How to Make International Money Transfers To and Fro Kenya
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 meaningful 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 oversea. Nevertheless, in recent times, with the advancement of technology in digital transferences, all international online money transfers have become extremely effortless.
Let us look at the dominant factors and elements that one must know before sending money to or receiving a sum from Kenya.
How to move Money from Other Countries to Kenya?
Money move to Kenya is uncomplicated because the country accepts almost all the methods and modes obtainable for this purpose. However, due to the transaction fees and intricacy of the modus, not all serve as a possible option.
For example, an international bank-to-bank move or transnational wiring would require substantial fees to opt for the service. Additionally, it takes a meaningful amount of time for the completion of the transaction.
For this precise reason, other functional and pocket-friendly move modes exist to send money to Kenya. The recipients can receive the funds directly in their bank accounts, or by e-wallet transfers, or via cash pickup by them.
Cheapest Modes of Money move in Kenya
Online money transfers are the most effortless and functional methods to send and receive funds, be it a local or international transference. As such, access to any branch or online modus by the following international money move sets, operational in Kenya, would suffice adequately:
Transfast Wise (formerly TransferWise) Payoneer Ria Xoom MoneyGram WorldRemit
Most, if not all of the above sets, proffer an online web portal or downloadable application to ease the use of their amenities via mobile phones. They merely require an account setup and details of the recipient to begin the payment procedure.
Other than these options, the MoneyGram provide physical locations to send money to Kenya from anywhere in the world. These processes are cheap, freely obtainable in Kenya, and complete the complete transaction in a matter of a few minutes.
M-PESA Global and e-Wallet sets
M-PESA is a popular mobile-based online money move service that operates internationally. People in Kenya and other parts of the African vicinity use it widely and regularly. It has partnered with MoneyGram to permit the smooth and hassle-free move 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 by any agent correlated with the service from any location in Kenya.
Bank Transfers and Cash Pickups in Kenya
International money move sets such as Xpress Money, MoneyGram have current partnerships with the local edges of Kenya. It allows for the legal move of substantial amounts of money to the citizens and residents of the country. The money withdrawal course of action is possible in the form of cash or by cash pickup options and sets.