How to make international money transfers to and from Kenya
Kenya, officially known as the Republic of Kenya, is a country found in East Africa. It is a rapidly growing and developing nation that emerged as the most important economy in Southeast Africa.
Despite this, it is a third world country to this day. As such, Kenya is highly dependent on foreign remittances sent by its citizens living and working abroad. However, in recent times, with the advancement of technology in digital transfers, all international money transfers online have become extremely easy.
Let’s look at the main factors and elements that one should be aware of before sending money or receiving a sum from Kenya.
How to transfer money from other countries to Kenya?
Transferring money to Kenya is not complicated because the country accepts almost all methods and modes available for this purpose. However, due to transaction fees and the complexity of the mode, not all serve as a feasible option.
For example, an international bank-to-bank transfer or a cross-border transfer would require substantial fees to opt into the service. Also, it takes a significant amount of time to complete the transaction.
For this precise reason, there are other convenient and inexpensive transfer modes to send money to Kenya. Recipients can receive the funds directly into their bank accounts, or through electronic wallet transfers, or through cash payment through them.
The cheapest ways to transfer money in Kenya
Online money transfers are the easiest and most convenient methods to send and receive funds, whether it’s a local or international transfer. As such, access to any branch or online mode by the following international money transfer services, operating in Kenya, would suffice:
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transfast
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Wise (formerly TransferWise)
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Payoneer
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Estuary
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Xoom
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money gram
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WorldRemit
Most, if not all, of the above services offer an online web portal or downloadable application to facilitate the use of their services via mobile phones. They simply require an account setup and recipient details to initiate the payment procedure.
Aside from these options, MoneyGram provides physical locations to send money to Kenya from anywhere in the world. These processes are inexpensive, readily available in Kenya, and complete the entire transaction in a matter of minutes.
M-PESA Global and electronic wallet services
M-PESA is a popular mobile-based online money transfer service that operates internationally. People in Kenya and other parts of the African region use it widely and regularly. It has partnered with MoneyGram to enable the seamless and hassle-free transfer of funds.
With this service, recipients can receive the amount transferred directly into their M-PESA mobile wallet account. Therefore, the electronic wallet associated with the M-PESA Global service would accept money sent from foreign countries. You would store them for later access and use at any time via mobile phones.
Alternatively, recipients can withdraw the amount in cash through any service-related agent from any location in Kenya.
Bank transfers and cash withdrawals in Kenya
International money transfer services like Xpress Money, MoneyGram have ongoing partnerships with local Kenyan banks. It allows the legal transfer of substantial amounts of money to the citizens and residents of the country. The withdrawal process is possible in cash or through cash payment options and services.
