In these days of remote jobs, PayPal has become a medium of choice for freelancers to receive payments for their work. In the past, a partnership with Equity enabled one to withdraw to their bank account. However, since the introduction of withdrawal via M-Pesa has brought convenience to the platform with the transaction taking a few hours, this new service is operated by TransferTo, a B2B mobile payment company.
To be able withdraw the funds from Paypal, you need to do the following:
1. Have a PayPal account.
2. Go to paypal-mobilemoney.com/m-pesa and click on log in (top right corner).
3. You will be prompted to log in and thereafter agree to terms of using the service.
4. Add your M-Pesa phone number.
Withdrawing money from PayPal to M-PESA
- Log into your account at paypal-mobilemoney.com/m-pesa and click “Withdraw”.
- Enter the amount you would like to withdraw from your PayPal account in USD.
- You will be redirected to a page showing the amount to be received in KES, the exchange rate used for the currency conversion, and the estimated transaction processing time.
- Confirm and complete the withdrawal of money.
Please Note
- Cost – You will be charged a 3% conversion fee of the amount withdrawn.
- Exchange rate – It will appear before confirming the transaction for withdrawal
- Withdrawals period – It takes between between 2 hours and 3 days for the money to hit your M-Pesa account depending on the withdrawal amount. The higher the amount, the longer it will take.
- Withdrawal amount – M-Pesa accounts can only hold Ksh. 300,000 at any one time so be cognizant of that when downloading.
- Transaction limits – Ksh. 70,000 per transaction and Ksh. 140,000 per day.