zero conversion charges, and full control over how and when you use your USD. |
Conclusion
When comparing deposit fees alone, the numbers between Cleva and Raenest can look similar at first glance. But focusing only on deposit fees tells an incomplete story.
Raenest may offer lower upfront deposit costs, but it applies a 0.5% conversion fee when you move from USD to Naira. Over time, that percentage quietly reduces the value of your earnings, especially for freelancers who convert regularly.
Cleva takes a different approach. With flat, predictable deposit fees and zero conversion charges, what you receive is what you keep when you convert. There are no hidden percentages applied at the most critical step of your payment flow.
Add in free Upwork deposits, competitive exchange rates, a virtual USD card, and a complete dollar management experience, and the difference becomes clear. This is not just about receiving money. It is about keeping more of it across the entire journey.
Your Payoneer earnings deserve a setup that works in your favour at every step. That setup is Cleva. Open a Cleva account today.
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