Whether you’re helping your folks back in the village, paying for goods from abroad, or getting money from clients overseas, sending and receiving cash across borders can feel like a real hustle. Here in Kenya, we’ve got plenty of options — from old-school bank transfers to easy mobile apps. But if you’re not careful, you might lose a lot through hidden charges, tricky exchange rates, or just waiting forever for your money to land.
Let’s Break Down the Real Costs
It’s not just about the fee they show you. Most services make their money in three ways:
- Transfer fee: A clear charge you pay upfront. Sometimes it’s a flat rate like KES 500, or a percentage of what you’re sending. This is usually the smallest bite.
- Exchange rate markup: This one can sting. The rate they give you is often worse than the official Google or Reuters rate. For example, a 3% markup on KES 100,000 means your person gets KES 3,000 less.
- Receiving fees: Some banks on the other end take a cut before the cash reaches your loved one. Mostly happens with SWIFT transfers.
Comparing Ways to Send Money from Kenya
| Service | Good For | Speed | Cost | M-Pesa? |
|---|---|---|---|---|
| Traditional Banks (KCB, Equity) | Big deals like buying land or paying suppliers | 3-5 days, slow | High fees, bad rates | No |
| Online Apps (Wise, WorldRemit) | Sending to family, school fees, freelance cash | Minutes to hours | Low fees, fair rates | Yes |
| M-Pesa Global | Quick small amounts from your phone | Minutes to hours | Transparent fees, okay rates | N/A |
| Cash Agents (Western Union, MoneyGram) | When the other person needs hard cash now | Very fast | Very high fees, poor rates | Yes |
Best Ways to Receive Money in Kenya
- Direct to M-Pesa: Fastest and easiest. Money comes straight to your phone in minutes. Use services like WorldRemit, Sendwave, Remitly, or Wise.
- To your bank account: Good for big payments or business. Your sender can use their bank or an online app.
- Cash pickup: If you don’t have a bank or M-Pesa, just collect the money at a local agent like Western Union.
Don’t Forget CBK Rules
Any legit service must be licensed by the Central Bank of Kenya (CBK). This protects you from fraud and follows anti-money laundering laws. You’ll need to show your ID or passport (that’s KYC). Also remember M-Pesa limits — you can’t get more than KES 500,000 in one go.
Quick Do’s and Don’ts
| ✅ Do | ❌ Don’t |
|---|---|
| Always compare total cost (fees + exchange rate). | Don’t look only at the fee; watch that exchange rate. |
| Use apps like Wise or WorldRemit for small transfers. | Don’t use banks for quick small amounts — too pricey. |
| Check names, account or M-Pesa numbers twice. | Don’t send to strangers or shady deals. Scams are real. |
| Know if your money counts as income for tax. | Don’t assume all cash from abroad is tax-free. |
FAQs
What’s the cheapest way to send money from Kenya?
Most times, apps like Wise or WorldRemit give the best mix of low fees and fair rates. Always use their calculator before sending to see exactly how much your person will get.
Can I send money abroad using M-Pesa?
Yes. Use M-Pesa Global in your app to send to bank accounts or for cash pickup through partners like Western Union. They’ll show you all fees first.
What’s a SWIFT code?
It’s like a bank’s postal address for international transfers. Helps your money land in the right bank overseas.
Is WorldRemit or Sendwave safe?
Yes, they’re licensed by CBK and use top security. Just make sure you’re on their official site or app.
Hope this makes it all clearer. Happy sending!