Borderless Banking
At Equity, we are committed at offering real time money transfer services to our Equity customers across our subsidiaries. The borderless banking service seeks to connect all Equity Banks across the group, by leveraging on the interconnected Core banking platform. This service provides a “one equity access” for all customers across our subsidiaries securely, conveniently, and affordable rates.
Equity customers across our subsidiaries in Kenya, Uganda, Tanzania, Rwanda and South Sudan can now enjoy the convenience of borderless banking on the below services:
- Funds Transfer at the branch: – An Equity account holder can now transfer funds at the branch to other Equity account holders in Kenya, Uganda, Tanzania, Rwanda, or South Sudan. The cash will be deposited in the local or foreign currency in real time.
- Cash Deposits at the branch: – A customer can directly deposit money at any nearest Equity branch in Kenya, Uganda, Tanzania, Rwanda, or South Sudan. The cash will be deposited in the local or foreign currency of the recipient.
- Cash Withdrawal at the branch: – An Equity account holder can now withdraw cash at any Equity branch (over the counter) in Kenya, Uganda, Tanzania, Rwanda, or South Sudan.
- ATM Withdrawals: - An Equity account holder can now withdraw cash at any Equity branch ATM (using their Mastercard & Visa cards) in Kenya, Uganda, Tanzania, Rwanda, or South Sudan
- Send Money on Equity Mobile & Equity Online: An Equity Bank account holder can now send money through Equity Mobile App or Equity Online to Equity account holders in Kenya, Uganda, Tanzania, Rwanda, or South Sudan. Anytime, anywhere at the comfort of their phones or PCs.
Who should use borderless banking?
Borderless banking is meant for businesses and individuals engaged in:
- Cross-border trade (Import & Export): Importers and exporters can now easily move their funds from one country to another as they trade using borderless banking by Equity.
- Tourism: This is done by making local currency easily accessible when customers travel across the region.
- Cross border remittances: Locals and expatriates requiring efficient methods to transfer funds across borders.
Requirements
- Customers initiating transactions should provide valid KYC documents.
- Beneficiaries receiving the funds should also provide valid KYC documents.
Advantages of using Borderless Banking
There are numerous benefits from use of this payment solution. These include but not limited to
- Seamless user experience: Our platform is designed with a user-centric approach, prioritizing ease of use, intuitive interfaces, and quick onboarding processes. It’s live on both Equity Mobile and Equity Online.
- Competitive pricing: We offer competitive exchange rates and low fees, ensuring customers receive excellent value for their money.
- Extensive network: Borderless banking solution is offered in all our Equity branches across the subsidiaries, thus expanding our reach and providing customers with a broad network for cross-border transactions.
- Extensive network: Borderless banking solution is offered in all our Equity branches across the subsidiaries, thus expanding our reach and providing customers with a broad network for cross-border transactions.
- Convenient – Customers can access the service through the branch, ATM, Equity Mobile or Equity Online.
How Borderless Banking Works (Transaction Process)
- An Equity Bank customer visits any branch requesting to send/withdraw/transfer funds to any other Equity Bank customer within the subsidiaries and provide valid relevant KYC documentation.
- The teller will initiate the transaction for Cash Withdrawal/Deposit/ Funds transfer. Deposits/Withdrawals can only be done in the home (local) currencies or the major international currencies(USD/GBP/EUR).
- You can access borderless banking services from any nearest branch, ATM or through Equity online or Equity mobile App.
Complaints Handling
- Customer Visits any Equity Bank Branch.
- Bank Customer Service officer raises the issue on CRM, detailing the necessary information regarding the complaint the IC officer receives the issue.
- If the issue should be resolved by an Equity Branch, the officer escalates to the specific Branch's customer support mail group for resolution.
- A case number is assigned for the raised issue, and this may be used for following up. Issues are acknowledged by the Branch’s support team within 24 hours and resolved within 48 hours.
- Upon resolution of issue, IC officer relays feedback to Customer service officer at the branch via CRM. Customer service office informs the customer.
Support and Contact Information
You can reach out to us anytime through our 24 hour Service Centre. Call us on 0763-000-000 or write to us on info@equitybank.co.ke.
