If you have a family abroad or are abroad and wants to send some money home for the first time, then you know how real the struggle is to know which is the safe, convenient and cheap channel to wire the money safely to your kin.
Many go for other channels that are either too expensive or channels they can easily lose their money to online fraudsters who are waiting for a naive individual who doesn’t know how the wiring of funds is supposed to be done.
There are many easy and very cheap ways of sending money to your loved ones either in Kenya or abroad, or even for business activities abroad. Some are even simple apps, you don’t have to go to banks and stuff…everything is done with the touch of a button.
Below are the channels you can use to send money to and fro Kenya.
I have personally used Skrill and I can just say it’s perfect.With a free setup, low transaction fee which varies according to the amount withdrawn, and a setup that only requires an email, Skrill is the real king of international transactions as it only minutes.
The user, for example here in Kenya just needs to connect the Skrill account to his/her Mpesa or Bank account and he is good to go.
2. Wave Money Transfer APP
It’s one of the world’s leading money remitter to East Africa with no fees. You just enter your recipient, choose how much money you want to transfer and press ‘Next.’ Your recipient in Kenya will receive the money on their mobile instantly!
2. World Remit
This is one of the most trusted, fastest and most convenient ways of sending money home. Recipients can receive money in their bank accounts or through their Mpesa and withdraw in less than 24 hours.
3. Western Union
This is one of the oldest international money transfer company and has served for over a century. The sender has an option of sending the money in person through an agent or online to the recipient who does almost the same thing in withdrawing or getting the money in his/her bank account.
This account allows you to easily withdraw money from Paypal. Payoneer allows you to send and receive money from all over the world and money sent here can be channeled to your bank account though withdrawing it takes a little bit more time.
A PayPal division, Xoom enables money transfers from almost all places in the world to Mpesa within a day. Xoom has good security features and you can send your money safely.
Moneygram is in a way like Skrill and they are bitter competitors. They offer cash pick- and also can send money directly to the recipient’s bank account though this takes some time. Moneygram too like skrill can send money directly to a recipient’s Mpesa account
Simbapay money transfer lets you transfer money from European countries to Kenya, Uganda, Ghana, and Nigeria at no transaction cost.They only bank on exchange rates, hence it’s very convenient and takes 1-3 working days to complete a transaction.
Transfast allows direct transactions to many banks in Kenya like Barclays, Chase bank, DTB, Ecobank, Standard Chartered among others. Transfast also allows for transactions through Mpesa
This is the fastest and cheapest way to send money to M-Pesa users in Kenya because it is real-time and very cheap.