The new tariffs will see users pay as low as one per cent on large withdrawals made from PayPal account.
Previously the bank charged 1.5 per cent of the US dollar amount per withdrawal across-the-board.
Customers withdrawing Sh500,100 and above will now be charged one per cent of the amount.
Equity Bank #ticker:EQTY has slashed most charges for its Equity PayPal withdrawal service as it seeks to grow share of diaspora remittances.
The new tariffs will see users pay as low as one per cent on large withdrawals made from PayPal account.
Previously the bank charged 1.5 per cent of the US dollar amount per withdrawal across-the-board.
Customers withdrawing Sh500,100 ($5,001) and above will now be charged one per cent of the amount.
Withdrawals between Sh200,100 and Sh500,000 ($2,001 and $5,000) attract a fee of 1.125 per cent and those between $1,001 and $2,000 will be charged 1.25 per cent.
Amounts ranging between $501 and $1,000 attract 1.375 per cent and $500 and less will be charged 1.5 per cent per withdrawal transaction.
“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,” said Equity Bank group chief executive James Mwangi.
The 2017 financial results showed that Equity had recorded a 132 per cent increase in the volume of transactions across its international money transfer platforms.
Last year, PayPal withdrawal time was reduced from eight to three days. In October, Mr Mwangi said the lender was looking to grow its share of diaspora remittances to half of the money sent to the country every month.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
