Kenya, officially known as the Republic of Kenya, is a country lying in Eastern Africa. It is a rapidly growing and developing nation that emerged as the most significant economy in South-East Africa.
Despite this, it is a third-world country to this day. As such, Kenya depends heavily on the foreign remittances sent by its citizens who live and work abroad. Nevertheless, in recent times, with the advancement of technology in digital transfers, all international online money transfers have become exceedingly effortless.
Let us look at the primary factors and elements that one must know before sending money to or receiving a sum from Kenya.
How to Transfer Money from Other Countries to Kenya?
Money transfer to Kenya is uncomplicated because the country accepts almost all the methods and modes available for this purpose. However, due to the transaction fees and intricacy of the mode, not all serve as a feasible option.
For example, an international bank-to-bank transfer or transnational wiring would require substantial fees to opt for the service. Additionally, it takes a significant amount of time for the completion of the transaction.
For this precise reason, other convenient and pocket-friendly transfer modes exist to send money to Kenya. The recipients can receive the funds directly in their bank accounts, or through e-wallet transfers, or via cash pickup through them.
Cheapest Modes of Money Transfer in Kenya
Online money transfers are the most effortless and convenient methods to send and receive funds, be it a local or international transfer. As such, access to any branch or online mode by the following international money transfer services, operational in Kenya, would suffice adequately:
Wise (formerly TransferWise)
Most, if not all of the above services, offer an online web portal or downloadable application to facilitate the use of their amenities via mobile phones. They merely require an account setup and details of the recipient to initiate the payment procedure.
Other than these options, the MoneyGram provides physical locations to send money to Kenya from anywhere in the world. These processes are cheap, readily available in Kenya, and complete the entire transaction in a matter of a few minutes.
M-PESA Global and e-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 smooth and hassle-free transfer of funds.
Using this service, recipients can receive the transferred amount directly in their M-PESA mobile wallet account. Hence, the e-wallet associated with the M-PESA Global service would accept the money sent from foreign countries. It would store them for further access and use at any time via mobile phones.
Alternatively, recipients can withdraw the amount as cash through any agent correlated with the service from any location in Kenya.
Bank Transfers and Cash Pickups in Kenya
International money transfer services such as Xpress Money, MoneyGram have ongoing partnerships with the local banks of Kenya. It allows for the legal transfer of substantial amounts of money to the citizens and residents of the country. The money withdrawal process is possible in the form of cash or through cash pickup options and services.