Equity Direct is a UK online money transfer service in partnership with the Equity Bank Group Kenya. With Equity Direct you can send money to supported countries in Africa using their website or mobile app, Android or iOS. If your recipient has an Equity bank account, they will enjoy reduced fees, faster delivery and none of the usual sending limits that come with mobile money services.
How It Works
First, you will need to create an account for free. You can register using your Facebook account. You must use your formal name when registering. If the Facebook account is under a nickname, remember to change it when signing up.
Equity Direct needs valid mobile number, email address and some basic information about you. You will receive an email with a link and an SMS with a code. Click on the link in the email, enter the SMS code and you will receive your client ID via email and password by SMS.
Equity Direct for Business
You can use Equity Direct to send payments in the supported countries. Registration for an Equity Direct business account is free. Equty Direct will ask some information about you and your business to verify your identity.
Their sign up team will then be in touch with you regarding any documentation that may be required to complete the account opening. Documents are submitted using secure links, keeping your business information safe. Once verified you will receive an email with your client ID and SMS with your password, and you are ready to start making payments.
PayBill+
Equity Direct has partnered up with associations in Kenya to make it easier for you to make regular payments. All you will need to set up your PayBill+ account is the unique reference number of the association you wish to pay. Currently you can send money to the following PayBill+ merchants: Urithi Housing Co-Operative Society, Kingdom SACCO Ltd, Tower SACCO Ltd, Optiven Ltd, and Heri Homes ( Leo Capital Holdings).
How Do I Pay for Equity Direct Money Transfer?
Depending on the country you are sending from, you can pay for transfers using the following methods: personal Visa or MasterCard debit card, Klarna, iDeal, Trustly, and electronic bank transfer. Payment via bank transfer must come from your own bank account.
There is a monthly debit card limit of £2,500 (or currency equivalent). We are unable to accept credit cards, prepaid or business debit cards. We cannot accept cash payments. Electronic bank transfers are only processed during normal working hours, excluding weekends and bank holidays, when they are processed the next working day.
How Will My Recipient Receive the Funds?
You can send money to beneficiaries in the supported countries into their bank accounts or mobile money wallets.
Before sending funds, please check your recipient has sufficient room on their balance to receive the money you intend to send. Any transactions sent to a wallet without room will be reversed by the network provider within approximately 48 working hours.
How Long Do Equity Direct Transfers Take?
Equity Direct processes transaction immediately and instructions are delivered to Equity Bank in Kenya in real time. Most transactions are processed instantly but credits to other banks may take up to 48 working hours depending on the processing speed of the recipient bank. Transfers to banks with the exception of Equity bank may encounter a delay if there are is a public holiday in the receiving country.
What Are Equity Direct Fees and Exchange Rates?
The fee varies depending on where the money is being sent from and to, and the payment method used. The company charges a preferential sending fee of £1 for transfers of any value to Equity bank accounts and mobile wallets, and between £1 and £4 for transfers to other banks, depending on the amount you wish to send.
When it comes to exchange rates, Equity Direct takes the live prevailing interbank rate and apply a small commission.
How Much Can I Send With Equity Direct?
There is a monthly sending limit of £5,990 (or currency equivalent), £2,500 of which can be sent via personal debit card and a further £3.490 via our other available payment methods, dependant on where you are sending money from.
If Equity Direct needs to verify your identity after account opening, you will have an introductory one off send limit of £1,000, £250 of which can be sent via debit card, which will increase once your account is fully verified. If you need to send more, get in touch with their customer service.
Business clients can make payments up to £50,000 (or currency equivalent) per calendar month. If you need to send more, you need to contact them.
Supported Countries
Equity Direct is currently available in 20 countries, including the Eurozone, Norway, Sweden, Switzerland, Denmark, Canada and Australia. With Equity Direct you can send money to Kenya, Uganda, and Rwanda.
Is Equity Direct Safe?
The company has been in existence since 2002. It is operated by UK financial services company called VFX Financial PLC, which is authorised and Regulated by the Financial Conduct Authority (FCA). It is also registered and regulated in Canada by the Financial Transactions and Reports Analysis Centre (FINTRAC) as a Money Services Business.
Conclusion
Equity Direct is an ideal choice for sending money to Kenya, Rwanda and Uganda especially if your recipient has an account with Equity Bank. The company only charges a fee of £1 for transfers to Equity Bank regardless of the amount you are sending. Moreover, you can also send money to M-Pesa or Airtel Money.