Equity Bank customers using the online payment service, PayPal, can now withdraw funds from their account within three business days. Following improvements to the platform, Equity Bank can now process customers’ withdrawal transactions within three business days, down from the previous eight.
This service offering from PayPal and Equity Bank is expected to help to nurture the immense opportunities for cross-border commerce offered to Kenyans who trade online.
“PayPal is focused on making e-Commerce safer and easier to use throughout Africa. Kenya has always been a priority market for us, and we are working to ensure that our services are convenient for all our customers,” said Efi Dahan, PayPal’s general manager for Israel and Africa.
This is how paypal operates:
- The Equity Bank Withdraw Service with PayPal allows you, a Kenyan PayPal account holder, to withdraw funds paid into your PayPal account to your Equity Bank account.
- The Withdraw service is exclusive to Equity Bank customers.
- The Withdraw service is available to both Individual and Business customers with an active qualifying Equity Bank account. Qualifying account are most Equity Bank transactional accounts in KES or USD, excluding credit cards.
- When withdrawing funds from your PayPal account, you are required to specify the U.S. Dollar amount you want to withdraw. If your account contains funds in a different currency, PayPal will auto-convert those funds into U.S. Dollars during the withdrawal process.
- PayPal has a $10,000 USD transaction limit.
- Kenyan Shilling is not a PayPal supported currency.