The new tiered tariffs will see PayPal users charged a gradual fee based on the withdrawal amount from Equity
Equity Bank has today announced a review of withdrawal charges on its Equity PayPal Withdrawal service. Effective April this year, the new tariffs will see users pay as low as 1 per cent on withdrawals made from their PayPal account.
While announcing the new development, Equity Bank Group CEO and MD, Dr. James Mwangi noted “Financial inclusion continues to remain at the core of our business strategy. We have listened to our customers and introduced new tiered withdrawal charges.”
The new rates for withdrawals from PayPal to Equity bank accounts will see customers withdrawing $5001 and above being charged 1% of the withdrawal amount, between $2001-5000 will be charged 1.125%, between $1001-2000 will be charged 1.25%, between $501-1000 and customers withdrawing $500 and below will be charged 1.5% of the withdrawal.
“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 Dr. 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.