If you make money online in Kenya, you will need a PayPal account to withdraw your earnings. A PayPal account is free and easy to set up. You need an active Equity Bank account to withdraw money from PayPal to Equity Bank account (which is also free to open).
It is a little tricky when you try to withdraw money from PayPal to Equity Bank account for the first time. Naturally, one will want to start by loging-in to their PayPal account. It doesn’t work that way. The only thing you can do on the PayPal end is confirm how much money you have, add or edit your Debit Card etc.
To withdraw money from PayPal to Equity Bank account, you need to go to Equity’s website and follow the following few steps.
How to Withdraw Money from PayPal to Equity Bank Account
It’s always good to check and confirm how much money you have in your PayPal account before beginning to withdraw money from PayPal to Equity Bank account. Here is the process to follow in order to withdraw money from PayPal to Equity Bank account:
- Go to Equity Bank’s PayPal Withdrawal page. Click WITHDRAW FROM PAYPAL
- From the pop-up screen, select between For Me and For my Business. If you are a freelancer, click For Me.
- Enter your Equity Bank account number. Double-check it is the correct account number before pressing the Submit button.
- Equity Bank sends an email to the email address you used to open both the bank account and PayPal account. The E-mail will have an OTP (a one-time password which is valid for only one login session) that expires in 10 minutes and can only be used for 3 login attempts. Open your email and copy-paste the OTP code. Press Submit button to proceed.
- Enter your Personal Details. For the Initials, enter the initials of your official names—e.g. SM for Stephen Myname, EY for Esther Young….etc. The amount to withdraw should not exceed your PayPal amount and should be in USD. Equity Bank will quote an updated exchange rate to convert from dollars to Kenya Shillings. Equity Bank’s PayPal-Dollar to Ksh exchange rate is much better than the many websites that are offering PayPal to Mpesa direct withdrawals, but with Equity Bank you get the money after 5-8 business days..
- After entering the personal details and pressing Submit, you will get a Quote showing the PayPal Email Address, Equity Account to transfer money to, Amount to withdraw, the exchange rate, Equity Bank’s commission and how much you will receive into your Equity Bank account. You need to accept the withdrawal quote by clicking the acceptance check box to proceed. Exchange rate depends on the current Kenya Shilling to US Dollar exchange rate. The 1.5% commission by Equity Bank is fixed for whatever amount you will be withdrawing.
- The next step is the last—you will (finally) be redirected to PayPal login screen where you need to authorize the transfer by logging-in and pressing the Pay Now button. The withdrawal transaction is now complete. PayPal displays your updated PayPal balance and sends you the entire transaction details via e-mail.
Do you make money online in Kenya? That is how to withdraw PayPal money in Kenya using an Equity Bank account. Your transaction to withdraw money from PayPal to Equity Bank account is now in progress. Check your Equity Bank account after 5 to 8 business days (the three extra days come into play if you initiate the withdrawal over a weekend, public holiday etc).