7 Best International Money Transfer Services in Kenya

Money transfer services and the finance sector, in general, have come a long way in Kenya. Initially, the only option you had for sending money internationally was banks and legacy platforms like Western Union, which have been in service for decades. 

Currently, sending and receiving money from abroad has been made faster and more convenient. Several companies now offer a wide range of options for digital remittance, both domestically and globally. 

This guide covers some of the best international money transfer services to help you make an informed decision. 

Factors to Consider When Choosing a Money Transfer Service

With so many digital remittance services, you may be overwhelmed. How do you select the best one? Here are some of the qualities that make a good money transfer service:

Speed

Sometimes, the money you’re sending is needed urgently, so it’s important that the money arrives as fast as possible. A good money transfer service is fast and convenient, enabling you to make transfers quickly and efficiently. 

Exchange Rates

This is another crucial factor to consider because it affects the money your recipient receives. One of the reasons digital remittance platforms are preferred to banks is they offer better exchange rates. The best money transfer service offers competitive exchange rates that give you the best value for your money. 

Transfer fees

You should always compare transfer fees because this is another key factor directly affecting the amount of money your recipient gets. Good money transfer services charge relatively low transfer fees. 

Banks typically have the highest transfer fees to cover overhead costs. Digital remittance platforms, on the other hand, charge lower fees because they spend less on overhead costs. 

Transfer Options

The best money transfer services offer multiple money transfer options to suit different needs. For instance, a bank transfer would be most suitable if you want to transfer a huge sum of money. If the money is needed urgently, you’re better off sending the money via mobile wallet.

It’s important to consider your needs when choosing a money transfer service in Kenya. Now that you know what to look for, here are the best services to choose from: 

1. M-Pesa Global

The first money transfer service to consider is Kenya’s own M-Pesa Global. M-Pesa has revolutionized the finance sector in Kenya, facilitating fast and convenient money transfers and payment of goods and services. 

Over the years, M-Pesa has grown beyond the borders of Kenya and even Africa. M-Pesa Global is a great platform to send and receive money from abroad. Plus, it is easily accessible to registered M-Pesa users in Kenya. 

If you already use M-Pesa, you can register for M-Pesa Global and make international transfers by dialing *840#. You’ll then be asked to accept the terms and conditions to opt in. 

Alternatively, if you use the MySafaricom App, you can use it to register for M-Pesa Global. Once registered for M-Pesa Global, you can use it to send money to Western Union locations worldwide. 

2. Remitly

Remitly is another excellent choice for sending or receiving money internationally. While the company is US-based, it facilitates money transfers to over 150 countries, Kenya included. 

One of the advantages of Remitly is its competitive exchange rates. Remitly’s exchange rates are highly competitive, making it one of the most popular international money transfer services. 

Moreover, Remitly is reliable and trustworthy, ensuring the money reaches your recipient quickly, depending on the chosen transfer method. Estimated delivery time and transfer fees differ depending on the method selected. 

One unique feature of Remitly is it offers Express service, which allows you to send money to your recipient instantly. This service costs slightly more than the Economy option, which is relatively slower. 

Apps like Remitly allow you to send money via bank deposit, cash pickup, or mobile money. This means you can send money straight to your recipient’s M-Pesa wallet for convenience. 

Signing up for Remitly is a straightforward process that takes a few minutes to complete. You can start with basic information like your name, contact, and banking information. You can increase your sending limits on Remitly by providing more information and verifying it with documents. 

3. WorldRemit

WorldRemit is one of the most popular digital remittance platforms among people living and working abroad. It is also among your top choices for sending and receiving money in Kenya.

WorldRemit has a network of physical agents across the globe, but it mostly operates online. You can sign up for WorldRemit to make fast and convenient money transfers to your loved ones in Kenya. 

One of the reasons WorldRemit is so popular is it offers a wide range of money transfer options, including cash pickup, bank transfers, mobile money, and even airtime top-ups. This guarantees that the platform can meet your needs at all times. 

WorldRemit is also known for its competitive exchange rates and relatively low fees, which give you good value for your money. WorldRemit is also transparent with all its costs, allowing you to view and compare fees upfront before completing any transaction. 

Another reason to choose apps like WorldRemit is they offer various flexible payment options, from credit and debit cards to online payment methods like Apple Pay, Poli, and more. 

4. Wise

Wise, formerly known as Transferwise, is another popular money transfer service that makes remittance easier and faster. It is also one of the most affordable international money transfer platforms. 

Wise is known for its competitive mid-market rates and is one of the best options for sending money via bank transfer. If you’re looking for a secure and convenient way to send huge sums of money, consider Wise. 

This platform is also suitable for sending, receiving, and holding money in a multi-currency account. If you’re an investor and you send money in different currencies to your bank account in Kenya, Wise is a great option to facilitate your transfers. 

You can sign up for Wise in a few simple steps. All you have to do is provide your personal information, including your name, contact info, and banking information. You’ll also need to upload a photo of your ID for identity verification. 

Wise allows you to fund your account before transfers via debit or credit card or wire money directly from your bank account to your Wise account. 

Wise also works with various online services, including SWIFT, Apple Pay, PISP, and more. 

5. Sendwave

As a money transfer app specializing in money transfers to Africa, Sendwave is among the most affordable remittance platforms. This makes it an ideal choice for sending money to Kenya.

Like most digital remittance services, all you need to do to get started on Sendwave is download the mobile app and create your account. 

Sendwave offers you various transfer methods, depending on the destination. The transfer methods include cash pickup, bank transfer, and mobile wallet. Your recipient doesn’t need a Sendwave account to access the money, regardless of the transfer method. 

Sendwave transfer fees differ depending on factors like the destination, delivery method chosen, and amount of money sent. One of the best features of Sendwave is it doesn’t charge fees for transfers to Kenya, Tanzania, Uganda, and Bangladesh. 

6. PayPal

PayPal is one of the top fintech companies in the world. The PayPal mobile app is one of the most innovative finance solutions, facilitating online payments for goods and services, as well as international money transfers. 

It offers an easy and convenient way to make international money transfers. It has been facilitating global money transfers for years and is especially popular among freelancers who receive payments from clients abroad.

You can use PayPal’s user-friendly app to send and receive money internationally in Kenya. Creating a PayPal account takes a few minutes. You’ll be asked to provide your personal credentials, including documents like your national ID or passport, for verification. 

Once you’ve created your PayPal account and verified your identity, you can link your Visa card or bank account to your PayPal and start transacting. 

PayPal recently launched Xoom, its digital remittance service, offering security, convenience, and flexibility for seamless international money transfers. 

You can also read our guide on how to withdraw money from PayPal to M-Pesa.

7. Western Union

As one of the pioneer international money transfer services, Western Union is one of the most trusted platforms for sending money globally. 

It has a massive reach due to its decades of service, allowing money transfers to over 200 countries and territories. Moreover, Western Union has significantly higher transfer limits compared to digital remittance apps. 

Western Union is especially ideal for cross-border business transactions. Aside from the higher transfer limits, it offers the security needed for moving large sums of money. 

Western Union now supports mobile money as one of the transfer methods, meaning you can transfer money from the comfort of your home straight from the Western Union mobile app. 

Conclusion

There are plenty of money transfer services in Kenya, so it all comes down to your choice, depending on your specific needs. 

Some transfer apps are best for speed, while others are great for moving large sums of money. Ensure you compare your options carefully before settling on one money transfer service.