More and more Kenyan youth are turning to online jobs and service to earn a living as traditional 9 to 5 employment continues to prove elusive. One issue though, most of these services pay using PayPal and until recently, there weren’t that many options to cash out from the platform. Things are however changing now that Safaricom’s M-PESA now fully supports PayPal.
The only other option in Kenya, as far as I know, is Equity Bank. It is the only Commercial Bank in Kenya that supports PayPal. I mean even CBA Loop that prides itself in being the revolutionary bank for the youth doesn’t have this service.
So you want to get started with Equity Bank and PayPal, how do you go about it?
How to Link your PayPal and Equity accounts
First of all, you need to have an Equity Bank account obviously. If you don’t have one already, Equity makes it rather easy to sign up for one. If you are Within Kenya, simply Dial *247# from your phone to open an account instantly. For people Outside Kenya, Click here to open your Account.
It is important to note that the email address you used to sign up for your PayPal account has to be the one associated with your Equity Bank account. If not, you need to visit an Equity Bank Branch to have the details updated accordingly.
Equity Bank handles all PayPal transactions within its own Self-service platform that is accessible to all Equity Bank account holders. Once you have met the aforementioned requirements, go ahead and sign up for an account.
This service is far more efficient and withdrawals are effected within just 3 business days, unlike the 8 days it used to take before this was introduced.
If your Account does not link up successfully, simply call their customer support with the number that is provided on the dashboard. They are often helpful. If they are not able to help remotely, you might need to visit a branch near you to update your details.
Some of the important details you will need include your Phone number, email address, ID and your bank details. All these must match up before you can link your Account. A little bit overbearing if you ask me but it is your money, whatever step they have to take to ensure it is safe.
If everything checks out, the rest of the process is rather straight-forward and painless.
Once you link your Bank account to your self-service account you simply click on the PayPal Tab and proceed. On the PayPal Tab, you are going to link your Paypal account to your Equity Bank account.
- Simply enter your PayPal email address which as mentioned earlier, should match the mail you used to sign up for Selfservice.
- Select the Bank Account you want to link the PayPal account to. At this point, you might want to make sure you enable browser popups or this will get blocked. On Mozilla Firefox, a yellow tab should appear up top, click on it to enable pop-ups.
- Then Accept Terms and click on the Link Account button.
A popup should then appear asking you to log into your PayPal account. Log in using your PayPal credentials to authorize.
If all goes well, you should see this screen.
How to withdraw funds from PayPal to Equity.
On the same PayPal Tab on your Equity Self Service Dashboard;
- Click on ” Withdraw Service”
- select your PayPal Account.
- Enter Amount in the indicated currency
- Click Accept.
The transaction should be completed in the next few days.
How do you cash out from PayPal to your Bank Account? Leave a comment down below and share your thoughts and experience.
In-post screenshots courtesy of Bizanosa.