How does one send money from Mpesa to an Equity bank account? Here is how.
M-Pesa and Equity are the best platforms for business owners. Most business owners receive money via M-Pesa; the easiest way to bank the money is by transferring it to Equity Bank.
The process eliminates unnecessary bank trips and is also a safe way to bank money without handling cash. You can easily send money from your M-Pesa account if you have an Equity bank account.
Whether you need to deposit or withdraw money from your account, Mpesa makes it easy and reliable to transfer money to and from your Equity bank account.
It is now easy to send/deposit money into your Equity Bank account.
How to Send Money from Mpesa to Equity Bank
Before you deposit money into your Equity bank account, ensure that you have the following at hand. This will save you time and a headache if you make a wrong transaction.
- Your Equity bank account number.
- Equity bank Paybill number
- And most importantly, money in your Mpesa wallet.
Steps to send money to your Equity bank account Using Mpesa:
- Open the Mpesa menu on your phone
- Select Lipa Na Mpesa
- And then choose “Paybill.”
- Enter the default Equity Paybil no: 247247 and click ok
- Next, Enter your Equity account number and the amount of money you wish to transfer.
- Key your PIN and check again to confirm if your details are correct.
- That’s It! You have successfully sent money to your bank account.
- Now, wait for two messages from Equity bank and Mpesa confirming your Transaction.
Check the confirmation message after sending the money. You will receive a confirmation message from either M-Pesa or equity bank. The message is essential to show you that the Transaction has gone through.
Sometimes the confirmation message might take a few hours to get to you, but the money will have been deducted from your M-Pesa account.
M-Pesa rates apply when sending money from M-Pesa to the Equity Bank account. However, the amounts will differ depending on the amount you want to send to your bank. The amount you can transfer is also capped at the daily M-Pesa rates.
Is using M-Pesa to Equity Bank money transfer worth it?
Using M-Pesa to Equity Bank services makes your life easy by simplifying the banking process. It is a good choice for business people or anyone who wants to avoid excessive bank trips.
Of course, it comes at a cost in terms of M-Pesa transaction fees, but the money is worth it for the convenience you get. Here are some reasons to use M-Pesa to Equity Bank money transfers:
- Fast money transfer – the money is transferred in minutes, so if you need money in your bank account for other transactions, you can get it in minutes.
- Convenient – with many people living a busy life, making deposits in the bank can be hectic. Convenience to do everything on your phone is everything you need.
- Affordable – when moving money from M-Pesa to Equity, you will pay M-Pesa transaction fees. However, this might be cheaper than going to the bank to make a deposit.
- Safe – You do not have to carry cash around. All you have to do is move the money from M-Pesa to the bank without the stress of carrying money in bulk.
How to transfer money from Equity Bank to M-Pesa
You can transfer money from Equity Bank to M-Pesa, but you need an Equitel sim card. To get an Equitel sim card, visit your nearest Equity bank for registration and link your sim card to your bank account.
If you do not have an Equitel sim card, you need to register for Equity mobile banking and use USSD *247#
Using Equitel sim card
- On your Equitel sim card, click on my money
- Go to send money
- Choose other options
- Put the M-Pesa number you are sending money to
- Put the amount
- Confirm the amount and phone number
- Put your pin
- Confirm the information once again
- Press ok
- Press *267# on your phone
- Insert your Equity Bank account PIN
- A menu will appear
- On the menu, go to the withdrawal option
- Enter your Equity Bank PIN once again
Note: When using the USSD code for withdrawal, you must have some money in your account for the Transaction.
You do not need to have a smartphone to use this service.
How to Register for Equity Bank Eazzy Banking.
To register for Eazzy banking, you must visit any Equity bank branch near you to apply. Once you’ve applied and the bank has confirmed your information. It’s time to activate Eazzy banking.
To activate the Eazzy 247 or Eazzy banking app.
- Dial *247# and enter the activation password sent to you.
- Change your password, and you are good to go.