How to Link your PayPal account to your Equity Account

Equity Bank Withdraw Service with PayPal
/Courtesy

In the recent past, PayPal and Equity Bank struck a deal to have funds withdrawn without passing through the South African bank, First National Bank (FNB). This is a major boost because the process reduced the funds’ maturity days from 5 official days to 3. There has been a major change in how the withdrawal process goes. Equity Bank started a portal to work through.

To start with, if you do not have a PayPal account, you have to sign up. From there, you must have an Equity Bank account. If you do not have one, visit your nearest branch with your ID and a copy of it. You are also required to have your KRA pin.

For you to get the most, I propose that you open a dollar account. Why? With a dollar account, you are able to withdraw your money in dollar bills or notes. This allows you to sell your dollars at the current dollar rates in the market. If you use a Kenya Shillings account, you do not have the power to negotiate the prices of your dollars. The self-service portal at equity is automated. The prices are preset and not negotiable. The shortcoming of the dollar account is the fact that you do not have access to ATM services. You have to visit the bank in person. The withdrawal charges are the same as the Kenya Shillings over-the-counter transactions.

However, the process is fast because you are considered a Forex trader, so you will use business sections of the bank. Always take Forex tickets at the banking hall. In my experience, it never takes more than ten minutes to be served. You can either negotiate for better rates at the bank or go to Forex Bureaus in town.

For you to link your Equity Bank account, you will have to create an account on their self-service portal. Always use the details and the email that you used to open your bank account. Additionally, use the phone number that is on your bank account. This will help you to avoid failure in linking your PayPal account to your bank account.

Linking your Equity Bank Account to your PayPal Account

As we all know, this process seems to be a trial and error thing. However, if you do it correctly, it sails through easily. There are some facts that many people do not have but I will clarify. For you to link your PayPal account to your equity account, the names must not be the same. You should, however, note that for the linking to be successful, you MUST use the primary email of your PayPal account in the second step (linking your PayPal Account to the Bank Account). If you use the secondary PayPal email, the process will not be successful.

It is important to note that the primary e-mail ON your PayPal account MUST NECESSARILY NOT be the same as the one you used to open your Equity Bank account. This has been a worry for many people who have faced limitations in the past. A small grey area right there.

IMPORTANT: The pop-up and Cookies MUST be allowed on your browser.

The Equity Bank withdrawal service with PayPal works as follows:

  1. Visit the Equity Bank Website www.ke.equitybankgroup.com
  2. Click on the money transfer section at the top right-hand corner
  3. Select PayPal
  4. If you do not have a PayPal account, click on ‘sign up for PayPal account’ and complete the process
  5. If you have a PayPal account and you would like to withdraw money to your Equity Bank Account click on ‘withdraw your money’
  6. With your portal user name and password, log in to the site. If you are new, click register and follow the process of registration (the registration process is a one-time process)
  7. On the menu click "Banking services"
  8. Enter your nominated bank account and click "Link Account"
  9. A One Time Pin (OTP) will be sent to the official cell phone number maintained by Equity Bank for the nominated account
  10. Enter the OTP and click "Confirm OTP"
  11. If successful, a confirmation message will be displayed “Account has been successfully linked. Enjoy our Online Banking services"
  12. On the menu list click "PayPal Services"
  13. Enter your PayPal email address, select the bank account added in step 4 above and click "Link Account"
  14. You will be redirected to the PayPal window pop up. Key in your PayPal Account Password and click "Authorize"
  15. You will be redirected back to your Equity Bank website page with a message “Your PayPal account has been successfully Linked”

PayPal Balance Enquiry

  1. On the PayPal Services Menu, click "My PayPal Balance"
  2. Select your linked PayPal account and click "Submit a request"
  3. Your PayPal account balance will be displayed

PayPal Withdrawal Process

  1. On the PayPal Services Menu, click "Withdraw Service"
  2. Select your PayPal account linked previously"
  3. Key in the amount to withdraw. The amount must be less than or equal to your PayPal Account Balance
  4. Click "Accept"
  5. You will receive a message “"Your PayPal withdrawal of amount X was successful". Your bank account will be credited within 3 business days”
Powered by Blogger.