How To Send Money Home From Abroad Using These Top 5 Systems
KEY POINTS
You can send money from abroad through:
- M-PESA Global
- PayPal
- Western Union
- Hawala
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.
To East Africa: Rwanda, Tanzania & Uganda
Globally: To millions of Bank accounts and over 500,000 Western Union locations globally.
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
Go to paypal.com and log into your account.
Toggle over to the “Send and Request” tab in the top toolbar and then select “More.”
Click “Send Money” under “Send Money Abroad.
Select a country from the drop-down menu and click “Next.”
Select how to deliver the funds from the list of options available in that country.
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
If you go with a PayPal-based transfer, enter the amount and currency for the transfer
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.”
Add the recipient’s phone number or email address, and then click “Next.”
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.
Click “Send Payment Now” to complete the transfer
<