Good news people! You can now withdraw money from PayPal straight to Mpesa.
This has not been possible till recently (from 9th April 2018), thanks to the partnership between PayPal, Mpesa and TransferTo.
TransferTo had earlier this year re-branded and is now called Thunes.
It is a B2B inter border payment network that enables mobile wallet operators among other modern technological services.
PayPal customers in Kenya faced certain challenges accessing money prior to this.
Freelancers could either get cash three days later via Equity bank PayPal withdrawal services or incur expensive charges transferring money from PayPal to Mpesa agents.
There are sites that provide platforms for such transactions – mpesa to skrill, paypal or neteller deposits.
A good number though, end up robbing people of their hard earned money.
When you do get a good site it either stops working after a while or charges unreasonable rates. There are few that provide quality services though – like ePay Swift.
You now understand why this recent development has saved money people’s lives (and money).
Benefits of Sending Money From PayPal to Mpesa
~Your account is 100% secure. That means 0% risk of getting scammed. This is not a guarantee with other service providers in the country.
~Compared to Equity’s PayPal withdrawal method, you are assured a higher exchange rate.
~Receive cash in two to three hours. Save yourself time and anxiety!
Now let’s gets to the step by step guide of the PayPal to Mpesa money transfer process;
*If you do not have a PayPal account, find their web and sign up! This won’t take more than five minutes…
Login to PayPal mobile money website. Ensure to link your PayPal account to your Mpesa account before this first step.
Click withdraw from PayPal option. You will see your balance in American dollars.
Enter the amount you need to withdraw. A page will then appear showing amount to be received in Kenya shillings, exchange rate and average time for completing transaction.
A 3% conversion fee will be charged on the exchange rate used to convert USD to KES.
Click confirm. An SMS message will be sent to your phone by safaricom to confirm a transaction has been completed.
That’s all. Now wait for that Mpesa message.
Contact Thunes service in case of a delay.
The only downside to using this method are two limitations set by Mpesa. You are allowed to withdraw a limited amount of only 100,000 Kenya shillings a day. Transactions are also limited to 140,000 Kenya shillings a day.
The pros however, far outweigh the cons. If you are withdrawing larger amounts then Equity should be a better choice.
This is without a doubt the best method for freelancers and other PayPal customers to receive their cash in Kenya.
If you have been using other, less than satisfactory service providers in the country, you are probably having second thoughts. At the end of the day, choose what what works best for you, whatever the method.