As we wait for the Equity bank testimonials, I have Approx USD 90 and am wondering if there is anyone on this list who needs that in exchange for MPESA.

best
Stephen


On Wed, Jul 10, 2013 at 9:12 AM, Steve Obbayi <steve@sobbayi.com> wrote:
@kennedy don't count on the time delay improving. To start off PayPal gives 3-4 business days to withdraw to "good" banks. Then from the SA bank (in the case of Equity) add a few more days for clearing of funds. In short best case scenario the 3-8 days is here to stay

From: "Kennedy Kairu Kariuki" <kkairu@gmail.com>
To: "Skunkworks Mailing List" <skunkworks@lists.my.co.ke>
Sent: Martes, 9 de Julio 2013 11:40:30
Subject: Re: [Skunkworks] Equity Bank Joins the PayPal Withdrawal Race


Good stuff except the 5-8 day delay. Odesk can send direct to Equity and reflects same day max but the rate is 81.7 currently Am sure with time the delay will be improve (being optimistic here)



Regards,

Kennedy KK

Skype: k.kairu
Gtalk: kkairu


On Tue, Jul 9, 2013 at 12:37 PM, Martin Gicheru <martin@techweez.com> wrote:
This could mean a very good thing for us online merchants who get paid via Paypal only. Other service providers (Pesapal, iPay) could either count losses as merchants increase use of Paypal or plug in ASAP to leverage on this..

Regards,

Martin Gicheru | Founder and Editor at Techweez



On Tue, Jul 9, 2013 at 10:40 AM, Wanjohi Ndegwa <andegs2000@gmail.com> wrote:
Equity Bank has just made a huge announcement that it is joining the PayPal withdrawal race. According to them, you should be able to withdraw money from PayPal straight into your Equity Bank account.

So, how exactly does it work?

According to their site, here are the steps:

  1. Create a PayPal account and verify it
  2. Open an account with Equity or use your existing one if you have
  3. Get paid via PayPal
  4. Withdraw from PayPal to your Equity Bank account

Of course only number four specifically talks about this withdrawal. I’ve done a quick withdrawal of a small amount and here are the withdrawal steps:

  1. Go to Equity’s PayPal withdrawal portal
  2. Click on withdraw from PayPal
  3. A small dialog box will pop up.. Click where appropriate on whether it is for an individual or business
  4. Enter your Equity Bank number. This will initiate a one time PIN in your official Equity email address (the email address Equity normally uses to communicate with you)
  5. Go to your mail and grab the PIN
  6. Paste it back on the online form
  7. Fill in your details and ensure accuracy
  8. Accept the terms and conditions
  9. Pay via PayPal
  10. Click on finish

Advantages of this Service

As an optimistic person, I’ll assume the service works fine. Yes, I believe in innocent until proven guilty. So, if all is well, some advantages would be:

  1. Equity will be able to log all your PayPal withdrawals into their statements, meaning it may finally be easier for freelancers to get a local bank loan.
  2. The dollar rates are awesome. I have just made a withdrawal and the rate is 84.3, better than most other PayPal withdrawal services.
  3. The commission is negligible, only 1.5% is charged! If it works, it will be the best ever local commission.
  4. You can withdraw small amounts, even one dollar.

Disadvantages of the Equity PayPal Withdrawal Service

  1. It takes too long. Their site claims that the cash will reflect in your bank account in five to eight days.
  2. The obvious risk of any new PayPal withdrawal service applies i.e. the big question, will it last?

Full details here


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