Sending Money to Kenya: How to Maximise Impact for Each Shilling Sent
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For Kenyans living abroad, "Pesa Nyumbani" isn't just a transaction—it's a commitment to family and community back home. How can you ensure that each shilling sent serves its intended purpose? This guide dives into the advantages and limitations of using M-Pesa, explores the diverse banking landscape in Kenya, and provides actionable insights. Whether it's for urgent needs or significant investments, make informed choices to maximise the impact of every shilling you send back home.
TL;DR:
- "Pesa Nyumbani" is almost a duty to your roots; and we are here to help you make every shilling count.
- M-Pesa is ideal for quick, small transfers, but has limitations for larger sums.
- Diverse banking options are available; choosing wisely can save you money.
As a Kenyan abroad, one understands that "Pesa Nyumbani" extends beyond just sending money—it's a commitment to your roots. Remittances aren't just financial—they're emotional. Each transfer signifies your continued presence and participation in the lives of those back home.
M-Pesa:
- Why the Dominance: M-Pesa's early entry and ease of use have made it integral to daily life in Kenya.
- Limitations: M-Pesa wallets have a limit of 300,000 KES (approximately $2,500 USD). Transaction fees can add up, especially for larger sums. Our Recommendation is for amounts under 100,000 KES, M-Pesa offers speed and convenience. For larger sums, especially investments like property, exploring banking options could be more economical.
Navigating Banking Options
- Know Your Banks: From Barclays and Standard Chartered to Equity and KCB, each has unique offerings for receiving money. They may also allow you to open an account in foreign currency like the USD or Euro. Why It Matters: Some banks offer preferential Forex rates for larger transactions, optimising the value of each shilling sent.
- Geographical Considerations: Traditional banks are mainly urban-centric. If your recipients are in rural areas, consider the accessibility of banks. The time and cost of travelling to collect funds could negate any fee savings.
In summary,
- Use Sendrater: This tool offers real-time comparisons, revealing more economical ways to send money.
- Assess Needs: M-Pesa is unbeatable for speed but may not offer the best value for larger, planned transactions.
- Confirm Details: Always double-check recipient information to ensure a smooth transaction.
- Stay Updated: Rates and regulations are dynamic. Stay informed to make knowledgeable choices.
By focusing on these elements, you'll optimize each shilling sent, aligning with the responsibilities that "Pesa Nyumbani" embodies.
Today's (04 Sep 2024) most favourable exchange rate for sending money from United Kingdom to Kenya in GBP is offered by TransferGo at a rate of 170.89 KES. Including all the fees the recipients will receive 17,088.83 KES for your 100 GBP. For other currencies, please visit our rates page.
Today's (04 Sep 2024) most favourable exchange rate for sending money from United States to Kenya in USD is offered by Verto at a rate of 128.89 KES. Including all the fees the recipients will receive 12,811.67 KES for your 100 USD. For other currencies, please visit our rates page.