For a transaction to take place a buyer and a seller (merchant) each ought to have a PayPal account which is linked to their credit card, bank account or any supported payment method.
After a transaction is made, PayPal debits the payment method linked to the buyer’s PayPal account and credits the merchant’s PayPal account without exposing the buyer’s or seller’s financial information. The seller or merchant can then withdraw the funds to their local bank account.
Apart from online cross border transactions, a PayPal account can be used to receive money from friends and family living abroad.
PayPal is great because it is used internationally and has over 100 million users in over 190 countries, allowing merchants to sell globally accepted payment method used by over 100 million users in 190 countries and markets.
The system is safe and makes it easy for customers to purchase online as they don’t need to re-enter card details every time they buy and also accepts 21 global currencies over multiple payment methods such as credit cards, wires among others with affordable transaction fees plus guaranteed security.
A PayPal account is easy to set up. Just log onto www.paypal.com, click on ‘Sign Up’ at the top right hand side of the screen, select your country of Origin, select language and type of account, either personal or business, click on open an account and create your account. An email address will be sent to your email for you to verify your account.
Account verification requires a cheque card or credit card so as the account can be linked to your payment card.PayPal will then sent you a four digit verification code after debiting a small amount from your account. PayPal uses an banks cheque or credit card but not PIN based debit cards.
Equity Bank’s PayPal Withdraw Service will allow users to withdraw funds from their PayPal account to their Equity bank account in case they do a transaction online or receive money from a friend. However, users need patience as any withdraw from a PayPal account takes 5 to 8 business days to reflect in their Equity Bank account.
The Equity Bank Withdraw Service with PayPal allows Kenyan PayPal account holders to withdraw funds from their PayPal account to their Equity Bank account. On withdrawal users ought to specify the U.S. Dollar amount they want to withdraw. PayPal allows withdrawals of up to $10,000 USD and does not support Kenyan Shillings and auto-converts any funds into U.S. Dollars during the withdrawal process.
To withdraw funds from your PayPal account, you have to visit the Equity Bank website and select the Equity Bank PayPal Withdraw Service link. which redirects to the Equity Bank PayPal withdraw service website. On that page select the ‘Withdraw from PayPal’ menu option, type either “Individual” or “Business” account, enter your Equity Bank account number and then click on “Submit”.
The system will then sent you a One Time Pin (OTP) to your cell phone number and/or email address as per the Equity Bank contact details of that nominated account. Fill in your Personal Details or Business Details page then withdraw the amount in USD after accepting the terms and conditions.
At this stage you review the information displayed on the confirmation screen and click on the “confirm” button to proceed with transaction. The system will redirect you to PayPal’s website, where you need to login to the specified PayPal account and confirm the transaction. After the transaction has been confirmed, you will be redirected back to the Equity Bank PayPal withdraw services page. On the results page you will see the transaction status and the transaction reference number.
Click on the ‘Finish’ button to complete the process. Your Equity bank account will be credited with the nett amount due to you after all fees have been deducted within 8 business days.
For more info Visit Equity Bank website.