Small transfers
Key takeaways
- Avoid Australian banks due to their average 3% to 6% exchange rate markup.
- For rapid transfers consider Wise, Remitly or Rocket Remit as funds can arrive in minutes.
- For larger transfers providers like TorFX or Xe offer better rates and specialised tools.
Fast transfers
Business transfers
Looking for a way to send money to family, friends or a business in Kenya (or even to your own bank account overseas)? According to MoneySmart, you should avoid Australian banks and go with a money transfer specialist to get better KES exchange rates and lower fees on international transfers.
Based on the providers we've compared, TorFX is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Remitly can get money to your recipient in Kenya within minutes.
Best ways to send money to Kenya from Australia
The best way to send money to Kenya depends on your payment method, how you want your money to be received and how fast you need it to arrive.- Online money transfer provider. When buying Australian dollars or Kenyan shillings money transfer specialists typically offer better rates and cheaper fees than a local bank.
- Bank transfer. Bank transfers are an easy way to send money to Kenya but they charge extra for the convenience and are often slower than other methods. AU banks generally add a 3% to 6% markup onto exchange rates.
- Cash pickup. If you need your money to arrive fast, cash pickup gives your recipient instant access to the money you've sent when they collect it from their agent location in Kenya.
- Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.
- Prepaid phone credit. Specifically used to top up a recipient's prepaid mobile phone plan, prepaid phone credit is usually added instantly or within a few minutes.
- Home delivery. If your recipient may struggle to get to a cash pickup location, you may be able to opt for door-to-door cash delivery.
Compare the best money transfer companies to send money to Kenya
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Finder Score for money transfer
We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
Cheapest way to send money to Kenya
As reported by the ACCC, bank transfers are typically the cheapest way to get your money to Kenya. TorFX and Remitly have some of the lowest bank transfer fees of the brands we've compared.
Remember, it's more important to look at the overall cost of your transfer to Kenya and this has a couple of elements:- Transfer fees. While still cheaper than your Australian bank, money transfer services charge either a fixed or percentage-based fee for making your transfer.
- Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market AUD/KES exchange rate.
Certain providers may give the mid-market rate but add fees on top and others will have low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Kenyan shillings your recipient will end up with.
Fastest way to send money to Kenya
Actual transfer times from Australia to Kenya can depend on several factors including transfer amount, payment method and currency.
Here are some of the fastest average transfer speeds to Kenya:- Wise — within minutes
- Remitly — within minutes
- Rocket Remit — within minutes
Safest way to send money to Kenya
The safest way to get your money to Kenya is using a provider registered with Australia's industry regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC). All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Australia and Kenya.
A great way to dive deeper is by reading our reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
Large money transfers to Kenya
If you need to make a sizable money transfer to Kenya, consider using a provider such as TorFX or Send Payments to secure a better KES exchange rate and benefit from its expertise handling larger transactions.
Using a large transfer specialist can have the following advantages:- Tax guidance. Large transfers to Kenya may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on the Australian Taxation Office's latest advice.
- Foreign exchange tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in the KES exchange rate you want.
- Account manager. Some money transfer providers assign a personal account manager who can offer advice and help facilitate transfers.
- Phone service. If you want to talk your transfer through with someone, providers such as TorFX can provide support over the phone.
How to send money to Kenya from Australia
To send money to Kenya, you'll need the necessary documentation, your recipient's details and a way to pay.
- Compare your options.
Use our table to find a money transfer provider that sends funds to Kenya. One may be better for cash pickups while another may suit a bank transfer. Once you've found the best one for your requirements, click "Go to site". - Create an account.
You'll need to give your name, address, contact details, proof of ID and method of payment. - Provide your recipient's details.
Enter your recipient's name and contact information. If you're sending straight to their Kenyan bank account, you'll need the account number, SWIFT or IBAN number, plus their bank branch's address. - Enter your transfer amount.
Check you're happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total Kenyan shillings your recipient gets. - Complete your transfer.
Send your money transfer to Kenya. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it too.
How to choose a money transfer company for Kenya
When selecting a provider to transfer money to Kenya, here are the main factors to consider:
- Exchange rates. Banks and transfer services use the mid-market rate to trade with one another. However, not every money transfer provider offers the mid-market rate so compare the KES you're offered to the mid-market rate to calculate the margin.
- Transfer fees. Are you being charged a flat fee or a percentage of the transfer amount? A provider offering to transfer your money to Kenya for a flat or low fee might work out better if you're sending a large amount.
- Transfer type. Does your recipient have a Kenyan bank account or is cash pickup a better option? Each transfer type will have different fees. For example, instant cash pickups tend to be more expensive than bank transfers.
- Transfer speed. If you need your transfer to arrive quickly, you can pay for an express delivery. Companies such as WorldRemit offer instant cash pickups but may charge more. If you're not in a rush, online money transfer services offer the best value.
- Transfer limits. Find out how much you can send with each service. For example, Rocket Remit has a transfer limit of $1,000 while MoneyGram allows transfers up to Varies.
- Discounts. Providers may offer you a free transfer simply for signing up. Others may give a discount for transferring more than a specific amount of Kenyan shillings.
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I HAVE A FRIEND IN INDIA AND HE HAD SENT ME MONEY IN MY FRIEND’S ACCOUNT NUMBER BECAUSE AS OF ME I DON’T HAVE A BANK ACCOUNT YET.SO HE SENT THE MONEY ON FEBRUARY 12TH AT AROUND 11AM AND TOLD ME TO CHECK IF HAVE RECEIVED THE MONEY AFTER 3HOURS BUT WHEN I CHECKED AFTER THAT PERIOD I DID NOT GET THE MONEY.WHAT MIGHT HAVE BEEN THE PROBLEM?AM IN KENYA
Hi Aaliyah,
Thanks for your question.
The international money transfer may not have been processed, or the wrong details have been provided.
Please get in touch with an agent from the international money transfer service you used to troubleshoot the problem.
All the best.
My friend from Australia told me he put the money into my Kenya commercial bank account yesterday 23rd/01/2016. He went on saying the money will be transferred to my account on monday because the International transfer doesn’t work on weekend. Help me to understand this statement please!
Hi Apostle,
Thanks for your question.
The weekends in Australia are not considered as business days, which means all bank transactions aren’t processed on these days.
This is why the money will be processed on Monday, which is the next day after the weekend.
Hope this clears it up.
can i save money(deposit)to my kenya account from U.S.A
Hi Enock,
Thanks for your question.
This is possible – you can choose to do a bank transfer or send it through an international money transfer service. An international money transfer may be the cheaper option – Moneygram, Western Union and Worldremit may be able to facilitate this.
Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you initiate money transfer.
I hope this helps.
Cheers,
Shirley
Can i deposit money in nri account m9ney from india in indian rupees
Dear Kenya,
Thanks for your enquiry.
I’ve sent you an email regarding this transfer.
Thanks,
Belinda