Equity Bank on Wednesday announced a review of withdrawal charges on its Equity PayPal Withdrawal service.
Effective March this year, the new tariffs will see users pay as low as 1 per cent on withdrawals made from their PayPal account.
“Financial inclusion continues to remain at the core of our business strategy. We have listened to our customers and introduced new tiered withdrawal charges.” Equity Bank Group CEO James Mwangi said While announcing the new development.
The new rates for withdrawals from PayPal to Equity bank accounts will see customers withdrawing $5001 and above being charged 1 per cent of the withdrawal amount, between $2001-5000 will be charged 1.125 per cent, between $1001-2000 will be charged 1.25 per cent, between $501-1000 and customers withdrawing $500 and below will be charged 1.5 per cent of the withdrawal transaction respectively as indicated below.
|Withdrawal amount in USD||5,001>||2,001-5,000||1,001-2,000||501-1,000||<500|
|Fee||1% of the Withdrawal amount||1.125% of the Withdrawal amount||1.25% of the Withdrawal amount||1.375% of the Withdrawal amount||1.5% of the Withdrawal amount|
“The PayPal service with Equity allows our customers to accept payment globally and withdraw locally. By introducing tiered pricing, we hope to encourage more usage from businesses and consumers already using PayPal. At the same time, we hope to continue creating value for our users and as a result, increase their engagement level with this platform,” added Mwangi.
According to its 2017 end of year Financial Results, Equity Bank recorded a 132 per cent increase in the volume of transactions across its international money transfer platforms.
PayPal’s volume of transaction increased significantly in the past year as well. PayPal withdrawal time was last year reduced from 8 days to 3 days.