The Kenyan shilling (KES) has been the official currency of Kenya since 1966, when it replaced the East African shilling. It is denoted using the “KSh” symbol. One Kenyan shilling is divided into 100 cents. The exchange rate of Kenyan shilling to U.S. dollar saw a significant drop from mid-2011 to around mid-2015.
If you want to send money to a bank account in Kenya, you will need the receiving bank’s SWIFT code. Here are SWIFT codes of some popular banks in the region.
Clement moved to the UK to study, and he continued living in the country after his education was over because he found a desirable job. During one of his visits to Kenya, he decided to purchase a house there. After making the required down payment, he needed to start making monthly payments toward the mortgage he got from a Kenyan bank. As a result, he had to transfer money to Kenya every month. He compared the services of a prominent bank in the UK with a leading money transfer company and this is what he found.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||GBP 1 = KES 135.8468||GBP 1 = KES 141.7837|
|Transfer fee||GBP 20||GBP 0|
|Amount received for GBP 2,000||KES 268,976.66||KES 283.567.40|
|Transfer time||2 to 5 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||KES 14,590.74|
Using the services of the money transfer company instead of the bank ensured that Clement received a better British pound to Kenyan shilling exchange rate. In addition, the company he selected gave him the ability to lock in exchange rates for up to six months, and he could also schedule transfers according to his convenience.
When transferring money to Kenya quickly is your top priority, consider turning to an overseas money transfer company such as MoneyGram, WorldRemit, Ria, or Western Union. Given below are addresses of a few cash pickup locations in Kenya.
|RIA MONEY TRANSFER IN KENYA|
|Nairobi Moi Avenue Branch Guilders Building, Opposite Ebrahim S Supermarket, Naorbi||River Road Branch, Country Hotel Along Kamae Road, Nairobi|
|Kisumu Branch, Imperial Express Hotel, Oginga Odinga Odinga Road, Kisumu||Malindi Kenya Post Office Savings Bank, Malindi Business Complex, Malindi|
|WORLDREMIT IN KENYA|
|Nairobi KCB Bank, Biashara Street, Nairobi||UAE Exchange Shop No: 12, Diamond Plaza Annex, Masari Road Parklands, Nairobi|
|Kisumu KCB Bank, Inside Kisumu airport, Kisumu||Malindi KCB Bank, Lamu Road, Malindi|
If you want to collect money from a physical location, try doing so in a bank or a shopping complex. If the transfer involves a large sum, exercise due caution and consider taking someone your trust along. Avoid carrying a lot of money and wearing expensive watches or jewelry.
Instances of bag snatching are common in and around airports, railway stations, and bus terminals. Carjacking, muggings, armed robberies, and kidnappings are common in larger cities such as Nairobi and Mombasa. Slums in the bigger cities are prone to higher crime rates, so avoid them when possible.
If you are under threat, do not resist. Do not walk around at night, especially in secluded areas. There have been instances of thieves posing as private security guards or police officers, so ask for identification if approached by any. Do not accept food or beverages from strangers.
The information you need to provide when transferring money to Kenya depends on the transfer method you choose.
The Central Bank of Kenya functions as the country’s monetary authority. It monitors the country’s financial systems and also works in maintaining the Kenyan shilling’s stability. Since the Kenyan shilling is completely convertible, it is easy to transfer money to and from Kenya.
While there are no restrictions on cross-border money transfers to and from Kenya, transfers that exceed KES 500,000 are reported to the country’s custom authorities. If you are leaving Kenya, you may carry up to KES 100,000 in cash at one time.
As a founding member of the East African Community (EAC), Kenya may adopt a common currency in the near future.