If you are an Equity Bank customer, you probably have come to know its mobile money and communication platform Equitel. Equitel was among the earliest innovations for mobile money transfer in the banking sector that also offers communication services.
You can transfer money from Equitel to another Equity Bank customer for free. But when it comes to transactions with other networks or banks, there are equitel charges involved.
It’s only inevitable that you’ll need to have some money wired into other Mpesa accounts for payments and such things. Additionally, it’s unlikely to have all your business contacts banking with Equity.
Hence, for some reason, you’ll need to cross-transact. And these transfer costs must be incurred.
With that being said, it’s super-important to know these costs before making any moves of transferring money from your line to others. You don’t want to feel robbed with unnecessary costs in this.
In this article, I give you a breakdown of these costs so that you can transact knowing exactly what you’ll incur. In general, the costs aren’t a big dig into your hard-earned bucks.
Equity to Mpesa Charges.
The most transfers in the country happen between Equitel and Mpesa. As you already know, Mpesa, a subsidiary of the giant telco Safaricom, boasts over 25 million users – it’s easy to see why.
Fast forward, you need to understand that equity charges aren’t that high. That’s in comparison to what other mobile money transfer platforms charge as tariffs.
You can transfer money from your Equity bank account directly into Mpesa. And there’s a tariff guide indicating how much can be transferred at what cost or charge.
Also Read: Safaricom Mpesa Withdrawal Charges
This is indicated in the table right below:
|AMOUNT RANGE (KSHS)||EQUITEL CHARGES (INCLUSIVE OF TAX)|
The above equitel rates similarly apply to transactions involving Airtel money.
Equity Agent Withdrawal Charges.
Equity agents have made money withdrawal convenient to all its customers. The agents are adequately distributed across the entire country to cover both urban and rural dwellers.
You will not have to travel miles to visit Equity Bank for withdrawals. However, you will definitely incur withdrawal charges for all your equity agent withdrawals.
Here is a summary of equity agent withdrawal charges in a table:
Mpesa to Equity Charges.
Mpesa to Equity Bank services are also available on Equitel. While this is possible, you will not incur any transaction cost when depositing money from your Mpesa account into your Equity Bank account.
The following are the steps to use when transferring money from your Mpesa account to Equity Bank account:
- Find Mpesa menu and click on Lipa na Mpesa
- Select on pay bill
- Feed in Equity Bank Pay Bill number which is 247247
- Enter your Equity Bank account number
- Fill in the amount of money you wish to deposit
- Enter the Mpesa pin, confirm and send
You are going to receive a confirmation text message from Mpesa acknowledging a successful transaction. You will receive another one from Equity Bank as well.
Mpesa allows you to transfer up to a maximum Ksh. 140,000 in a day. The mpesa can hold up to Ksh. 100,000.
While Equity Bank will not charge you for this transfer, Mpesa will do. You can find the Mpesa to Equitel rates from Safaricom website.
Equitel Withdrawal Charges.
Thankfully, Equitel line also allows for direct money withdrawals straight to Equitel Money from the bank.
The following are rates applied when doing this kind of transactions.
You will be able to make the withdrawal at any Equity agent close to you.
Send Money to Another Bank Account via PESALINK.
Below is the equity to Pesalink transfer charges
|SENDING TO OTHER BANK ACCOUNT – PESA LINK|
|Minimum Amount||Maximum Amount||Total Charge to customer (tax incl)|
|10||500||0.00 (Maximum Charge)|
|501||10000||37.00 (Maximum Charge)|
|10001||50000||62.00 (Maximum Chare)|
|50001||100,000||87.00 (Maximum Charge)|
|100,001||200,000||112.00 (Maximum Charge)|
|200,001||500,000||137.00 (Maximum Charge)|
|500,001||999,999||162.00 (Maximum Charge|
Table courtesy of equitel.com
Equitel ATM Withdrawal Charges.
If you want to withdraw cash from Equity ATM, here is the summary of the costs involved.
Equity Bank Account Balance Inquiry, Making Deposits, and Other Equitel Charges.
As long as you are an Equity Bank account holder, you don’t get charged for checking your bank balance. The same thing also applies for making deposits.
So this means you incur nothing whether you wish to deposit from your Equity Agent or Mpesa etc. You pay absolutely nothing on top.
There are various bills and services you can also pay via Equitel. You will definitely be charged for them.
Let’s have a look at some of those services right next.
For instance, if you decide to pay bills such as water bills, electricity/Kenya power, smart tv subscription and more through Equitel, Equity Bank charges you Ksh.30 on each transaction you initiate.
