How To Send Money Home From Abroad Using These Top 5 Systems

An international money transfer or international bank transfer involves sending money to either another person and/or company overseas.

This transaction can be completed either through a bank or a specialist money transfer service. The money can be received electronically or in cash.

If you are moving overseas and need to transfer money, you might be at a loss as to how to go about doing that. You might have questions about where to go, how much the transfer will cost, or which company is the best to use.

Moving Money Through Co-opRemit

Co-opRemit is a money transfer solution that allows Co-op Bank customers to send money to a mobile wallet or bank account outside Kenya conveniently and affordably within the shortest time possible.

Co-opRemit is ideal for MSMEs, parents with children studying abroad, as well as persons with relatives seeking medical treatment abroad. It is actually the ideal answer to enhancing financial inclusion within and without the African continent.

“You can send a maximum of 1,000,000 shillings per day and you will be charged between USD 2.50 and USD 12.50 depending on the amount you intend to transfer,” said Co-op Bank in a statement.

How can you access Co-opRemit?

Make sure there are enough funds in your account

Visit your nearest Co-op Bank branch with the following:

a. Your official identification document (ID, passport, etc.).

b. Destination Country.

c. Details of the recipient:

If you are sending to a Bank Account: ensure you have account details of the recipient including name, name of Bank, Branch, and Bank Account Number.

If you are sending to a Mobile Number: ensure you have the contact details of the recipient including the name, mobile number, and name of the mobile service provider.

Pick a ticket for money transfer services. At the counter, provide the dully filled Co-opRemit form and your identification document (ID, passport, etc.) to the teller.

The teller will process the transaction and issue you with a receipt that has a unique transaction reference. The funds will be credited to the recipient’s account or mobile number.

M-PESA Global

M-PESA global is a service that enables M-PESA registered customers to send and receive money globally. M-PESA customers will be able to send funds.

1. To East Africa: Rwanda, Tanzania & Uganda

2. Globally: To millions of Bank accounts and over 500,000 Western Union locations globally.

3. PayPal: Access funds quickly and shop around the world with PayPal mobile money service with M-PESA.

M-PESA registered customers will receive the funds from abroad on their M-PESA account.

How can one access this service?

• By dialing *840# and accept terms and conditions to opt in, Select send money abroad

• MySafaricom App. Select M-PESA, Select M-PESA Global and accept terms and conditions to opt in Select Send

The minimum amount to send is KSHS 101 and maximum of KSHS 70000. The recipient will receive funds in their country’s currency and Zero charges, Prevailing Forex Rates apply.

PayPal

PayPal allows you to transfer money between more than 200 countries and 25 currencies and may also give you the ability to reload a cell phone for someone abroad. But it is not a free service, and there are fees associated with these kinds of transfers

How to transfer money internationally with PayPal

1. Go to paypal.com and log into your account.

2. Toggle over to the “Send and Request” tab in the top toolbar and then select “More.”

3. Click “Send Money” under “Send Money Abroad.

4. Select a country from the drop-down menu and click “Next.”

5. Select how to deliver the funds from the list of options available in that country.

6. If you want to send money to someone who does not have a PayPal account, you will be redirected to the website Xoom, where you will follow the on-screen prompts to process your transfer

7. If you go with a PayPal-based transfer, enter the amount and currency for the transfer

8. For those who went with a PayPal-based transfer, you will automatically be shown how much the recipient will receive after fees and currency conversion. If it is the right amount, click “Next.”

9. Add the recipient’s phone number or email address, and then click “Next.”

10. If the person you are sending money to is not in your contact book, add a note, your recipient’s name, and country of residence, then review your transfer and click “Continue” when ready.

11. Click “Send Payment Now” to complete the transfer

12. Bank

Many Kenyans in the diaspora use inter-bank transfers to send money home. These transfers can take different forms depending on the preferences of the sender and recipient, and the bank used.

Read More: Moving Money Through Co-opRemit, Answer To Financial Inclusion

You can make SWIFT transfers from your account abroad to a Kenyan bank account. The transfers take anywhere from 3 to 5 business days depending on the country you are transferring from, the currency, and time of day or day of the week.

Western Union

Transferring money has never been easier, sending money to Kenya from an agent location is always convenient. Use WU.com or the Western Union app to send money to qualifying bank accounts or send money in minutes for cash pickup.

How To Start

1. Download the App or register throughwu.comweb portal.

2. Verify your registered email by clicking the link received from Western Union

3. Verify your mobile number upon receiving the OTP.

How To Send Money Online Through Western Union

1. Log in to your online profile.

2. Choose the destination country, transfer amount, and delivery method (cash).

3. Enter your receiver’s name, the purpose of your transaction, and the source of your funds

4. Confirm your transaction details and pay with a debit card issued in Qatar.

5. After you get the confirmation email, save the Money Transfer Control Number (MTCN) and give it to your receiver so that they can pick up the money

HAWALA

Hawala are informal money transfer companies that transfer funds both domestically and internationally. This type of system was originally developed to facilitate trade between distant regions where conventional banking institutions were either absent, weak, or unsafe.

Here Is How Hawala Works

1. A customer gives a Hawala agent a sum of money to be transferred to someone in another city or country. Often, a migrant worker is hoping to send money to a far-away relative. An agency is sending money to a destitute beneficiary or to a project team operating in a remote area.

2. The Hawala contacts another agent in that city or country by phone, fax, or e-mail. Agents often run a business in addition to financial services and have a broad network of contacts all over the world.

3. The agent instructs his contact, normally a businessperson that he has an agreement with, to deliver the funds to the beneficiary. To do so, he provides the amount, name, address, and telephone number of the recipient and promises to settle the debt at a later stage. The customer is given an identification code for the transaction.

4. The Hawala agent in the recipient city or country contacts the beneficiary and delivers the funds. The recipient can receive the funds using the identification code, rather than identity documents.

5. The Hawala agent that delivered the funds to the beneficiary recovers the money from the first agent. Sometimes a courier brings the money, or the banking system is used to settle the informal debt. More often, the system uses alternative methods.