Equity Bank now allows its customers to instantly withdraw money from their PayPal accounts — prior customers had a 24-hour withdrawal wait period. Now the enhanced capability allows Equity to offer a faster PayPal settlement period for customers who receive payments through the international payment solutions provider.
Equity Bank enables PayPal account holders to instantly withdraw money paid from their registered PayPal accounts straight to their Equity Bank accounts in either KES or USD, with transaction limits of up to USD$10,000 (approx. KES1.5 million, UGX39.3 million) per transaction. The PayPal withdrawal service is only available on the Equity mobile app and Equity online. Customers have to link their PayPal accounts to their bank accounts for instant withdrawals with no daily limit.
Equity Bank Kenya Managing Director Mr. Gerald Warui said the reduced settlement period will support businesses and individuals to better manage their cash flows more effectively.
“The enhancement of the withdrawal capacity will be a major boost to local PayPal users and is in line with the fast growth of cross-border trade,” said Warui.
Speaking on behalf of PayPal, Mr. Mark Mwongela, Director of Middle East & Africa said, “Our enhanced collaboration with Equity Bank facilitates seamless and instant withdrawal of PayPal funds, providing real-time access for millions of Kenyans.” Adding “This reinforces our joint commitment to supporting local digital growth and cross-border payments.”
Freelancers, including but not limited to digital content creators, remote workers, journalists, and photojournalists, the hospitality industry, and web-based shops involved in cross-border trade are expected to benefit from this service with both PayPal and Equity enabling instant access to funds.
PayPal has remained at the forefront of the digital commerce revolution for more than 25 years. By leveraging technology to make sending money and shopping more convenient, affordable, and secure, PayPal is empowering consumers and merchants in more than 200 markets to join and thrive in the global economy.
Notably, a customer with M-Pesa can still withdraw money from their PayPal accounts.
To withdraw money from PayPal to M-Pesa you will use the PayPal Mobile Money Service with M-PESA, a money transfer service for PayPal and M-Pesa customers, enabling joint customers to move funds between their accounts. Thunes provides the service in partnership with Safaricom and PayPal. Thunes is a B2B mobile payment network connecting financial institutions and mobile operators globally.
ALSO READ: HOW TO WITHDRAW MONEY FROM PAYPAL TO M-PESA
