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How to withdraw funds from PayPal in Kenya
Withdrawing money from PayPal in Kenya has proven to be quite a headache for many Kenyans. PayPal currently only allows withdrawals to a US bank account which is the beyond the reach of many. Thankfully, there are a few solutions to this problem which have been tried and proven to work pretty well.
Payoneer Virtual US Bank Account
This option has been around since 2009. Payoneer is a global payments company that provides organizations with an easy way to pay overseas workers. Upon signing up, you receive a pre-paid debit MasterCard. Using this card, you can access your funds via any ATM that carries that MasterCard logo anywhere in the world. To receive the card, you have to sign up with one of Payoneer's partners. Ideally, you should be earning some income from the partner either as a freelance worker, affiliate earnings and so forth. The card is processed in two weeks and sent to you via Postal Corporation of Kenya or courier (more expensive).
A few years ago, Payoneer began offering frequent card users a virtual US Bank account. The account is in your name and with a big US bank. You simply add this bank account information in your PayPal account and withdraw funds. PayPal sends the funds to the account in 2-4 business days and you can withdraw the money from any ATM in Kenya that carries the MasterCard logo e.g. Barclays, Equity, PesaPoint, KCB, CFC Stanbic and many more.
Which is better, Payoneer or Equity?
Equity Bank's new PayPal withdrawal service
Kenya's Equity Bank is known for being innovative and providing solutions that actually help people. They have proven their commitment to innovation with their new PayPal withdrawal service.
The service is available to account holders. To withdraw funds from PayPal, you essentially log into your PayPal account and send them the funds. Once you have done this, the bank withdraws the money using their bank account in the US and wires it to your account in Kenya. Talk of being creative! This service has helped a great deal of people who had funds stuck in PayPal.
Read more about how to withdraw money from PayPal in Kenya.