Paypal withdrawal gets easier with Equity Bank

Posted by Felix Okoli on Monday August 12, 2013 at 15:33:50:

In the past when Paypal first got to Kenya, users were not allowed to withdraw to a Kenyan bank as the only options were either to withdraw to a US bank or sell the funds to a local exchanger for cash.

However, with the growth in demand for local Paypal withdrawal options, Equity bank seems to be among the first bank to be offering this option.

If you have been making money online or just receiving money into your Paypal account, now you have a new means of being able to withdraw it apart from just using a US bank or Payoneer US payment service. A local bank is now in the picture.

Gone are the days when you need to sell your Paypal funds to another person or use it for shopping on Ebay. With Equity bank's Paypal withdrawal service, you'll be able to get cash into your account after withdrawing from Paypal using them

Details
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- It takes 5 to 8 working days
- Pay only 1.5% of withdrawal value
- You get paid into your Equity bank account in KES. Rate is subject to Equity bank quotes

It is reputed to be the cheapest Paypal withdrawal service available in Kenya and this would probably give other local Paypal exchangers and Payoneer a run for their money.

How Paypal withdrawal works with Equity bank in Kenya
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- Visit Equity bank website and proceed to the Paypal withdrawal page(https://epal.equitybankgroup.com/paypal/pages/paypal_withdraw_service.html)
- Click on the "Withdrawal from Paypal" button
- Under customer type, select Individual or Business
- Enter your Equity bank account number and submit
- A One time PIN will be sent to your registered phone and/or email address
- Fill in the required information on the Personal/Business details page and amount should be in USD
- Accept the conditions
- Review the details and confirm the transaction
- Log into your Paypal account from where you want to make the withdrawal
- Confirm the transaction and amount
- Finish the process
- Funds will be credited to your Equity bank account within 8 days at most

Things needed
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- Paypal account
- Equity bank account
- Phone number and/or email address
- Internet access
- Paypal funds

It is that easy. Perhaps other Kenyan banks would follow suit. Using a local bank like Equity to withdraw from Paypal if you ask me is a very convenient and reasonable method.

1
Re: Paypal withdrawal gets easier with Equity Bank Reply by joseph oese on Tuesday August 13, 2013 at 7:20:45:

let us get started




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2
Re: Paypal withdrawal gets easier with Equity Bank Reply by Cool Joe on Wednesday October 16, 2013 at 9:55:10:

Payoneer is still the cheaper option.
Why? Other than the paypal related fees, payoneer will charge 1% of the amount you transfer from paypal, compared to 2.5% charged by Equity Bank. Let alone the amount you are charged to convert USD to KES in the Equity method, While Payoneer has no such fee.

Unless when dealing with amounts as little as $50, Payoneer is preferable based on assumption that Equity doesn't charge the $3.15 ATM withdraw fee as payoneer does.




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