Withdraw PayPal Money Using Kenya's Equity Bank PayPal Service (With Pictures)
In the past few years, withdrawing PayPal money in Kenya used to be a daunting task. I remember trying services such as Epay Kenya and Glo Money, but their high fees and charges turned me off.
I also tried to wilthdraw paypal using coinstar and moneygram, but I couldn't keep up with their complicated processes. My friend suggested that I try the PayPal to M-Pesa service, but I didn't bother to learn how the service works. I guess it can help with this scenario " withdrawing from PayPal without bank account". I had a bank account and wanted all my money in the bank, so it was not a good option!
Then I came across the Equity Bank PayPal withdraw service (See the new portal below). After using this service for 2 or 3 times, I knew it was the best way to withdraw my PayPal cash in the country. This article is about how to get your electronic cash from your PayPal account to your Equity Bank account. It includes pictures, snapshots and illustrations, so I am sure you will find it easy to understand the process.
PayPal and Equity Bank
Just in case you didn’t know, PayPal is an online payment system based in the US, but it is used worldwide. The service allows the transfer of funds electronically among individuals and businesses. It is a great alternative to paper payment methods, such as cheques and money orders.
On the other hand, Equity Bank is a financial services provider based in Kenya and with many branches across the country. It is the Africa’s largest financial institution in terms of a customer base.
The bank’s large number of customers is attributed to its great products and services. Personally, I opened an account with the institution just to make use of its PayPal money withdraw service.
Requirements for Using the Equity Bank PayPal Withdraw Service
- PayPal account
- Equity Bank account
It is free to sign up for a standard PayPal account. If you want an advanced or a pro account, you will have to pay some few dollars.
Equity Bank Account
It is also free to open an account with the financial services provider. You need only to visit a branch near you and open the right type of account for you. You should provide a national ID or passport copy and a colored photo passport to complete this task.
Within two weeks, you will have your account and credit card ready. With the credit card, login to your PayPal account and add your credit information to link up the two systems. Your electronic payment plaform will be verified after you have completed this last step.
The most important thing when creating these two accounts is to ensure that your personal information is the same on both systems. For example, ensure that the contact information on the electronic payment account is the same as the one on the bank account.
The New Platform
In September 2016, Equity Bank announced that it was moving the service to an improved self service portal and encouraged customers to register on the new platform.
Once you register with the new platform, the whole process of withdrawing money from your PayPal account to your Equity Bank account becomes pretty simple and easy. See how to register and withdraw your money with the new platform below.
Step 1. Visit the Equity Bank Self Service Portal
Click on the Register button to start signing up with the system.
Step 2. Fill in Your Personal Details
Your name, email address and mobile number are the most important! Fill in them correctly and move to the next step.
Step 3. Choose and Enter a Strong Password
Let your password have at least 8 characters, consisting of a capital letter, a small letter, a number and a special character. After getting the password right, move to the next step.
Step 4. See the Terms and Conditions and Accept Them
Then click on the "Register" button to continue.
Step 5. Get One Time Password (OTP) You Receive on Your Phone (SMS)
Enter this password and click on the "Complete Registration" button. Your profile will be created.
Step 6. Log Into Your Profile
Use your email address and the password you’ve created above. The portal shown in Step 7 will be made available you.
Step 7. Link Your Equity Bank Account
Enter your Equity Bank account number and click on the "START" button. If you don’t have an account with Equity bank, you can create one- as shown in the right side of the page.
Step 8. Get Another OTP Sent On Your Phone
Enter the OTP and click on the "CONFIRM OTP" button.
Step 9. See a Confirmation Message
If you see this message, you can be sure to have linked your bank account.
Step 10. Link Your PayPal Account
Click on the PayPal button as shown below.
Step 11. Enter Your PayPal Details and Select Bank Account
Enter the email address you used to create PayPal account with. Select the Equity Bank account to link to then accept Terms and Conditions and click on the "LINK ACCOUNT" button.
Step 12. See a PopUp and Allow It
If you hadn’t allowed the popups on your computer, you will get the error message shown in the screenshot below. Click as shown on the screenshot to allow the popup or go to the homepage of your browser to allow these small windows. You will be forced to link your PayPal account afresh if you hadn’t allowed the popups.
Step 13. Authorize PayPal
By clicking on the "Authorize" button, you will allow PayPal to transfer funds from your PayPal account to your Equity Bank limited account, and also allow it to obtain your PayPal account balance.
Step 14. See the PayPal Confirmation Message
The same message will be sent to your email address.
