Equity Bank announces new withdrawal charges for PayPal users

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    Equity Bank has announced new withdrawal charges on its Equity-PayPal withdrawal Service effective March 2018.

    The new tariffs are as follows:

    Withdrawal amount in USD 5,001> 2,001-5,000 1,001-2,000 501-1,000 <500
    Fee 1% of the Withdrawal amount 1.125% of the Withdrawal amount 1.25% of the Withdrawal amount 1.375% of the Withdrawal amount 1.5% of the Withdrawal amount

    “The PayPal service with Equity allows our customers to accept payment globally and withdraw locally. By introducing tiered pricing, we hope to encourage more usage from businesses and consumers already using PayPal. At the same time, we hope to continue creating value for our users and as a result, increase their engagement level with this platform,” The bank’s MD James Mwangi noted.

    The bank bank said it reported an increase in the volume of transactions across its international money transfer platforms in the year ended December 2017. PayPal’s volume transaction rose significantly in the same year at a time when the withdrawal time was shortened.

    Equity is the only bank in Kenya that allows PayPal customers to withdraw money from their bank accounts.

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