Do you know you can use Equity Bank with PayPal in Kenya? Yes, that is possible, and that is the purpose of this guide today.
Most people in Kenya use PayPal for their online transactions. Because of that, it has become very necessary for many banks to integrate PayPal into their system. One such bank is the Equity Bank of Kenya.
Equity Bank Kenya has partnered with PayPal to help many Kenyans to send and receive money right into their bank accounts.
I will show you how to register a PayPal account in Kenya, verify your account, deposit and withdraw funds from PayPal to your Equity bank account.
If you are ready, then keep reading.
How To Create PayPal Account In Kenya
Follow these steps to register a Paypal account in Kenya:
- Go to https://www.paypal.com/ke.
- Click on “Menu” (on a mobile phone).
- Select “Sign Up“.
- Choose “Personal Account“.
- Click on the Continue button.
- Select your country (Kenya)
- Enter your First and Last names.
- In the next box, enter your email address.
- Enter your password.
- Confirm your password.
- Click on the Next button.
- Select your national identification type and key in the number.
- Enter your address, including your town, city, province, or region.
- Key in your Postal code.
- Enter your date of birth.
- Select your phone type and enter your number.
- Agree to the PayPal terms and conditions.
- Click on Agree and Create Account.
You have successfully created your personal or business PayPal account in Kenya, and you can start making transactions with your Equity bank account.
Recommended reading: How PayPal Works In Kenya.
Link Equity Bank With PayPal Account In Kenya
After registering for a PayPal account, you need to link it to your Equity account.
You can follow this simple and comprehensive guide to connect PayPal to your Equity Bank account.
To link PayPal to your bank account:
1. Log in to your PayPal account.
2. Select “Add card“.
3. Enter your Equity Bank account details.
4. You can also add an active credit card or debit card issued to you by Equity Bank.
5. After you connect your bank account to PayPal, you can use the service for making transactions.
Another way to link your account to PayPal is by signing in to your bank account.
Visit this link https://selfservice.equitybankgroup.com/login.
How To Verify Your PayPal Account In Kenya
After creating your PayPal account, you need to verify the account. Until the account verification is done, PayPal will put a limit on your account.
Here is how to verify your Paypal account in Kenya:
- Login to your account
- Select the Card you want to verify.
- Click on the verify button.
- A deduction will be made to your bank account.
- Check your bank account statement.
- Enter the code in your bank statement.
If all things go well, you should have your PayPal account verified.
What Is The Equity Bank Kenya PayPal portal
The main portal for Equity Bank is https://ke.equitybankgroup.com/paypal/.
You can visit that page and for all information regarding your PayPal account.
It is interesting to note that the Equity Bank PayPal portal is not where you will make your transactions. However, you get most information concerning your bank account and PayPal.
PayPal Equity Bank Withdrawal Service
With the Equity Bank withdrawal Service with PayPal, you can transfer money from your PayPal account to your bank account in Kenya.
One interesting thing is that Equity Bank has made the withdrawal service exclusive to its customers in Kenya.
Moreover, you can withdraw funds to either your personal or business PayPal account.
Another thing you need to know is that you need to specify US Dollars as your currency. Currently, PayPal does not support Kenyan Shilling as a currency for transactions on its platform.
The money transfer limit for Equity Bank customers using PayPal to deposit funds into their bank account is USD 10, 000.
How To Withdraw Money From PayPal Account To Your Equity Bank Account In Kenya
Follow these steps to withdraw funds from your PayPal account to your Equity account:
- Login to your PayPal account.
- Select Withdraw
- Choose the Equity account linked to your PayPal account.
- Enter the amount you want to withdraw to your bank account.
- Review the information you have provided.
- Click on “Accept”.
A confirmation message will display indicating the amount you have withdrawn to your bank account.
Equity Bank Kenya PayPal Routing Number
The routing number for Equity Bank Limited is 101105354.
You can use the routing number for international transfers. If the code doesn’t work for you, then you need to contact the customer care for assistance.
Related article: How To Request For A Refund From PayPal.
Equity Bank PayPal Charges And Withdrawal Fees
For most online transactions, some fees and charges apply in most cases.
When you create a PayPal account, there is no setup cost. This means it is totally free to open an account with PayPal.
When withdrawing money into your PayPal account, you are charged between 2.4% and 3.9%. In addition to that, you are charged a fee of USD 0.30 per transaction.
Moreover, you should know that PayPal does not support the Kenyan Shilling as a currency for transactions. Because of that, there is a need for currency conversion.
The interest rate for PayPal is always slightly higher than the prevailing exchange rate.
The following are the Equity Bank PayPal withdrawal charges:
- If you transfer USD 500 and below, the withdrawal fee is 1.5%.
- For USD 501 to USD 1,000, the transfer charge is 1.375%.
- Any transaction between 1001 and 2000 US dollars will attract a fee of 1.25%.
- USD 2001 to USD 5000 attracts a withdrawal fee of 1.125%.
For those of you who withdraw money above 5000 from PayPal to your Equity Bank account, you will pay 1% of the transaction as a withdrawal fee.
How Long Does A Withdrawal Take To Get To Your Account
If you are receiving payment from another PayPal user, the money transfer is instant.
When you withdraw funds from PayPal to your bank account, then it will take up to three (3) business/working days for the money to reflect in your account.
When you withdraw money to your bank on weekends, then it will take longer for it to be processed and transferred to the bank.