But withdrawing the first amount from TikTok is a little bit confusing for new creators. Let’s find out how to withdraw money from TikTok in Nigeria in easy steps.
When Can I Withdraw Money From Tiktok?
For the first time who wants to withdraw their money, it is important to know what are the requirements to initialize the withdrawal request. Here are the basic requirements you need to fulfill for getting money into your bank account from TikTok.
Criteria To Withdraw Money From TikTok
The minimum balance required to initialize the withdrawal process is 100$.
The maximum balance you can withdraw is 1000$ at once per request and per day.
If you are short of 100$ in your TikTok balance, you need to wait for it to 100$ make as per the withdrawal criteria of TikTok. Also, Tiktok pays Nigerian creators if they have fulfilled the required criteria.
If you have more than 1000$ in your TikTok balance, you can initiate the request for only 1000$ in a day and not more than that as per their policy.
Methods To Withdraw Money From TikTok In Nigeria
Withdraw from Tiktok to your Paypal account(Common method).
Withdraw from TikTok Payoneer account (Depending on Region and Country).
Withdraw To Your Paypal Account
You need a Paypal account to receive money from TikTok. The first thing is you need to set up a Paypal account and join Paypal. After signing up and verifying you can receive the amount in Paypal.
Steps to follow:
01. Open the TikTok app on your smartphone.
Open TikTok App
2. Go to the menu icon in your Profile tab.
3. Select Settings & Privacy.
4. You will see the balance option given in the setting section. Select the balance option.
5. Live gifts you have collected will be given in the display which you can receive in your Paypal account.
6. After selecting the live gifts, you will see the withdraw button just after the number of the total gifts showing in the display.
7. Go to the add new payout method.
8. Select your country. Payout options will be given after the selection of the country. Tap on Paypal and confirm the payment.
9. Enter The OTP you will receive.
10. Accept the terms and conditions for receiving the payment by tapping on Agree & Continue.
11. Tap on connect with Paypal and wait for the page to load.
12. Enter your email and password of the Paypal account to log in.
13. Enter the amount available in your TikTok account for withdrawing or you can withdraw all.
To complete the above procedure, you need to have a verified Paypal account and you have to link the same Paypal account with TikTok by following the steps given above before confirming the payment.
Withdraw From Tiktok Using Payoneer
Withdrawing using the Payoneer Account is now a common method to receive money in an account from TikTok but many people from African regions are claiming that they did withdraw from TikTok to their Payoneer account.
Below, I have attached the screenshot of the payment method of Payoneer showing in the account.
Change your country to get the Payoneer option as a payment method. You will see two payout options. Tap on Payoneer and confirm the payment.
The further procedure is the same as the paypal method as we have explained above.
How Much Does It Cost To Cash Out TikTok?
Tiktok does not cost any extra amount when you request the withdrawal but you will face a minimum 2.9% fee from Paypal and a fixed charge of an additional $0.30. However, it is the minimum fee that cost you to cash out TikTok.
How Many Diamonds Do You Need On TikTok To Cash Out?
Diamonds in TikTok are converted from the gifts you have received. Each diamond is equivalent to 0.05$ (5 cents).
As per the TikTok withdrawal policy, you need to have a minimum of $100 in your TikTok account. As per the calculation you need to have at least 2000 diamonds which is equivalent to 100$ on TikTok to cash out.
1 diamond = 0.05$
2000 diamonds = 100$.
Final Words
The above article will help you to withdraw money from TikTok in Nigeria. However, if you miss any of the steps, you may face a problem while withdrawing money.
For those, who want to receive their TikTok money in a bank account using Payoneer, it is recommended to you add your country to check whether TikTok allows you to receive using Payoneer or not.
Because it is not a common method to receive money using Payoneer but many individuals are sharing on social media with the proof that they have received money from TikTok using Payoneer.
