Safaricom has entered into a deal with Paypal to make it possible for its customers to receive money from PayPal. The Telecom Company has also made it possible to send cash to Paypal through its platform.
From end of this month,Safaricom will review its MPESA menu to incorporate PayPal, which will be a great thing for online writers,e-commerce companies and bloggers.
Before the two companies signed the deal, only Equity Bank had the service.It’s estimated that over 20,000 Kenyans were receiving money into their equity bank from Paypal each month.
Safaricom’s move comes a week after Equity Bank reviewed its charges.The bank’s new Paypal transaction costs are as follows:
- 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.
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.
It normally, takes up to three days to receive money in your equity account from Paypal; MPESA may make it possible to receive the cash in less than 2 days.