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The cost of sending money

15 Jul

Sending money to Kenya is a financial transaction and as with any financial transaction it is in your best interests to know in detail, upfront, what fees you will have to pay for what type service and what limits or conditions there are on the transaction. Here are some of the things you need to consider when sending money back to Kenya:

Fees

The fee to send money abroad can vary depending on:

  • How you decide to make the payment
  • what service provider you use
  • how much money you’re sending

Limits

Depending on the service provider and type of service you choose, there may be a minimum and maximum limit on the amount of money you can send or the amount of money the recipient can withdraw or collect. Some service providers will require additional supporting documents for you to send anything

Exchange Rate

When sending to Zimbabwe you have the option for your recipient to receive the money in Rands or US dollars. In order to determine the amount of local currency that your dollars represent, companies will use an exchange rate. It’s important to know what exchange rate you will get when sending the money.

Look at the officially published exchange rates in order to get an idea of the kind of range you should expect. You will get a more accurate picture of the exchange rate if you compare rates between service providers. Ask a handful of companies/stores specifically what the exchange rate is for sending the amount you want to send to your desired country and don’t forget to ask specifically for them to break down what the exchange rate is and what fees they charge for their services.

 
 

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