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.
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. 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.