XE Money Transfers
- Send money overseas in just one day
- More than 40 different currencies available
- Low transfer fees
- Keep track of your transaction 24/7 online
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Since the Kenyan shilling is a thinly traded currency, there are relatively few options for sending money to Kenya, but that doesn’t mean you’re out of luck. Money transfer services like WorldRemit, Western Union and MoneyGram are clamoring for your business, and often offer more competitive exchange rates and lower fees than the bank.
To read more about a product, click “More info”, or click “Go to site” if you would like to register and open an account.
The first question you should be asking yourself, if you’re looking to send money to Kenya, is whether you plan to use your bank or a dedicated money transfer service to get the job done. While it’s not up to us to tell you which is the right service to choose, there are some key differences between both options that you should be aware of before forking over your hard-earned cash.
When Abasi finds out that he’s been accepted to do his master’s degree at the University of British Columbia, his first concern is for his elderly mother, who runs a small stall in the Maasai Market in Nairobi. While Abasi is determined to continue his studies, he wants to make sure that he can find a secure and affordable way to send money home to his mother before he commits to moving overseas. Lucky for Abasi, he is offered a position as a teaching assistant while he pursues his studies, and begins by comparing the costs to send a portion of his income back home with his bank versus a reputable money transfer service.
|Bank||Money Transfer Service|
|Exchange rates||CAD$1 = KES 74.86|| CAD$1 = KES 75.02|
|Amount received (for $1,000)||KES 74,860||KES 75,002|
|Transfer speed||2 – 5 days||1 – 2 days|
|Options available||Bank-to-bank transfer||Bank-to-bank tranfer|
or cash pick-up
Abasi realizes that he can save KES 142 (around $2) in the exchange rate with the money transfer option, with an additional $11 in fees. If Abasi sends money every month, this amounts to almost $156 over the course of one year.
While Abasi doesn’t claim to be an expert, he does have some advice to offer if you’re not sure what to look for when booking a transfer to ensure that you get the best deal possible.
When you’re looking to send money to Kenya, consider the following options:
|Money Transfer Service||Transfer Fee (CAD)||Exchange Rate Markup||Total in KES minus fees (from $1000)|
|XE Money Transfer||$0||75.667||75,667|
Rates updated as of 26 June 2018 (subject to change) – you can visit many of these websites directly by clicking ‘Go to Site’ on the interactive transfer comparison table at the top of the page.
For those avid travelers planning to head to Kenya in the near future, the Government of Canada recommends that you exercise a high degree of caution (as of 26 June 2018). There is a high crime rate in most regions of Kenya, particularly in major cities like Nairobi, Mombasa and Kisumu, and at coastal beach resorts. Petty crimes, including purse-snatchings, pickpocketing and robberies, also occur. Store your personal belongings in safekeeping facilities and avoid showing signs of affluence or carrying large sums of money. If you do need to pick up cash, try to go with a friend during the day, and return to your hotel to secure your cash in a safe deposit box.
So you’ve made it to the last stage of the game, and have decided that a bank or money transfer service is your best option for sending money from Canada to Kenya? Then your next step is to set up an account, which you can do by clicking ‘Go to Site’ on the interactive transfer comparison table at the top of the page. The process for transferring money to Kenya will vary depending on the method you use:
If you want to send money to friends, family or business partners in Kenya, then you’ve come to the right place. Do your research to find the service offering the most competitive exchange rates and the lowest fees, and if you’re so inclined, click [Go to Site] on the comparison table at the top of this page to register with your chosen provider. If you have any questions about how to send money to Kenya, feel free to contact us directly by commenting below.
SPONSORED: How you can save when sending money abroad for festive occasions with Simplii Financial.Read more…
Here’s what you need to know about Western Union fees and exchange rates for international money transfers from Canada.Read more…
SPONSORED: From cashback to super low fees, here are the Top 5 bonus features to look for in a money transfer—and how Simplii Financial can help you.Read more…
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