Equity bank has reviewed it’s withdrawal charges for Paypal account holders.The bank,which allows deposit and withdrawal through Paypal now charges Ksh 5,000 for withdrawal in excess of Ksh 500,000.
According to the bank, here are the amounts you will be paying henceforth.
- No PayPal account set up costs.
- When receiving funds into your PayPal account, PayPal charges between 2.4% and 3.9% + USD 0.30 per transaction.
- PayPal currency conversion fees may apply at 2.5% above the prevailing exchange rate.
**Please visit www.paypal.com/ke for more information.
Where payment is made into a KES/EUR/GBP Equity Bank account, the payment will be based on the USD/KES/EUR/GBP Bank’s exchange rate prevailing at the time of effecting the transaction into your Equity Bank account. Equity Bank transaction fees are tiered based on the withdrawal amount as follows:
|Withdrawal Transaction Value (USD)||500 and below||501 – 1,000||1001 – 2000||2001 – 5000||<5001 and Above|
|Withdrawal Transaction Fee||1.5%||1.375%||1.25%||1.125%||1%|
How long does it take to get paid?
- Payment from another PayPal user is instant.
- A withdraw from a PayPal account takes 3 business days to reflect in your Equity Bank account.