This will surely come as welcome news to thousands of Kenyans.
Equity bank and PayPal have partnered to allow cash withdrawals in Kenya. This is the first time a Kenyan Bank will directly allow PayPal users withdraw cash from their account.
Initially, PayPal only allowed deposits to be made; any withdrawals had to be done through third parties.
Kenya now joins South Africa as the only countries in the continent that support PayPal withdrawals to local banks.
Equity’s withdrawal service is actually powered by South Africa’s First National Bank.
Equity bank has reserved the service exclusively for its customers.
All transactions will be in US dollars, as PayPal does not support Kenya Shillings.
This option does not however fail to come with its cons. For instance, you will have to wait for 8 days for your Equity account to be credited the money you withdraw.
This is how you’ll go about it. (Information from Equity Bank)
How to Withdraw funds from PayPal
- 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 sent 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.
- Your Equity bank account will be credited with the nett amount due to you after all fees have been deducted within 8 business days.