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Here are answers to some of the most frequently asked questions
HOW DO I USE FXCOMPARED
- Enter your search criteria
- Review the results and select a provider
- Register an account with that provider
- You're ready to send money!
HOW LONG DOES IT TAKE
Once you have registered, booked the trade and sent your funds to the money transfer provider, it typically takes between one and two days for more mainstream currencies and three days or sometimes longer for more exotic currencies to be received by the recipient.
CAN I PERFORM MY TRANSFER ONLINE
Yes. Nearly all the providers listed on our site have online platforms. These platforms allow you easy 24/7 access to their service and you can manage the process and view your transactions and reporting. In the comparison tables opposite, you will be able to see this under the Types of Transfer and look for the computer symbol.
CAN I USE THIS FOR MY BUSINESS
Yes. If you make or receive international payments, using a money transfer provider as opposed to your bank can help you run your business better and improve your overall cash flow. Your provider can do much more than simply beat your banks foreign exchange rate. For more detailed information, visit our business section.
HOW IS THE BANK SAVING CALCULATED
Our bank saving calculations are based the FXcompared International Money Transfer Index (IMTI). The IMTI is a weighted average of the cost of sending money bank to bank based on data from large banks. The exact saving compared to your own individual bank cost may be higher or lower than the saving number shown. The savings currently shown is based on data collected for both bank and non-bank providers on 15 July 2016. See more information and the full methodology on the IMTI.
Kenya keeps tight control over its foreign exchange resources, but abandoned its exchange controls in 1993. The Kenyan shilling (KES or KSh) is maintained on a free-floating exchange rate, and money transfer to Kenya or sending money out of Kenya is not restricted. The Kenyan government has also ensured that international business payments are easy to make to support foreign investment.
Kenya’s money transfer regulations
The shilling floats freely and is fully convertible to foreign currencies, the government imposing very few restrictions on capital flows. The central bank reserves the right to intervene in the monetary market to avoid price volatility, but it refrains from intervening except in the case of disruptive changes in the market.
All foreign exchange dealers, including commercial banks and forex bureaus, are licensed and regulated by the central bank. As of September 2014, the central bank counted 94 licensed forex bureaus, most of which are located in the capital, Nairobi. Bureaux deal primarily in smaller cash exchanges, while larger transactions are handled by the commercial banking network. Under its Foreign Investment Promotion Act (FIPA), the government ensures that foreign investors are free to repatriate capital and transfer other investment income abroad, including profits, dividends and interest. Kenya’s anti-money laundering and terrorism financing legislation requires transfers over a value of KSh500,000 to be declared to customs authorities. There are no restrictions on the amount of cash that may be brought into the country, but travellers may carry a maximum of KSh100,000 out of the country at one time.
Kenya’s regulatory authority
The Central Bank of Kenya (CBK) conducts national monetary policy so as to ensure the health of the financial system, preserve a healthy level of foreign exchange reserves, and maintain price stability.
Kenya is a founding member of the East African Community (EAC), a regional association established in 2000 that also includes Tanzania, Uganda, Rwanda and Burundi. EAC members benefit from a customs union, common market and double taxation treaties today; in November 2013, member countries signed a protocol to develop a regional monetary union, which is expected to lead to the adoption of a common currency in the next 10 years. In the buildup to a full union, regional governments are strengthening the coordination of their fiscal and monetary policies. Progress has been slow, however, and the propsect of a common currency remains distant.
Kenya economic background
Kenya’s economy, the largest in East Africa, relies on foreign exchange receipts from tourism and from agricultural and horticultural exports, primarily tea, coffee and cut flowers. The country also benefits from the largest and strongest banking sector in East Africa. Significant hydrocarbon resources have been discovered in recent years. Their develop will likely have a transformative impact on the economy, but this remains several years away.
Kenya’s monetary unit, the shilling (KES), is abbreviated to KSh. One shilling is equivalent to 100 cents. The Central Bank of Kenya issues banknotes in values of KSh50, KSh100, KSh200, KSh500 and KSh1,000, and coins in values of 50 cents and KSh1, KSh5, KSh10, KSh20 and KSh40.