Today, I’m going to show you how to activate and link your PayPal account with Equity Bank for first-time use. I will also how to withdraw money from PayPal to Equity Bank which is the recommended process since its fast and secure.
In the previous article on how to create a PayPal account in Kenya, we showed you the creation of PayPal account, its benefits and how to link your preferred visa card. We also discussed on how to set up the account (Business and Personal) and various methods of PayPal account activation.
How to withdraw money from PayPal to Equity Bank
The Equity Bank Withdraw Service with PayPal allows any PayPal account holder in Kenya to withdraw funds from your PayPal account to your Equity Bank account. This Withdrawal service is only exclusive to Equity Bank customers.
The Withdraw service is available to both Individual and Business customers with an active transaction Equity Bank account. A transaction account is most Equity Bank active accounts in Ksh, GBP, USD, or EUR excluding credit cards.
Note: PayPal transactions are mostly carried out in U.S. Dollars, even if your account contains funds in a different currency, PayPal will auto-convert those funds into U.S. Dollars during the withdrawal process. So next time you are making a withdrawal of funds from your PayPal account, kindly remember to specify the U.S. Dollar amount you want to withdraw.
Equity Bank has a $10,000 USD transaction limit and the Kenyan Shilling is not a PayPal supported currency.
How to Link your PayPal Account to Equity Bank Account
To link your PayPal account to Equity,
- Visit the Equity Bank Website and select PayPal
- If you do not have a PayPal account, click on “sign up for PayPal account” menu button and proceed to fill out the form provided otherwise select the “Withdraw from PayPal”
- On the new tab, log in to the self-service portal using your username and password. If you are new, click register and complete the registration process which is a one-time process.
- Once logged in to your account click on the “Banking services” Menu
- Enter your preferred bank account and click “Link Account”
- A One Time Pin (OTP) will be generated which will be sent to the phone number maintained by Equity Bank for the nominated account
- Enter the OTP and click “Confirm OTP”
- From the menu list, click “PayPal Services”
- Enter your PayPal email address, select the bank account added in step above and click “Link Account”
- Enter your PayPal Account Password and click “Authorize” on the PayPal pop up window.
How to Withdraw Money from PayPal to Equity Bank Account
Equity Bank will then have to check and verify your personal details during the withdrawal process, before redirecting you to your PayPal account to confirm the withdrawal process.
- Visit the Equity Bank Self Service web portal
- If you’re a new user, click on the ” New User/Register’ button and proceed to fill out the form displayed
- Log in to your account and click “Withdraw Service” on the PayPal Services Menu
- Select the PayPal account linked as shown above
- Enter the amount you want to withdraw which should be less than or equal to your PayPal Account Balance.
- Click on the “Accept” button
- A pop up will display the message “”Your PayPal withdrawal of amount XX was successful”.
A withdrawal from PayPal to Equity Bank account takes 3 business days to reflect in your Equity Bank account while payment from another PayPal user to your PayPal account is instant.
You can check your PayPal account balance by clicking on “My PayPal Balance” on the PayPal Services Menu and then select your linked PayPal account followed by clicking on the “Submit request” button to display your PayPal account balance.
- The PayPal account set up is free of charge.
- PayPal charges between 2.4% and 3.9% + $0.30 per transaction i.e when receiving funds into your PayPal account.
- PayPal currency conversion fees may apply at 2.5% above the prevailing exchange rate.
Advantages of the PayPal to Equity Withdraw Service
- Equity Bank has a fixed commission rate of 1.5% for whatever amount of money you are withdrawing.
- It takes 3 business days for your withdrawal from PayPal account to reflect in your Equity Bank account.
- Equity Bank’s PayPal-Dollar to Ksh conversion rate is way much better than other platforms offering PayPal withdrawals.