The application for an ATM card, VISA or Master Card attracts a charge of Ksh.600
You pay Ksh.200 for activating your dormant bank account
For the statement request, you will be charged Ksh. 5. But it’s free to purchase airtime, pay school fees, pay rent, or request for an enquiry via Equitel POS.
Equitel Call and SMS Charges.
As said earlier, Equitel also doubles up as a communication tool. Which means besides the normal mobile money platform, you can as well call, text, and enjoy internet on this line.
You don’t need to buy an Equitel line. Rather, simply visit your nearest Equity Bank branch.
You will be able to register there. The line will be activated and you can go straight to start your experience with your new line.
Equity Call rates per minutes across all networks are Ksh. 4.50. While SMS sending to other networks is Ksh.1.10.
Mpesa to Equitel Money Charges.
It is also possible to transfer money from your mpesa to equitel money. You will definitely incur sending costs.
Check out the table below to understand these charges.
|AMOUNT IN KSH.||CHARGE/TRANSACTION|
Using Equitel to Apply for Equity Bank Eazzy Loan.
With the Equitel line, you also stand a chance of conveniently applying for an Eazzy loan product from Equity Bank right from your device.
Let’s have a look of the step-by-step procedure below.
- Go to your Equitel Menu on your mobile device
- Go to My Money
- Click on Loans
- Open Get Loan
- Select Eazzy Loan
- Select Account
- Fill in the amount of money you wish to borrow
- Then confirm that the details are Ok
- Enter your PIN
- And finally, submit the application
You want to know how much money you qualify for a loan on Equitel?
Follow the following procedure:
- Open the Equitel Money menu on the phone
- Go to My Money
- Click on Eazzy loan (or Eazzy Plus loan)
- Select loan limit
- Enter your pin
- Submit details
Here are the Interest Rates Charged for an Eazzy Loan on Equitel.
For the Eazzy loan or Eazzy loan plus you borrowed, a 2-10 percent interest per month may apply.
But other than that, there is an appraisal fee, which is 1 percent. Add 10 percent on the appraisal fee that comes as government tax.
To that effect, if you borrow Ksh.2000, you will pay an interest of Ksh.22 on top of the monthly interest rate of 1.16 percent.
Repaying Your Eazzy Loan on Equitel.
With your Equitel line on the phone, repaying your loan is very easy already.
- Go to My Money
- Select Eazzy Loan
- Click on Pay Loan
- Select Partial Payment or Full Payment
- Select Account
- Select which amount you want to send for repayment
- Confirm if the details are true and enter pin and send
You can also pay the Eazzyloan through mpesa. Remember that mpesa rates apply.
- Go to Mpesa
- Open Lipa na Mpesa
- Choose pay bill
- Enter business number 247247
- Enter your account number in the account name section
- Enter the amount you wish to repay
- Enter your Mpesa pin
- Confirm and send
In both methods, you will receive a confirmation message from both the bank and Mpesa acknowledging successful payments.
Benefits of Using Equitel.
Without a doubt, the entire post reveals how useful an equitel line would be. Just to cap it off, I compiled the benefits you may gain by using Equitel.
- Equitel allows you to send and receive cash
Just like Mpesa, you can send and receive money through equitel without any problem. The best part about sending and receiving money via equitel is the zero costs incurred.
It is free of charge to send money through this line. Better yet, you can send and receive money from other providers like Mpesa and Airtel Money as well at reduced rates.
- Safe card-less banking
You don’t need a card to transact. For example, you don’t need an ATM to withdraw money from your bank account.
This is not only convenient but also safe and secure for customers. It is also quick taking less of your precious time.
- Equitel has the My Life option
The My Life section of the equitel line offers handy information about health, agriculture, entrepreneurship, education and more. We are living in a fast-changing world, in an era of information – to gain or boost our pool of knowledge, skills, and personal development.
Equitel has distinguished itself well in this area.
- Pay bills
Paying bills has never been better and easier with Equitel. You don’t need to withdraw the money and pay hard cash to various service providers.
Equitel lets active customers pay electricity, water, Zuku, GOtv, among other bills effortlessly from the comfort of their handsets.
- Instantly open a bank account and control it
By a simple dial of *247#, you will be able to open a new equity bank account right on your handset. You can check the balance of your account, make deposits, buy airtime, transfer money, apply for loans and repay – all conveniently.
As things stand, Equitel is a godsend technology. With this line, you have the telco and banking solutions in your hands.
You can transact money matters. You can make calls and send text messages as much as browsing the internet on the same line!
Once you understand the various equitel charges, there is no major cause for alarm, again. Rather you only need to continue enjoying the myriad of services it offers across the board.