Now You Can Withdraw Money From Paypal Account Through Equity Bank

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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.




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Kennedy Kachwanya
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Kennedy Kachwanya is a technology blogger interested in mobile phones both smart and dumb, mobile apps, mobile money, social media, startups ecosystem and digital Savannah. New media must not forget the strength of old tech.
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  • 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 July 10, 2013 10:54 am Reply
    • Not true wen u withdraw $100 via Equity u will end up with 8300kes as of payoneer u will only b able to withdraw 7500(Just used today’s rate…i made a payoneer withdrawal this mnin)

      Vick Oluoch July 10, 2013 4:12 pm Reply
      • 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..

        mikendegwa July 10, 2013 4:17 pm
      • indeed…hadn’t factored that have a look at this photo though

        Vick Oluoch July 10, 2013 4:19 pm
      • 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

        mikendegwa July 10, 2013 4:23 pm
      • Here is the screen shot

        Vick Oluoch July 10, 2013 4:27 pm
      • i always use Barclays…KCB hureject my card

        Vick Oluoch July 10, 2013 4:28 pm
      • Rate ilikuwa 83.89

        Vick Oluoch July 10, 2013 4:34 pm
  • 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.

    Tom Oluoch July 19, 2013 10:04 am Reply
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