Top 5 Most Affordable Ways to Send Money from Kenya to The USA

Top 5 Most Affordable Ways to Send Money from Kenya to The
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As the financial industry develops, it becomes faster and easier to access money when needed. Companies like 15M Finance can provide you with fast cash despite bad credit, along with multiple cash apps that you can use to get rewards and bonuses just by completing simple tasks. But what if your loved ones need a higher amount while they are thousands of miles away from you? Luckily, it’s not a problem!

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People in Kenya now have a wide range of options available. Some of them provide more speed, others demonstrate higher security, but each of them is worth considering. If you’re looking for the best ways to send KES to the United States fast and safely, keep reading.


How to Send Money from Kenya to The USA in 2023

Here’s the list of the 5 most popular and affordable money transfer options.

1. Bank Transfers to The USA from Kenya

International wire transfers through a bank are considered one of the safest ways to make a KSE to US transfer. People are used to trusting banks as they give them the feeling of working with a reliable financial institution that has certain guarantees. At the same time, banks typically charge higher fees and apply a disadvantageous exchange rate, so it can be a costly option.

Additionally, bank transfers are not the fastest ways to send money. It typically takes from 3 to 7 days to complete a transfer. However, it can still be a great option if safety is a priority for you. To make a wire transfer, you need to provide a SWIFT/BIC code to complete the procedure. Multiple banks, including EQ Bank, Co-operative Bank of Kenya, and National Bank of Kenya, can gladly help you if you decide to choose this way to send money to the USA.

2. Online Money Transfer Services

Online money transfer services have revolutionized the way we send funds across borders. Users all over the world can transfer money just in a few clicks, in a matter of minutes. These services typically work similarly. First, you need to create a profile and link your bank account or credit card to it. After your account gets verified, you can make a transfer to your desired US recipient.

Wise, Skrill, Remitly, PayPal, and Paysend are trusted and popular services for those who want to send money from Kenya to the USA. Wise is known for its competitive exchange rates and low fees. Skrill is a virtual wallet that can be used for prompt international money transfers. Paysend is an online service with global coverage (over 170 countries) and fixed fees. PayPal and Remitly are also well-known market players. They provide reliable and secure money transfers for customers all over the world.

Regardless of the provider, online money transfer services offer a convenient and affordable way to send funds internationally. Just shop around and find the option with suitable terms.

3. Mobile Money Transfer Services

As most of the Internet traffic comes from mobile traffic, mobile money transfers have become increasingly popular. These services allow users to send and receive money using their mobile phones. Thus, you can send and receive money on the go from anywhere at any time. Mobile transfer services typically require you to install a certain mobile app. Then, you also need to create a profile and add your bank account details to get started.

The most popular mobile services for money transfers from Kenya to the USA are M-Pesa and WorldRemit. M-Pesa is Kenya’s leading phone-based money transfer service launched by Vodafone and Safaricom. It allows users to send money by using their mobile wallet. This service is quite simple to use. All you need is to dial *840#, accept the terms and conditions, and choose “Send money abroad.” You can also use a Safaricom app to access a money transfer option. Fees depend on the amount you send and on whether the recipient is registered.

WorldRemit is another money transfer service that allows customers to transfer funds easily just via their mobile phone or through the website. It’s available in more than 50 countries, including Kenya, and makes it possible to transfer funds to over 130 countries, including the USA. The amount you send can be withdrawn from your mobile money, bank transfer, or credit or debit card.

4. Money Transfer Agents

Money transfer agents like Western Union can be a great solution for individuals who don’t trust online services and want to send money fast and safely. These agents typically have physical stores that you can visit to make a money transfer. For example, Western Union has a large network of agent locations in Kenya, with over 1,500 agent locations opening their door every day. Thanks to this, you can easily send and receive money in person.

Other trusted agents in Kenya are MoneyGram, Ria Money Transfer, and Xpress Money. They typically have similar working mechanisms but may vary in terms of the fees they charge. All money transfer agents mentioned provide a reliable and convenient way to transfer funds internationally. However, fees for using money transfer agents tend to be higher compared to online and mobile options.

5. Cryptocurrencies

Cryptocurrencies have boomed abruptly and quickly became a great alternative to more traditional ways of transferring funds. Digital currencies like Bitcoin and Ethereum are decentralized and operate independently of traditional banking systems. This makes them a workable option for individuals who want to avoid high fees or long processing times.

One platform that has gained popularity in Kenya is Binance. This is a global cryptocurrency exchange that allows users to buy and sell a variety of digital currencies. With Binance, users can easily transfer money from their account to a recipient’s account in the USA or any other country.

To get started, you need to replenish your Binance account. A deposit from your debit card is usually possible. Then, you can transfer money to anyone who also has passed Binance registration. To make it, you need to know the recipient’s ID.

What to Consider When Choosing a Money Transfer Option?

If you’re looking for a pleasant experience, there are several factors to consider before you decide on a money transfer option to use. Here are a few factors that can be essential:

  • Speed. Money transfer speed indicates how quickly the recipient can receive the funds. Some providers offer instant transfers, while others may require a recipient to wait several days. Clarify this point in advance if time is of great importance;
  • Remittance exchange rate. The rate at which the provider will convert Kenyan shillings to US dollars has a direct effect on the amount that your recipient will get at the other end. Additionally, it can either decrease your transfer cost or make it more expensive;
  • Fees. Some services or agents may charge high fees or hidden costs, which can significantly impact the total amount of money sent. Always ask about fees provided for money transfers to selected regions. Also, keep in mind that fees can depend on the amount you’re going to send.

Comparing the speed, exchange rates, and fees across different services and providers will help you find the most affordable and convenient option for your current needs.

Bottom Line

If you need to send money from Kenya to the USA, there are at least 5 options at your service. While transfers through banks and money transfer agents can cost more than online or mobile services and cryptocurrencies, they are trusted ways that people use over a long time. However, as the industry develops, you can benefit from innovative money transfer options too. Just choose a trusted service and make sure you understand all the terms.