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Equity Bank Joins the PayPal Withdrawal Race – Deal or No Deal?

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Equity Bank PayPal withdrawal

Equity Bank now joins the PayPal withdrawal race.

Update: This method is was phased out and replaced by the newer, faster, Equity Bank Portal. Read all about it here.

Equity Bank has just made a huge announcement that it is joining the PayPal withdrawal race. According to them, you should be able to withdraw money from PayPal straight into your Equity Bank account.

Should you be happy, sad or skeptical? Only time will tell.

Equity Bank is not the first huge company to join this race. Nation also started the NationHela PayPal withdrawal service the other day and it ended up being a terrible failure. This service was withdrawn in a few short weeks. NationHela still remains as a money transfer option but has been under heavy criticism as most people claim that it is unreliable.

Equity is widely known as a bank that knows their stuff. Let us hope that they will do a  good job here.

Find Equity PayPal withdrawal details here.

Just like you, I also thought it was a scam till I saw the same announcement in Equity Bank Kenya’s official website.

How to withdraw money from PayPal to Equity

So, how exactly does it work?

According to their site, here are the steps:

  1. Create a PayPal account and verify it
  2. Open an account with Equity or use your existing one if you have
  3. Get paid via PayPal
  4. Withdraw from PayPal to your Equity Bank account

Of course only number four specifically talks about this withdrawal. I’ve done a quick withdrawal of a small amount and here are the withdrawal steps:

  1. Go to Equity’s PayPal withdrawal portal
  2. Click on withdraw from PayPal
  3. A small dialog box will pop up. Click where appropriate on whether it is for an individual or business
  4. Enter your Equity Bank number. This will initiate a one time PIN in your official Equity email address (the email address Equity normally uses to communicate with you)
  5. Go to your mail and grab the PIN
  6. Paste it back on the online form
  7. Fill in your details and ensure accuracy
  8. Accept the terms and conditions
  9. Pay via PayPal
  10. Click on finish

Update: Once again, note that the above procedure was fully replaced by this new one.

Advantages of this Service

As an optimistic person, I’ll assume the service works fine. Yes, I believe in innocent until proven guilty. So, if all is well, some advantages would be:

  1. Equity will be able to log all your PayPal withdrawals into their statements, meaning it may finally be easier for freelancers to get a local bank loan.
  2. The dollar rates are awesome.
  3. The commission is negligible, only 1.5% is charged!
  4. You can withdraw small amounts, even one dollar.

Disadvantages of the Equity PayPal Withdrawal Service

  1. It takes long.
  2. Sometimes the system hangs

Modus Operandi

Ok, this means how it works, usually just abbreviated as M.O.

At first they had a deal with a South African bank called FNB (First National Bank) that helped them do this. The 5 days delay must have been something to do with an EFT.

Nowadays they officially do it directly, thus it just takes 3 days.

Final Word

Since PayPal withdrawal is one of the biggest challenges for people getting paid online, it doubles as one of the most lucrative avenues of making money for exchangers or agents.

Of course Equity Bank had to hop in and start swallowing this cash. Soon more banks may join in.

I take this moment to welcome Equity into this PayPal withdrawal race. So, deal or no deal? Only time will tell.

Share this post with everyone you know. What do you personally think of this PayPal to Equity service? Let’s talk on the comments.

    

About Walter Akolo

I'm a freelance writer, blogger, trainer, and internet marketer. My joy is to see you making money online. Feel free to browse around and leave a comment. I strive to reply to all queries. You can also follow me on Facebook and Twitter .

Comments

  1. Paul says

    I’m really glad that the PayPal to Equity withdrawal method now works. However, I would like to ask a few question because I have not yet tried using the service. Do I have to add an Equity debit card to my PayPal account since I had already verified it with Payonner? Should I open an Equity account and have it enabled for online transactions?

    Keep up the great work Walter.

  2. haballarew says

    I have just gotten an email from PayPal, highlighting their partnership with Equity bank. This is a legitimate, and by far the cheapest method for withdrawing PayPal cash in Kenya. If Equity can work around the long waiting time (5 to 8 business days), many companies will lose their “over exploited” customers.

    Brilliant post,

    Andrew

    • Jarred says

      ………that is so true…i just withdrew some cash from my paypal account via equity bank and their rates were excellent. this is a relief to us freelancers. thanks Walter for the vital info.

  3. Victor says

    Hallo Walter? I’ve always appreciated the work you do, you are a blessing to us.
    I wanted to ask whether you can withdraw something like 50USD using the payoneer mastercard. I read that you can only do so with ‘000 and I don’t get it. Another thing, I haven’t been able to verify my account yet (been withdrawing with e-pay), what are the procedures of verifying with the mastercard please, and funding it before that. Thanks in advance.

