- No minimum transfer amount
- Large range of destinations
- Competitive exchange rate
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Do you want to send money to friends or family in Kenya? There are lots of companies and banks that offer money transfers to Kenya, and by comparing exchange rates and fees, you can find the best deal for your next transfer.
The table below shows the different services you can use to send money overseas to Kenya. You can sort products using the table headings, and if you’d like to read more about a product, you can click “More”. If you’d like to register and open an account, click “Go to Site”.
Although banks are quite capable of sending money to Kenya, you’ll face high exchange rates and multiple fees to get your money into the hands of the person who needs it. If you need a quick option, banks also fall short — it could take up to a week, while money transfer companies may be able to exchange your money in a few hours.
Specialist money transfer companies are the best place to start. These companies offer fast, secure and much more affordable transfers to Kenya. The fees are usually lower than what you’d find at a bank, exchange rates are higher and the transactions can be handled from the comfort of your own home. This gives money transfer companies a competitive edge over banks, so consider one when you’re in need of a money transfer to Kenya.
Abasi wanted to send money regularly to his family in Nairobi. He found a bank that allows transfers to Kenya but felt the fees were too high. Instead, he compared the deals from two money transfer companies.
|Money Transfer Service 1||Money Transfer Service 2|
|Exchange rate||1 ZAR = 7.40 KES||1 ZAR = 6.99 KES|
|Transfer fee||R22||R40 (cash pickup)|
|Amount received in KES for 1,000 ZAR||7,400 KES||6,990 KES|
|Transfer time||Three to five business days||Ten minutes|
|Transfer options||Bank-to-bank transfer||Bank-to-bank transfer, mobile payments, cash pickup|
|Difference of||+410 KES|
Abasi found that he could save R18 by using the first money transfer company and send an extra 410 KES to his family.
If you want to send money to Kenya, make sure you have a look at the following information when you get your quote on the funds transfer.
In the event of an emergency, it’s possible to get cash to Kenya in a matter of minutes. Some companies let you send money to Kenya almost instantly but you’ll have to pay extra for the privilege of a rapid transfer. International money transfer services like Western Union, WorldRemit and MoneyGram let you transfer to merchants, cash collection agencies and banks in a matter of minutes. You can send the money to Kenya from the company’s website. It’s safe, easy and quick. Higher fees and lower exchange rates may apply, so check the fine print to determine the total cost of your transfer first.
There are over a thousand different Western Union cash collection outlets where you can send money to Kenya.
Be aware that the size of the transfer, differences in time zones and other transaction specific conditions will determine where the cash can be collected from. For example, a foreign exchange bureau may be the only place that has enough money to honour your transaction.
The numbers for the merchants where cash can be collected are listed on the MoneyGram and Western Union websites. It may be a good idea to give the business a call before you go in to make sure you will be able to get the cash when you come in. They may also be able to advise you if there are any security protocols that need to be observed.
You should take care whenever you pick up cash from a transfer agent. This means staying aware of your personal safety at all times and taking a few steps to prevent yourself from becoming a target for thieves.
The process for sending money to Kenya is a little different depending on the method you use.
If you want to send the money to a bank account in Kenya from your bank account in South Africa, you’ll need the recipient’s bank account details and details of their banking institution, such as the SWIFT code or IBN. International fund transfers from your bank account are done through your online banking facility.
If you want to send cash for the person to collect, you just need to provide their full name. They will need the Money Transfer Control Number (MTCN), which is provided to you once the transaction is confirmed.
Money transfer companies like Western Union also let you send money to a person’s mobile phone in Kenya. The recipient must have an activated Safaricom M-PESA Mobile Wallet. You need their Safaricom mobile phone number and the receiver’s full name to complete a transfer this way.
Before you can send money to Kenya using a service like WorldRemit, you will need to create an account. You will need to provide the following details about yourself:
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