Financial services provider Equity Bank is encouraging Kenyans to take advantage of its partnership with Paypal to withdraw funds from the accounts into their qualifying Equity Bank account. The service is available to Kenyan Paypal account holders.
The withdraw service with Paypal is exclusive to Equity Bank customers. For one to receive or withdraw funds via Paypal, you will have to have an account with the Bank.
The agreement between the two has been in existent for about six years. The bank touted the service as safe and convenient, enabling ease of making payments and also receiving money from family and friends.
Equity Bank will charge 1.5 per cent of the US Dollar amount per withdrawal transaction. There is however a transaction limit of $10,000 per transaction.
A withdrawal transaction from Paypal account takes five to eight business days to reflect in your Equity Bank account.
Withdraw process flow
- Visit the Equity Bank website and select the Equity Bank PayPal Withdraw Service link.
- You will be redirected to the Equity Bank PayPal withdraw service website.
- On the PayPal Withdraw Service Landing page select the ‘Withdraw from PayPal’ menu option.
- On the customer Type selection page you will need to choose either “individual” or “Business”
- Enter your Equity Bank account number and select the “Submit” button. Please ensure that the nominated account is registered in the individual or personal capacity performing the transaction and that you are authorised to transact on the account.
- A One Time Pin (OTP) will be send to the cell phone number and/or email address as per the Equity Bank contact details for the nominated account.
- Complete the information on the Personal Details / Business Details page. The Withdraw amount must be in USD.
- View the quote and accept the terms and conditions.
- Review the information displayed on the confirmation screen and click on the “confirm” button to proceed with transaction.
- You will be redirected to PayPal’s website, where you need to login to the specified PayPal account and confirm the transaction.
- Once the transaction has been confirmed, you will be redirected back to the Equity Bank PayPal withdraw services page.
- On the results page you will see the transaction status and the transaction reference number.
- Click on the ‘Finish’ button to complete the process.