On this article, you will learn how Paypal works in Kenya using Equity bank and all the charges involved. PayPal is a payment service that enables you to accept payments, pay for goods and services and send or receive money anywhere in the world without revealing your full financial information. It is a safer and much easier way to pay and get paid online.
How PayPal Works
1. A buyer and a seller (merchant) each have a Paypal Account. Where the buyer doesn’t have a PayPal account, they may still be able to pay a seller via PayPal, directly using their card.
2. A buyer links their debit or credit card to their PayPal account.
3. When purchasing from the seller, PayPal debits the amount from your PayPal balance or from the payment method linked to the buyer’s PayPal account and pays the seller’s PayPal account without sharing the buyer’s full financial information.
The seller/ merchant can then reuse their balance or withdraw the funds to their local bank account, if available. In Kenya, merchants can withdraw their funds to their qualifying Equity bank account via the Equity bank withdraw service.
How to create a new PayPal account
1. Go to paypal.com
2. Click on ‘Sign Up’ at the top right-hand side of the screen
3. From the ‘country or region’ dropdown list, select ‘Kenya’
4. Under ‘language’ pick your preferred language
5.Select either a personal or business PayPal account
6. Click on the ‘open an account’ button
7.Complete the required information and create your account
8. Your PayPal account identifier will be the email address you used when completing the PayPal sign up process
9. Once you have successfully created your PayPal account you will need to verify the account
How to verify your PayPal Account
1. You will need a debit card (ATM card) or credit card to verify your PayPal account.
2.Log into your PayPal account and click on Get Verified.
3. When you enter your debit or credit card details, these will link to your PayPal account.
4.Once you have linked your card, complete the verification process.
5.PayPal will debit a small amount from your account. (The amount will be refunded once the verification process has been completed).
6. In the statement reference for this transaction, there will be a four-digit security code that you will need to enter on your PayPal account in order to complete the verification process.
7. Contact your bank’s card division to get this code.
Equity Paypal Charges In Kenya
Withdrawal Transaction Value (USD)
|
Withdrawal Transaction Fee |
500 and Below
|
1.5 % |
501 – 1000
|
1.375% |
1001 – 2000
|
1.25% |
2001 – 5000
|
1.125% |
5001 and Above
|
1% |
How Long Does It Take To Withdraw Money From PayPal to Equity?
A withdraw from a PayPal account takes 3 business days to reflect in your Equity Bank account.
