Since Safaricom brokered the deal with PayPal to facilitate sending and withdrawing money across the platforms, the news was received with mixed reactions by people who rely on PayPal mpesa to receive salaries or those that use PayPal to purchase goods online.
As such, the big elephant in the room has been how to withdraw and deposit money from PayPal to M-Pesa in Kenya.
Lately, people have adapted the trend since the withdrawal process is very easy and fast. It takes a maximum of 2 hours for the money to be processed on a normal day. This cannot be compared to the 3 days that one had to wait previously with the PayPal-Equity withdrawal.
PayPal Mpesa: How to withdraw and deposit money from PayPal to M-pesa in Kenya
I wrote a review of the PayPal-M-Pesa deal here. At that time the platform was still new and I wasn’t quite familiar with some of the processes. However, we are going to go through each withdrawal and deposit detail in this review.
One thing I would like to clarify that I did not know earlier is that if the name you used to register does not match to the one you used to register your M-Pesa line, you can always change your PayPal name until it matches your M-Pesa name. I hope that is clearer now.
Onto the main topic of the day, withdrawal and depositing money from PayPal is not as straightforward as many people would expect or wish it to be. But not to worry, we are here for the exact same reason, to make it seem easy for you.
Paypal Mpesa: How to Withdraw from PayPal to M-pesa
- This is where it all starts; open the PayPal-M-Pesa portal here
- To withdraw money from mpesa to Paypal, tap on the GET STARTED button that will redirect you to log in
- Log In with your PayPal credentials
- Give the service access to your PayPal account by clicking on AGREE on the popup menu
- Add your M-Pesa phone number, you will receive a verification code that you will use to LINK YOUR ACCOUNT
- Enter the amount you would like to withdraw from your PayPal account in USD.
- You will be redirected to a page showing the amount to be received in KES, the exchange rate used for the currency conversion, and the estimated transaction processing time.
- Confirm and complete the withdrawal of money.
- You will have to access this portal every time you want to withdraw money from your PayPal account, there’s no other way.
How to depositing from M-pesa to PayPal
To deposit money into your Paypal account;
- Open M-Pesa on your phone
- Go to PayBill and enter PayBill number 800088
- Enter the phone number you linked your PayBill account to as the account number
- Enter Amount and complete the transaction
Important to note
- The service is not free
- You will be charged certain fees such as a 3% conversion rate when withdrawing
- A transaction fee of 4% conversion rate applies when depositing
- M-Pesa PayBill charges that can go up to Ksh 220 still apply
- Transaction limits – Ksh 70,000 per transaction and Ksh 140,000 per day.
- Withdrawal amount – M-Pesa accounts can only hold Ksh 100,000 at any one time to be cognizant of that when downloading.
Paypal Mpesa: How to withdraw and deposit money from PayPal to M-pesa the easy way.
Following the recent update of the mySafaricom app, it is now is to send and receive money globally. The process above is old and complicated let me show you an easy approach.