Hi -
I'm from Germany and currently considering to move to Nairobi for a Job.
The job would be on a local contract.
Pay is set in $s but would be paid every month in KES to a local account.
Given that I'll still want to save some money for when I return or move elsewhere I'll want to
- save in $s
- move some money "back home" on a regular basis
There is a lot of information on money transfers to Kenya, its more difficult to get a feeling fow how it works (and how much it costs) the other way around...
What is your experience? What are the best local banks / providers to look for and how much friction losses do I have to expect?
Regards!
Money Transfers "Home" (out of Kenya)
3
19
Hi,
you can open a USD bank account in a Kenyan bank, and then you can get USD cash from this bank account, or transfer USD abroad. As for the charges for transfer, they vary from one bank to another.
Regards
3
Thanks!
whats a rough dimension for the fees to transfer $s to a European USD Account on the Kenyan Bank's side?
19
KCB is charging
Remittances outside Kenya (TT's and Drafts)
0.3% of value subject to:
- Minimum Ksh 1,200 approx= 12 $
- Maximum Ksh 6,000 approx= 60 $
19
As a general rule, Bank exchange rates from $ to Ksh are not very high. As of today, some bank are giving 97.95 Ksh for 1, whereas if you use Dahabshiil their exchange rate is 100.31 Ksh for 1$ net (no charges). If you would exchange $5000, the delta between a bank and Dahabshiil is 100€. The exchange rate is not the same in all Dahabshiil branches, the highest rate being the CBD branch (I dont know why)
3
do they exchange cash for cash or can they also sent cash to foreign accounts?
19
Dahabshiil is exchanging cash for cash, as far as i know (i have never been sending cash outside Kenya) they dont transfer money to foreign accounts. The rules (i mean international rules) for USD transfer change quite often.
34
you can change kenyan currency in the bank cash by cash in either $ or euros to make them convenient to carry
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