PayPal is an online company that provides an efficient way to send and receive money over the internet.
PayPal is probably the most popular way to send and receive money online in Kenya. Every day, it’s used by thousands of people to top up their M-Pesa, receive cash from overseas, and make online purchases.
How To Use Paypal In Kenya
PayPal works in two ways. The first is by linking to your bank account or debit or credit card. When you authorize PayPal to either send or receive a payment, the company accesses the funds from your card. It then automatically transfers the money to or from the person with whom you’re transacting.
Below are four ways to use paypal in Kenya:
Online Shopping
The most common use of PayPal in Kenya is online shopping. You can use many payment platforms to make online purchases, but PayPal is the most well-known and trusted internationally. Read on to find out how their fee structure works.
International Money Transfers
You can also use PayPal to securely transfer funds between family and friends internationally. Unlike most other cross-border facilities for doing this, PayPal is free if you have the money in your PayPal account. If you send from your debit or credit card, you’re charged 2.9% along with a fixed fee.
To Hold Funds In US Dollars
You can also use PayPal to temporarily hold money in US Dollars if the exchange rate is not favorable. The company doesn’t charge you for the balance you hold in your account.
To Buy Cryptocurrency
If you’ve taken the plunge into Cryptocurrency, you can use PayPal to buy any of the established currencies like Bitcoin or Ethereum. This service is currently only available in the USA, but hopefully, it will expand to Kenya soon.