  4. Calvin says

    Walter I appreciate the valuable information you are offering us as freelancers. However, i need help with something. I’d also like you to verify a myth I heard.
    Here’s the problem; initially, i had a trouble adding my US bank account but on reading your posts, i solved the problem partially based on what i read here (Call paypal to assist). I called and they helped me add the US bank account. However, I still cannot withdraw the funds to US bank account because they want me to enter the ‘paypal code’. The main problem is, my payoneer account/card is not funded and therefore they cannot charge it to provide me with the verification code. how do i fund my payoneer account/card so that they can charge and send me the verification code which i need to verify my paypal account?
    Hope am clear enough, thanks.

    • Walter Akolo says

      Hi Charles,

      Do you have your US Payment Service details?

      If you have them, simply add them to your PayPal account through logging in, going to your Profile then adding a bank account.

      Thanks

  6. danny. says

    hey Walter, could you be knowing anything about funding Paypal?? i need to fund mine and would not mind any help, accorded. even if some one opted to do a paypal to paypal then i pay cash, am ok with that, but your achoes are welcome

  7. Cheptiony Mutai says

    Thanks for posting the article! First let me say congratulations for setting up a Freelancer site-where people of like mind meet. This is my first time here. I remember e-mailing paypal for inquiries on withdrawal to payoneer few months ago and they told me ‘its not possible, you can only do shopping with your money’…and I was totally mad. I tried Payoneer and it was the same story. Thanks to this article I got today while googgling for an answer. I am an equity member and some of my clients usually pay me directly thro’ wire transfer due to the amount involved to avoid charges by Freelance sites. With equity joining in am assured to get my money irrespective of the duration that it takes.

    • Walter Akolo says

      Hi Cheptiony,

      This is great news. I am glad that you got a great solution through my site!

      I always strive to keep freelancers in the know.

      The Equity option is really great for anyone who can wait.

      Thanks and God bless you.

  8. Jarred says

    hey Walter….this the best news ever for us Freelancers and i commend you for shedding the light. i have been using e-pay and also have a payooner master card. however, if the Equity channel is working, its the best ever coz tranasction charges at payooner are high…considering that you cam only withdraw in 1000 bundles only. thanks for your advice and we count on you to immediately notify us if the process stall again so that we do not lose our money. God bless.

    • Walter Akolo says

      Hi Jarred,

      Thanks for your response. Yes, this is good news indeed.

      Also clarifying that with Payoneer, you can withdraw Sh. 40,000 in a Barclays ATM or up to $2500 if you go to a banking hall.

      Sure, I’ll notify you in case of anything.

  9. Cate says

    Walter, you were to test drive this option and let us know how it goes? Did it work for you i.e. did you actually get your money from paypal to Equity and how long did it take? Thanks for agreeing to be the guinea pig.

    • Walter Akolo says

      Hi Cate.

      It has been 9 days since and I have not yet received my cash.

      As soon as I receive it, I’ll shoot an email and possibly a blog update on their service.

      Thanks for the followup.

      • Nancy says

        Hi Walter, i made a Paypal withdrawal through Equity on 11th (last Thursday), and received money in my bank account today. There are no other charges other than the 1.5%, and the dollar rate is awesome. May be you should contact them, 9 days is a bit too long to wait for your money

        • Walter Akolo says

          Hi Nancy,

          Yes it works. I finally received my cash yesterday evening. I’ll do a quick blog post and email about it.

          Thanks and blessed day 🙂

          • Walter Akolo says

            Hi Emmy,

            I have edited your comment since it is usually not okay to copy stuff from one site and paste in another. I have instead put the link you copied from. I am sure you meant no harm.

            Yes, the information applies apart from the part of choosing a Premium account. You can feel free to choose personal or even business depending on your needs. You can also put the middle name if you want.

            Otherwise, it is on point.

            To use the Equity option you don’t need the US Bank Account.

            Thanks

  10. Eliud says

    This is a great start! Although the duration is way longer than what Payoneer offers, it is bound to be better especially for those who get larger sums. You now don’t have to visit ATMs too often while paying the hefty withdrawal fees.

    In my view, the duration is long because the funds are first transfered to First National Bank in South Africa and then to Equity. (in the FAQ, they say that holidays in any of the 3 countries -US, SA and Kenya- can affect the duration even further.) I guess that is why there is no word about the service on Paypal’s website since the funds go through an intermediary.

    Equity has had their share of down times, but I guess it is bound to happen when IT systems get an upgrade (remember the mPesa outages during upgrades). This is where your advice comes into play, Walter. You keep telling guys to have a backup, as in multiple freelancing websites and the like. We should also have multiple ways of getting paid and accessing our money.

    All the same, I expect things to get better from here. If only our ‘leaders’ could slow down the politics and get useful policies in place… Thanks Walter for keeping us in the know.

    • Walter Akolo says

      Thanks a lot Eliud for sharing your thoughts.

      It is true indeed that we should all have backups and multiple streams of earning online.

      The duration is too long and that’s the downside – but all these options have upsides and downsides.

      Thanks for the feedback once again.

