Now You Can Withdraw Money From Paypal Account Through Equity Bank

Written by
equity
kachwanya@yahoo.com'
  • 2 years ago
  • Posted: July 9, 2013 at 12:02 pm

And this has been very long overdue especially for those who do online transactions in Kenya. Many Kenyans especially techies have accounts with Paypal, through which they use to receive money from outside the country but not able to withdraw the cash, unless through some form of Barter Trade.

We know that it has been rumored for sometime that Equity Bank was working on a deal with Paypal to enable Kenyans to withdraw the money from Paypal accounts. It is great to see that it is now possible to do so. And for that I have to dust my long forgotten equity Bank account and the card. I hope the lines on their banking halls are not as long as it used to be

Here is the process according Equity Bank’s website
Create and veryfy your Paypal account
Open an Equity Bank account
Start getting paid online with Paypal
Withdraw your money from your Paypal account

That is straigght forward, and Moses Kemibaro as mentioned here, this will help the Kenyans in the diaspora to easily send money back to their loved ones in Kenya.

 

Kachwanya
kachwanya@yahoo.com'
Blogger at Kachwanya.com and covers Mobile Phones ( Smart and Dumb), Mobile Apps, Social Media, Mobile Money, and Digital Savannah. Seeking the best ways of incorporating strengths of old media to new media.
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Comments

9 comments
Tom Oluoch
Tom Oluoch

I agree with Mikendegwa. As long as there is an intermediary, someone has to bear the costs involved and unfortunately it is the customer. Equity should have been more forthright in disclosing the hidden charges involved while the customer's money goes through the mysterious maze. If what Mikendegwa says is anything to go buy, 4% Paypal fee + 2.5% currency conversion fee levied by Paypal, 1.5% for equity, we are already at 7% and we do not yet know the charges for routing the money from SA to Kenya. Is an 8 day wait really worth it? My take, this is yet another Nation Hella/Diamond Trust saga but different partners.

mikendegwa
mikendegwa

This is not a solution that will last.. or that will be cost effective to run an online business.. for example.. if you have $100 on paypal.. you'll be charged 4% fee to send money to fist national bank in SA.. the bank will then takes it fees reducing amount further.. then the bank will send money to a central equity account.. then equity will disburse funds to respective accounts that initiated withdraw.. during this process equity will take fees based on interbank transfers from SA to Ke.. then they will mark it up with their margin.. then they will use their own exchange rate that you'll have no influence to negotiate.. this means your $100 withdraw (though the rest of the process as explained above is hidden to customer) you might end up with only $60 or $75 at its best.. the only lasting solution is parliament to enact legislation that allow paypal to operate freely in the country.. anyways "nice college try' for equity.

mikendegwa
mikendegwa

Vick - do you have an equity account.. have you tried that method? it would be foolhardy to think that you'll get $100* 83 = Kes. 8,300 and will not incur transaction fees..

Vick Oluoch
Vick Oluoch

indeed...hadn't factored that have a look at this photo though

mikendegwa
mikendegwa

with payoneer did you know the rate is different with every ATM.. pesapoint has the worst rates.. mostly I've seen KCB to have the best rates

Vick Oluoch
Vick Oluoch

i always use Barclays...KCB hureject my card

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