There are plenty of ways to send money to Kenya from the UK, but it is worth taking into account the safest, cheapest and most efficient methods.
How To Send Money to Kenya from the UK
According to recent statistics, there are over 25,000 British citizens currently living in Kenya with a further estimated 160,000 Kenyans living in the United Kingdom. As such there is an unsurprisingly high demand for financial services to support transactions between the two countries.
Methods to Send Money to Kenya from the UK
Sending Money to Kenya via Online Money Transfer
There are many online services available for sending money to Kenya. These tend to offer the best exchange rates. Services such as TransferWise, for example, are widely recognised for low transfer fees and the best exchange rate between the British Pound and the Kenyan Shilling. In addition to TransferWise, Remitly, MoneyGram and World Remit are also known for their fast and cost-effective methods.
Sending Money to Kenya via PayPal
Paypal is fully functioning and legal in Kenya, through the company-owned service ‘Xoom’. It is a fast and secure way to send money, supported by some of Kenya’s major banks. Payments are made through the PayPal account by debit or credit card or via the app. The other great thing about PayPal is the speed, offering transfers in as little as one business day. However, PayPal make money from the exchange rate meaning that they do not offer the most competitive rate on the market. They also charge a transfer fee per transaction.
Sending Money to Kenya via Bank Transfer
Sending money to Kenya directly through a wire transfer from a UK bank account is not generally advisable. It tends to be a less cost-effective way as the exchange rate offered is worse than other services. You will also need to pay a transfer charge which can often be costly.
Can I Send Money to Kenya via Cryptocurrency?
Though using cryptocurrency in Kenya is not strictly illegal, regulatory bodies such as the Central Bank of Kenya advise against their use. That being said, Kenya has a leading position in cryptocurrency use. Additionally, its low volatility relative to exchange rate makes it a popular choice for money transfers.
You can send money to Kenya with interest rates of 0.76%
Can You Send Money to Kenya For Free?
Money transfer services are never 100% free as they always involve some form of transaction fee or exchange rate. However, many of these are extremely low. Sending money via TransferWise is often recognised as one of the cheapest methods. Per transaction, there is a flat fee of 2.05 GBP + 0.76% of the amount that is converted. Thus, the more money sent, the higher the transfer fee. For a lower exchange rate, Natwest, Barclays and RBS offer free transactions.
How Long Does It Take to Send Money to Kenya?
Depending on the service provider that you choose to transfer money to Kenya, funds can arrive into the specified account instantaneously. Online services such as TransferWise typically transfer the funds in as little as 30 minutes. Bank transfers typically take longer at around 1-3 business days.
What Do You Need to Send Money to Kenya?
Bank transfers offer require a form of photo ID and a debit card. For any online payments, you will need all relevant login details and possibly a card reader. You will also require a Swift Code. This is a code beginning with a 4-digit bank code, a 2-digit country code, a 2-digit area code and a 3-digit branch code. Kenya uses Swift rather than IBAN.
Is it Safe to Send Money to Kenya from the UK?
Like any money transfer, you should be careful when transferring money to Kenya. Look out for FCA approval as this means that the accounts are safeguarded. With any legitimate company, their FCA details should be readily available on their website. Like any transfer of money, it is advisable to be careful with any personal security and sharing any confidential information such as passwords. This is especially true for phone and email correspondence.