Equity Bank has now announced new withdrawal charges on its Equity – PayPal Withdrawal service.
From March 2018, users will pay from 1% on withdrawals made from their PayPal account.
The new rates for withdrawals from PayPal to Equity bank accounts will see customers withdrawing $5001 and above being charged 1% of the withdrawal amount, between $2001-5000 will be charged 1.125%, between $1001-2000 will be charged 1.25%, between $501-1000 and customers withdrawing $500 and below will be charged 1.5% of the withdrawal transaction respectively as indicated below.
| Withdrawal amount in USD | 5,001> | 2,001-5,000 | 1,001-2,000 | 501-1,000 | <500 |
| Fee | 1% of the Withdrawal amount | 1.125% of the Withdrawal amount | 1.25% of the Withdrawal amount | 1.375% of the Withdrawal amount | 1.5% of the Withdrawal amount |
According to its 2017 end of year Financial Results, Equity Bank recorded a 132% increase in the volume of transactions across its international money transfer platforms. PayPal’s volume of transaction increased significantly in the past year as well. PayPal withdrawal time was last year reduced from 8 days to 3 days.
Equity Bank is the only Bank in Kenya where PayPal customers can make withdrawals from their accounts.
Through Equity Bank, customers are able to withdraw funds from their PayPal accounts through their Equity bank accounts.
Apart from Equity, E-Pay and Payoneer offers Paypal withdrawal services.
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