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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Many banks in the UK may offer the option to send funds to Kenya. But banks typically charge high transfer fees and offer exchange rates that are significantly lower than the mid-market rate — or the rate banks and transfer providers use when trading among themselves.
A reputable money transfer specialist can offer better exchange rates and also charge lower fees, saving you money and putting more Kenyan shillings into your recipient’s pocket. Some providers offer electronic transfers to bank accounts only, while others also provide cash pickups, mobile wallet payments and cash delivery services.
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. Most countries’ exchange rates are flexible, which means they can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
John moved to the UK to work for a few years and save as much money as possible for his family. He wants to send £5,000 to his relatives, but he doesn’t want to lose too much money to high fees or weak exchange rates. He compares the services of two money transfer companies to see if he can find a good deal.
|Money Transfer Company A||Money Transfer Company B|
|Exchange rate||1 GBP = 124.32 KES||1 GBP = 127.07 KES|
|Transfer speed||1 business day||10 minutes|
|Transfer option||Bank account transfer||Bank account transfer|
|Total KES received for £5,000||621,600 KES||635,350 KES|
As you can see, John will pay an extra £11 in fees with Money Transfer B, but he’ll get his transfer to Kenya within minutes — and send an extra 13,750 Kenyan shillings to his parents.
You might need to send an emergency cash transfer to Kenya — for example, if a friend travelling through the country loses their wallet. When you need to transfer funds urgently, your fastest possible transfer will often be your most expensive option. Carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost you.
Whether picking up funds in Kenya or anywhere else around the world, take a few simple safety precautions to prevent yourself becoming a target for thieves.
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