How to Withdraw Funds from PayPal through Equity Bank PayPal Withdrawal Services in Kenya
PayPal is one of the best e-payment services which enable swift, safe and secure online money transfer and has the lowest transaction fee. It enables people from almost any part of the world to receive and make payments internationally and is majorly used to make payments by the freelance gigs.
However, the major challenge mainly experienced by Kenyans with PayPal accounts is withdrawing their funds to their local bank accounts. This makes them to look for alternative withdrawal services such as Payoneer or Skrill. From this challenge, Equity bank has tried to sort the challenge and has finally come up with a PayPal withdrawal service which enable Kenyans with PayPal accounts to withdraw funds paid into their PayPal account directly to their Equity Bank accounts, by partnering with PayPal services through South Africa’s First Community Bank.
This withdrawal services are exclusive to Equity Bank customers and available for both individual and business customers with an active qualifying Equity Bank account. The qualifying accounts are the transactional accounts in KES or USD which excludes the Credit Cards. When the account holder need to withdraw funds from the PayPal account, they need to specify the US Dollar amount they want to withdraw and in case, the currency in the account is different, PayPal with auto-convert the amount to US dollars during the withdrawal process.
The PayPal EQUITY BANK withdrawal Procedure:
First and Foremost, a PayPal account is needed and should therefore be created and verified for the full functionality and is created in the PayPal website at www.paypal.com and click on create account. An equity bank account is also required and when registering it, it should be submitted with an email address and/or cell phone number in any equity bank branch. The email/cellphone number is used for various verifications in the withdrawal process.
Secondly, log on to www.equitybankgroup.com and select the Equity Bank PayPal Withdrawal service link which will redirect you to Equity Bank PayPal services website. On the PayPal withdrawal service landing page, select withdraw from PayPal menu option.
Thirdly, from the customer type selection page, you will need to make the appropriate selection as either individual or business and enter your Equity Bank account number and select the submit button. Ensure that the account is registered in the individual or personal capacity performing the transaction and that they are authorized to transact on the account.
Fourthly, after submitting the account number, a One Time PIN (OTP) will be sent to the cell phone number and/or email address as per the Equity Bank contact details for the nominated account and complete the information on the personal details/business details page. The withdraw amount must be in USD.
Fifthly, view the quote and accept the terms and conditions and review the information displayed on the confirmation screen and click on the confirm button to proceed with the transaction. It will redirect to the PayPal website where logging to the specified PayPal account is required and confirmation of the transaction.
Sixthly, once the transaction has been confirmed, it will be redirected back to the Equity Bank PayPal Withdrawal services page. On the result page, the transaction status and the transaction reference number will be displayed.
Lastly, click on the finish button to complete the process. The specified Equity bank account will be credited with the net amount due after all the fees have been deducted and within 8 business days.
This services will therefore improve the general money transfer in the international payment services as it has turn out to be one of the cheapest forms of withdrawing money from international payment services which accept PayPal. It also has lowest charges of only 1.5% on the amount. For example, withdrawing Ksh 20,000 from PayPal will only cost Ksh 300. They therefore will enable people to gain more profits from their international businesses as compared to earlier where all the profits could be washed away by the high withdrawal charges.