Are you thinking of the cheapest way to send money to Kenya? You could be a friend of a person in Kenya or a family member. You could also be a business person who need to transfer money to Kenya to fund your company or a donor sending money to a Kenyan organization you support. Ideally, you want to send money to Kenya, using an option that is fast, cheap, and efficient. This article will explain how to send money to Kenya.
Fastest and cheapest options
- There are many options available to trannsfer money to Kenya. Choose a method that is cheaper to you and the recipient, one that is faster, and one that is efficient.
- Of all the methods, we recommend using Transferwise, World Remit, or wire transfer. However, you should also ask the Kenyan recipient on the method they mostly prefer because maybe they would prefer even Bitcoin.
Transferwise to Kenya
Transferwise is a relatively new international transfer method. The company was founded in London, and has so far raised more than $770 million and is currently valued at $3.5 billion. The company’s goal is to disrupt the funds transfer industry by making the whole process cheaper, faster, and efficient. To solve this problem, the company opened hundreds of bank accounts around the world. Therefore, if you send money to a person in Kenya using Transferwise, the company will complete the transaction using its Kenyan account. As such, the recipient is able to receive money within the shortest time possible and at the best exchange rate.
How to Use Transferwise Kenya
- Check the exchange rate. You could use Google to check the current exchange rate. Unlike other companies that mark-up the exchange rate, Transferwise usually uses the same rate as displayed on Google.
- Create a free Transferwise account and tell the company where you are sending money to, Kenya in this situation.
- Enter the recipient’s bank account in Kenya and the company will complete the transaction within an average of one hour. You can also send the money directly to M-Pesa.
World Remit to Kenya
World Remit is an international money transfer platform with more than 4 million users from around the world. The company’s platform works in a similar way to Transferwise, with the only difference being that you can collect funds at local agent. To send money to Kenya using World Remit, you should follow the following steps.
- Go to WorldRemit website and download their mobile application or use their website.
- Enter the amount and the country you want to send money to. You will see the amount of money the recipient will see right away.
- Add the details of the person you want to send the money to. The funds will arrive to the customer within less than an hour. You can also track the payments using their website.
Coupon code World Remit
Benefits for Using World Remit
- The recipient does not need to have a bank account.
- The first transaction you do with World Remit is 100% free. And if using the code
3FREEyou pay no fees on your first three money transfers.
- You can easily track the payments using the app.
- Transparent exchange rate.
- The process is faster.
How to Wire Money to Kenya
Wire transfer to Kenya by your bank account also can be a simple process, but it generally will cost more. In this proces you have to instruct your bank to send the money to the recipient’s bank account in Kenya. To do this, all you need to do is to visit your local branch or use the digital banking platform to send the funds. To send money to Kenya using a wire transfer, you will need the following.
- The recipient bank account number.
- The recipient’s bank name and address.
- The recipient’s bank’s Swift number.
The entire process will take a few minutes and the recipient will receive the funds within seven days. On average, it takes less than two days for the transfer to complete.
PayPal to Kenya
PayPal is the biggest money transfer company in the world with a valuation of more than $140 billion. With the company, you can send money to a Kenyan recipient within a few seconds. To do this, you need to ensure that the recipient has a PayPal address. After this, all you have to do is to enter their email address and the amount you are sending and they will receive the funds immediately. The recipient has two options of withdrawing the funds. First, they can withdraw to their m-pesa account. Depending on the amount, this process takes less than 5 hours. Second, they can withdraw the funds to their bank account. In Kenya, this can be done using just Equity Bank, which is the largest bank in Kenya.
Unless the recipient insists, using PayPal should be one of the last options for three reasons. First, it takes three days for the recipient to have money in their bank if they opt to withdraw to their banks. Second, there are so many charges when you use PayPal. On average, when you send $300 to a recipient, they will receive $288. They will then be charged by the bank to withdraw. Finally, the foreign exchange process is not transparent.
Western Union to Kenya
Western Union is one of the oldest money transfer method. The company is now worth more than $8 billion and is available in most countries around the world. The process of sending money to Kenya using Western Union is relatively simple and can be done in two ways. You can use the company’s online platform to send the money or you can do the transaction at a local store. When paying online, you can use your credit or debit card to send the money. Then, you should enter the recipient’s details. If you are depositing directly to the bank, you should enter the bank account. If you want the person to pick the funds at a local agent, you should share with them the MTCN number, which the agent will use to give them the funds.
There are a number of benefits of using Western Union to send money to Kenya. These are:
- It is a fast method of sending money.
- There are hundreds of locations the recipient can receive the funds in.
- The recipient does not need to have a bank account.
An alternative to Western Union is MoneyGram, which uses the same process.
Bitcoin to Kenya
Another alternative you can use to send money to Kenya is Bitcoin. As you know, Bitcoin is a digital currency that is available in all parts of the country. To do this, you need to have Bitcoins on your wallet. Your recipient also needs to have a Bitcoin address. To do the transaction, all you need to do is to go to your Bitcoin wallet and select the option to send the Bitcoin. You should then put the address of the recipient and the amount of Bitcoins you want to send. The recipient will then receive the Bitcoin and can cash them using the methods we described here.
There are so many options available to you when you want to send money to Kenya. As you make the decision, you should consider a method that is cheaper to you and the recipient, one that is faster, and one that is efficient. Of all the methods described here, we recommend using Transferwise, World Remit, or wire transfer. However, you should also ask the Kenyan recipient on the method they mostly prefer because maybe they would prefer even Bitcoin.
Kasper is our expert for saving, investing and bank accounts. Kasper holds an MSc in Mathematics and worked with Mercedes-Benz and the Dutch tax authorities.