Step 15. Withdraw Your PayPal Money
Click on the "Withdraw Service" link, select your PayPal account, enter the amount you want to withdraw and click on the "ACCEPT" button. The next page will show Account Number, Amount Withdrawn (USD), Bank Commission (USD) and Total Amount (USD). The system converts USD to KSHS, and the withdraw process take 3 business days.
Step 16. All Services on the Portal
Every time you want to access the portal, you will be required to enter your email address and password and go straight to the services. No more linking and authorizing of accounts! Smile!
In brief, how to transfer money from your PayPal account to your Equity Bank account in Kenya (New Platform)
- Visit Equity Bank self service portal
- Fill personal details
- Choose a strong password
- Accept terms & conditions
- Get one time password (OTP) on your phone (SMS)
- Log into your profile
- Link your Equity Bank account
- Get another OTP on your phone
- See confirmation message
- Link your PayPal account
- Enter PayPal details & select bank account
- See & allow popup
- Authorize PayPal
- See PayPal confirmation message
- Withdraw your PayPal money
- See all services
The Old Platform
I don't know if this old platform still works, but you can check it out. It used to be good, but the new platform is what you need to easily withdraw your PayPal funds and have them in your bank account in a matter of days.
- Visit the bank's website and click on the Self Service link to access the Equity Bank PayPal withdraw portal.
- Select the "Withdraw from PayPal" and choose either "Individual" or "Business".
- Enter your bank account number and click the "Submit" button.
- Login to your email account, pick a One Time Pin (OTP), enter it in the current page and submit. The OTP can also be sent to your mobile phone, if you included your number as one way to communicate with the system.
- Complete your personal details as well as your transaction details. The amount to transfer should be in the U.S. Dollars. This service will convert the Dollars into the Kenya Shillings. Remember, you can only transact a maximum of $10,000. The information you are supposed to fill in this page is illustrated below.
- View the quote and accept the terms and conditions. An example of this page is shown in the photo below.
- Review the information displayed on the confirmation screen and click on the "confirm" button to proceed with the process.
- You will be redirected to the PayPal website, where you will be required to login to your account. When you are logged in, click on the "Pay Now", "Buy Now", "Order Now" or "Continue" button (button varies from time to time) to confirm the transaction. The button sounds suspicious (I thought somone wanted to con me), but it is the way to go. Equity is a reputable financial institution. (This is how it works: you pay the bank using PayPal, but the bank puts the money in your account since you don't owe it the money).
- Once the transaction has been confirmed, you will be redirected back to the withdraw service portal.
- On the results page, you will see the transaction status, including the reference number and withdrawal details.
- Click on the ‘Finish’ button to complete the process.
- Your Equity Bank account will be credited with the net amount due to you after all fees have been deducted. So how long does it take to transfer money from PayPal to your bank in Kenya? Well, it takes 5-8 business days.
Edit: In September 2016, the bank announced that customers will be able to access their money in only 3 business days- an improvement from the previous 8 business days.
In brief, how to transfer money from your PayPal account to your Equity Bank account in Kenya (Old System)
- Visit the bank's website & click on Self Service.
- Select Withdraw from PayPal & choose Indiv or Buz.
- Enter your bank acc. no. & submit.
- Pick One Time Pin (OTP) from your email acc., enter it & submit.
- Complete personal & transaction details.
- View quote & accept disclaimer.
- Review quote & submit.
- Enter your PayPal acc. login details to sign up & click on Pay Now, Buy Now, Order Now or Continue.
- See transaction status on the portal & finish.
Equity Bank PayPal Withdraw Service Charges and Fees
When receiving money into your PayPal platform, the system charges between 2.4% and 3.9% + USD 0.30 per transaction. PayPal currency conversion fees may apply at 2.5% above the prevailing exchange rate. The financial institution charges a transaction fee of 1.5% of the withdrawal amount.
As far as Equity Bank exchage rates are concerned, the bank quotes a USD to KES exchange rate for each withdrawal transaction. Hope you are not worried about these fees and charges. They are far much better than those of other cash transfer services in Kenya.
Internet/virtual banking is becoming common nowadays. Stay ahead by learning everything about this form of banking from this book. It's quite helpful!
Now you can transfer money from paypal to your bank account in kenya in a very reliable way. Get your money off the electronic account, and do not lose your funds to untrustworthy services. I was surprised by another service that charges more than a quarter of the money transacted.
The only limitation I have with the bank service is the number of days you have to wait for your funds to reflect in your bank account. (Previously it was 8 business days, but now it is 3 business days. Still you don't get your funds instantly!)