PayPal withdrawals to Equity Bank accounts will now take 3 days. The withdrawals process previously took 5-8 days.
PayPal withdrawals were introduced in Kenya, through Equity Bank, in 2013. PayPal and Equity bank need to now look into making the withdrawals more affordable because at the moment they are too high.
How it works
1. Users need to have a Paypal account.
2. Users need to have or open an Equity Bank account.
3. Users will need to link PayPal with their Equity Bank account.
4. Paypal withdrawals will now 3 days to reflect in the users’ bank accounts.
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 Equity bank will charge a transaction fee of 1.5% of the amount withdrawn.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, go here.