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Equity Bank has slightly reduced the cost of its PayPal withdrawal service for transactions above USD 501. Equity charges for PayPal withdrawals of between USD 501 – 1,000 for instance have gone down to 1.375% from 1.5%. The fees are even lower for higher amounts.

It’s important to note that PayPal charges for withdrawals remain the same.

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PayPal withdrawals were introduced in Kenya, through Equity Bank, in 2013 and in 2015 reduced the withdrawal period to 3 days from 8 days previously.

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.

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. The new Equity Bank charges are below

Withdrawal Transaction Value (USD) 500 and below 501 – 1,000 1001 – 2000 2001 – 5000 <5001 and Above
Withdrawal Transaction Fee 1.5% 1.375% 1.25% 1.125% 1%

For more info about the service, go here.

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