You can also visit any nearest branch and speak to our friendly customer service team for further support.
Pricing: Kenya
| SERVICE |
CHARGES |
FX SPREAD |
| Withdrawal |
| Withdrawal(USD) |
Fee(USD) |
| 0-1,000 |
$3 |
| 1,001 - 5,000 |
$4 |
| 5,001 - 10,000 |
$5 |
| >10,000 |
$10 |
|
| Counter Rate |
0.0 |
| - |
0.50 |
| - |
1.00 |
| - |
1.50 |
|
| Deposits |
| 0.25% of the value |
| Minimum of $2.00 |
| Maximum of $10.00 |
|
| USD |
Counter Rate. |
| 1-1,000 |
0.00 |
| 1,000-5,000 |
+0.50 |
| 5,001-10,000 |
+1.00 |
| >10,000 |
+1.50 |
|
| Transfers |
$6.00 |
| 0-1,000 |
0.00. |
| >1,000 |
FX negotiable as with swift with Treasury Front office |
|
Pricing: Uganda
| SERVICE |
CHARGES |
FX SPREAD |
| Withdrawal |
| Withdrawal(USD) |
Fee(USD) |
| 0-2,000 |
$3 |
| 2,001 - 5,000 |
$5 |
| 5,001 - 10,000 |
$10 |
| 10,000 - 100,000 |
$15 |
| >100,000 |
0.5%, max $25 |
|
| <$2,000 |
Daily Branch rate. |
| >$2,000 |
Negotiation with Branch |
|
| Deposits |
| Deposit(USD) |
Fee(USD) |
| 0-1,000 |
$3 |
| >1,000 |
0.2%, Max $15 |
|
| <$2,000 |
Daily Branch rate. |
| >$2,000 |
Negotiation with Branch |
|
| Transfers |
$6 |
>2,000- FX negotiable as with swift with Treasury Front office |
Pricing: Tanzania
| SERVICE |
CHARGES |
FX SPREAD |
| Withdrawal |
| Withdrawal(USD) |
Fee(USD) |
| 0-1,000 |
$4 |
| 1,001 - 5,000 |
$7 |
| 5,001 - 10,000 |
$10 |
| >10,000 |
$15 |
|
| <$1,000 |
Counter Rate (0.00) |
| >$1,000 |
Inter-entity FX rate |
|
| Deposits |
| Deposit(USD) |
Fee(USD) |
| 0-1,000 |
$3 |
| 1,001-5,000 |
$4 |
| 5,001-10,000 |
$5 |
| >10,000 |
Max $15 |
|
| <$1,000 |
Counter Rate (0.00) |
| >$1,000 |
Inter-entity FX rate |
|
| Transfers |
| 0-1,000 |
$3 |
| 1,001-5,000 |
$6 |
| 5,001-10,000 |
$5 |
| >10,000 |
Max $15 |
|
| <$1,000 |
Counter Rate (0.00) |
| >$1,000 |
Inter-entity FX rate |
|
Pricing: Rwanda
| SERVICE |
CHARGES |
FX SPREAD |
| Withdrawal |
| Withdrawal(USD) |
Fee(USD) |
| $5 or equivalent |
|
| <$1,000 |
Counter Rate (0.00) |
| >$1,000 |
Inter-entity FX rate |
|
| Deposits |
0.5% of the amount - Max $10 |
| <$1,000 |
Counter Rate (0.00) |
| >$1,000 |
Negotiable at branch |
|
| Transfers |
0.2% of the amount- Max $15 |
| <$2,000 |
Counter Rate (0.00) |
| >$2,000 |
Negotiable at branch |
|
Pricing: South Sudan
| SERVICE |
CHARGES |
FX SPREAD |
| Withdrawal |
1% of the amount- Min USD5 |
Negotiable with Treasury |
| Deposits |
3% of the Amount |
Negotiable with Treasury |
| Transfers |
Up to $1,000 - 1% of the amount
Above $1,000 - 0.5%, Max $30 |
Negotiable with Treasury |