  11. Matts says

    Hi Walter? thanks so much for the pertinent info. this is a great move that Equity bank has taken. however, I personally have issues with this bank. it is so unreliable and the fact that it takes about a week to get your cash makes me more skeptical. At the moment, their systems have been down for over two weeks and you understand the anxiety that comes with waiting for money to be processed for all those days. otherwise, it would be great more so on assisting freelancers to get loans.

    • Walter Akolo says

      Hi Matts,

      Thanks a lot for your comment. I just heard of the bad news about their systems today although I’ve been able to withdraw. I hear it goes on and off and they’re doing their best to fix it.

      Otherwise, just like everyone else, we hope this option works great since it has its advantages and disadvantages. In fact, the loans part will be huge for most freelancers.

      Thanks

  13. aj says

    Good news for freelancers by far so, who is complaining? Despite the long wait, it is a light in a dark tunnel. Am in agreement with Walter, Equity is yet to disappoint Kenyans on promises. They have proven to be very common people oriented; now the slant is towards the freelancer. Kudos Equity Bank. The delay would be because they are using the SWIFT (TT) transfer mode, used by banks across boarders for its security.

    Lower rates, both forex exchange and transfer are a boon, freelancer can have a bigger pie cheers 🙂 Let us first take what has been offered and make the most of it. We can then later complain when we appreciate what we have in our ambits.

    Truth be told. What Equity has offered is just more options. For those that need a quick deal, you shall still have need for services like Walter’s. Yea, that is until Equity (believing they are here to stay) shall start offering us real time options. That may be a while coming, or not. Well, time will tell. In the meantime, join the party! Do not wait for I told u so…

    A big vote of thanks to Walter, for being the freelancers’ vanguard in troubled times. You almost wonder when he finds time for his own when he is out sourcing for his disadvantaged brothers and sisters, selflessly. Thanks Walter, MAY YOU be rewarded even more, MPESA’d and beyond.

    http://www.bizcounsell.blogspot.com

    • Walter Akolo says

      Hi AJ,

      Thanks for airing out your thoughts.

      I love your point of view, especially the part you talk about options. Yes, at the end of the day, we now have one extra option. Whether or not one takes it is up to each individual.

      I still hope that it works out great.

      Cheers 🙂

    • Walter Akolo says

      Hi Charles,

      Check your link again. Kenya is actually there for send, receive, withdraw to a US Bank account or a card. Just scroll a bit you’ll see.

  15. maurice says

    this is great news. finally a way to streamline our financial statements so that we can invest in bigger bussiness ideas.

    • Walter Akolo says

      That’s true. It seems not to be endorsed by PayPal itself so let’s hope it lasts.

  16. Dennis says

    Thanks Sir Walter for new new freelance race. Eva lol 5-8 days I even find 3 days for payoneer too long. I was roaming over the weekend to open an equity bank account but the queue was too long. I am now going for it right away. What I want is loan nothing else. So please Walter terms and condition for Equity Bank Freelancer Lending is a topic for a post and are welcome right here and let me be the first one to know.

    • aj says

      The secret Dennis is be there by 6am and make 1st place in the line when the bank opens. I learnt that when io was in Nakuru. Those guys are lining up before the bank opens, haa!

      Better still, kill a day for the account openning. Use the ATM thereafter or MPESA. Best of luck 🙂

    • Walter Akolo says

      Hi Victor,

      Hope so too. Thanks for your suggestion too. I’ll consider it depending on how this goes.

  19. Elly says

    Hi Walter,

    I hope this thing works out better than the NationHela thing. 5 days might seem like a long time, but it is better than nothing! Anyway, thanks for the heads up!

  20. Eva says

    Walter, I dont know how you manage to stay so ahead with such news but asante sana. Equity would really be a relief but i’l’ wait for you to tell us how it goes because my payoneer card works just fine….and 5-8 days is really too long what are they doing with my money that long?

    • Walter Akolo says

      Eva,

      Let me just say that I have a readership with ears on the ground. Usually I hear from different fans e.g. when someone asks if it is a scam or not. Even you if you hear anything you can let me know.

      Yes, 5-8 days is huge. If it works, I hope they can change that to 1-2 days!

      Thanks

    • aj says

      Eva, yes it is a long time. But note, a slice in hand is way better than a loaf on the store’s shelves.

      The delays are because of the inter-bank proccesses. Transfering money across borders takes a while. AND, they have to use systems that are accredited (secure) by interantional standards. Our banks (African) transfer through international third parties, NOT directly with them.

      Our systems are considered porous by their standards that is why we are yet to have a direct connect with the likes of PayPal. As Walter says, there MUST be an intermediary bank, hence the (extra days) longer delivery times.

      It is a bold and caring move on the part of Equity. Being a bank, they stand better than Nation Hela which had too many players (I imagine).

      Plan your spending and needs and 5 days shall pass without you noticing it. Walter wrote about “perfecting your finances” that should lessen the presurred need for cash.