For the first time in Kenya, users will now be able to make withdrawals from paypal to a Kenyan bank account. This has been made possible by Equity Bank in conjunction with the First National Bank of South Africa (FNB). To access the service, users will need to have a Paypal account and an Equity Bank Account. Users will be able to withdraw the money in either Kenya Shillings or in US dollars.
This service is a game changer because it means that Kenyans companies who sell products online can finally include Paypal as a payment option on their online portals. This wasn’t possible in the past because after clients paid via paypal it wasn’t possible to withdraw the funds unless one had a bank account overseas.
How it works
1. Users need to have a Paypal account.
2. Users need to open an Equity Bank account.
3. Users will then be able to make withdrawals to their bank accounts.
4. The paypal withdrawals will take 5-8 days to reflect in the users’ bank accounts.
Fees
1. Paypal charges: Between 2.4% and 3.9% + USD 0.30 per transaction.
2. PayPal currency conversion fees may apply at 2.5% above the prevailing exchange rates.
3. Equity bank will charge a transaction fee of 1.5% of the amount withdrawn.
For more info about the service, visit the Equity Bank website.