What options are there for direct Paypal Withdraw to Bank or Card?


#1

Apart from Equity Bank, are there other banks that support direct Paypal withdrawals to a bank account or credit/debit cards?

I will list here if there is any other service other than Equity Bank.


#2

Actually, there is none other, formally. And even Equity Bank got direct withdrawals recently. Sometime back it used to be via a South African bank. Solutions have come up in the past like Nationhela that was promptly blocked by Paypal, then came Chura that has had problems with Safaricom.


#3

During my Freelancing days I knew someone in Kenya who applied for the PayPal debit card and they sent it to him. Is that still an option? I think it would be the most convenient option for anyone wishing to withdraw their PayPal money or go shopping with it.


#4

Used Chura a couple of times. It’s a great service but the rates or is it the charges were a bit high. I think they have experienced their own fair share of challenges especially from crooks who would send money and request for charge backs.

That has made them to change terms of service a couple of times at least to make sure that they are dealing with honest clients.

Equity Bank I think listened to customers. When some of us had to depend on Payoneer before the linking of Payoneer bank accounts on Paypal was blocked by Paypal themselves, Equity Bank used to make random calls asking what customers needed and most of us suggested that they link up with Paypal.

I once had a neighbor who was the head of customer service at Equity Bank’s HQs and I remember talking to her about it and she acknowledged that they had noticed the majority of customers asking about Paypal and that the management was working on it.

Wonder what is making other banks not to leverage on this opportunity. Even though Payoneer is increasingly becoming the mode of payment of choice to most freelancing companies, most still prefer to use Paypal.


#5

You must perform a certain number of transactions on payoneer to avoid monthly charges if I remember correctly. PayPal has no such charges. Also, payoneer only accepts payments from recognized companies but you can receive PayPal from just about anyone as long as their account is verified. I liked the fact that you can withdraw cash from your payoneer account to your card and have it ready to spend the same day or even after two hours with expedited withdrawal for a small fee. The only major drawback is that payoneer doesn’t focus much on person to person transfers like PayPal and Skrill. Also, if I recall correctly, payoneer ATM withdrawal charges are insane. Currently the most convenient and probably the cheapest way to get your PayPal funds to Kenya is via Equity bank. Find out about the PayPal debit card. I think if you deal with PayPal a lot it could be a lifesaver.

I saw at an equity bank branch that they’re issuing American Express cards. Of what benefit could you possibly get from those cards?


#6

This is limited to US residents.

This is for those who signed up using Upwork or Elance. If you signed up on your own, they charge $29.95 a year to maintain the card.


#7

Interesting… I see everyone here has dabbled in freelance work at one time or the other. You’re right, I applied to payoneer via Elance. About the PayPal card, whatever the guy did, I know he had the debit card because he showed it to me and it was in his name. He must have collaborated with a relative in the States or somehow gotten a US residential address. Anyways, it would be cool to have that card. I wonder why PayPal and skill only dish out the cards to residents of their home countries whereas they support SWIFT and literally almost any other form of electronic money transfer. Is it a security concern that they have or is it cost related?

@deewinc you’ll just have to rely on Equity bank for your PayPal withdrawal. Equity in the Kenyan banking sector is like Safaricom back in the early 2000’s when they wrestled the mobile telephony market from Kencell. They’ll implement almost anything as long as it shows some potential. I’m still wondering what it would benefit me to get an American Express card from Equity.


#8

I think these charges are limited to Barclay Bank’s ATMs since the bank introduced an administration fee for foreign cards used to dispense money from their ATMs. I’m not sure it’s how much but last I left it at KES. 350. Strange though, this is approximately the same amount of money Payoneer would charge you to withdraw money from ATMs.

Otherwise, other ATMs such as KCB’s and CBA’s do not charge the admin fees. So tumetorokea huko.

This is so true. Payoneer is not so user friendly when it comes to P2P. I think they fear fraud. P2P transactions are held for up to 3 days pending an audit before being allowed to access the cash.

There is something that is called affiliate marketing and drop shipping, which is big business at the moment. The problem is sites such as Ebay, Amazon, Target, and Wal-Mart only make payments to affiliate marketers using bank accounts as opposed to services such as Paypal or Skrill and this is where Payoneer comes in handy.

I mean, Payoneer is a jerk of all trades when it comes to issuing international bank accounts; hence, making it easy for foreigners to receive money from abroad.

Also, for freelance sites that allow both Paypal/Skrill and Payoneer, you’ll realize that the majority of users prefer Payoneer because once you get paid by your company, you can pay a convenience fee to access your cash in less than 2 hours.

Given out culture ya kupenda pesa, anyone would choose Payoneer over Paypal for small transactions let’s say of up to 40,000. Even though you are allowed to dispense up to 200,000 a day (several transactions), anything above that won’t be feasible since you might loose a couple of thousands in Forex fees.

So for large transactions PAYPAL to Equity, but for small transactions. 50K or less, Payoneer it is.


#9

Eish! Boss?! Eti 50K is a small amount? Kwani wewe ni MP na haukutupea job ya campaign?


#10

ehehe mimi ni mtu tu wa kawaida wa jua kali. It’s not small as in small small, but small when it comes to withdrawing. At least, you won’t feel the pinch of Forex rates ukichomoa via Payoneer.


#11

Now that @Peter_Ngure mentioned AMEX, the value of AMEX support is seen by foreigners who come to Kenya. With AMEX support, it means that they can withdraw from Equity ATMs and Equity will cash in on the withdrawal fee. That is just one angle to it.


#12

I guess that’s one of the reasons. Maybe they’re also targeting Kenyans who go abroad frequently because AMEX is widely accepted all over the world and you can in fact get great deals with them. Locally, I don’t see it being much better than local cards.

On another note, is this forum site acting up lately or is it just me? I haven’t been able to access it for the past 3 days and it’s still hit and miss working when it feels like it.


#13

It’s a pain. I can’t even comment. Testing with this comment right now. Some Internal Error 500 or something


#14

The same ATMs that Equity Bank is closing.


#15

They figured that they have too many ATMs and people are using agents a lot more frequently. I saw somewhere that Equity is moving towards agency banking but I don’t like what that means for customers. You see, at an ATM you can withdraw almost 40k for 33 bob but at an agent you’d be looking at something like 400 bob. These agent withdrawal charges are almost the same as MPESA withdrawals and Equity keeps touting how much cheaper their products are. I know that agents have to eat but we also need options.

Even though they have too many ATMs they must find a good balance between agents and ATMS. It’s not right to close ATMs at critical points forcing people to use agents where they get charged significantly higher.


#16

This is true. I was suprised to learn that Withdrawal charges from Equity Agents is practically the same with MPESA. The difference is so small to claim that there is any significant difference.

However, they will argue that Equity to Equity transfers are FREE so they are cheap anyway given that Safaricom will charge you are high as 300 bob to send money.


#17

It’s a clever move by Equity because they’re trying to create an ‘ecosystem’ that will see your money never leaving their system.


#18

They have Brown as their corporate colour and a house for a logo, let me keep paying for aesthetics :rofl:


#19

Was just refreshing to check how folks were feeling before this happened.


#20

Hehehe actually, I’m set to do some minor transaction that requires Paypal and my prepaid card and now I’m like my prepaid card is useless :joy::joy::joy::joy: