Sending Money to Kenya: TransferWise Versus WorldRemit

Money transfer is an everyday activity. Everyone is in search of a reliable money transfer service that will handle their transfers responsibly. Have you always wanted to send money to Kenya but you don’t know what platform to use If that is the case, we will help you compare TransferWise and WorldRemit while sending money to Kenya. It will help you pick the option that offers better rates and lower fees.

Fastest and Cheapest Options

There are many options available to transfer money to Kenya. Choose a method that is cheaper to you and the recipient, one that is faster, and one that is efficient.
Of all the methods, we recommend using Transferwise, WorldRemit, or wire transfer. However, you should also ask the Kenyan recipient on the method they mostly prefer.
You can also use Bitcoin to send money to Kenya.

Transferwise Versus WorldRemit Money Transfer to Kenya

Fees

TransferWise and WorldRemit have fees that differ based on the amount you send rather than a fixed rate fee. Several factors affect the fees.

The amount you want to transfer. The charges are worked out as a percentage of the amount you want to send. The percentage varies from currency to currency.
The current exchange rates.
How you pay.

TransferWise charges a fee equal to a percentage of your transfer. However, the exact figures depend on the currencies you are exchanging. TransferWise does not have hidden fees. For example, sending money in GBP to Kenya, you pay a small, flat fee of 2.05 GBP + 0.78% of the amount that’s converted.

The transfer fees for WorldRemit depend on the amount, the payment method, receiving method and where you are sending the money from. The fee for bank transfer is usually lower than cash pickup and mobile wallet transfers. For instance, if you send 500 GBP for cash pickup, your fee will be 2.99 GBP. If you send the same amount to M-Pesa, you will pay only 0.99 GBP.

Send money with WorldRemit using the code 3FREE and pay no fees on your first three money transfers.You will also receive a discount voucher for use in your next transaction when you refer a friend via your referral code. Other codes that you can also use are TRACE, NOLLYWOOD, APLUS, TFC, GMA, ASAP, Jollibee1, Jollibee2, Jollibee3, Jollibee4, WRBEE, EVENTS, CIMB.

Exchange Rates

Exchange rates are constantly fluctuating. It is hard to compare the rates since they keep on changing. It is better to compare the rates whenever you want to make a transfer. You can do this by visiting TransferWise and WorldRemit websites. However, TransferWise uses the mid-market exchange rate or interbank rate with no markup added. WorldRemit adds a markup on the exchange rate to make. Fortunately, the exchange rates are locked in advance so that you know exactly how much money will reach your recipient.

How Will My Beneficiary Receive Money in Kenya From Transferwise or WorldRemit?

TransferWise acceptable receiving methods for your beneficiary are banks and M-Pesa mobile wallet.

With WorldRemit, your recipient can receive the money via a bank account, cash pickup, or mobile money (M-Pesa and Equitel). You can also send talktime to your recipient in Kenya. If your recipient has downloaded WorldRemit app, they can also receive the money in the WorldRemit wallet, which is part of the app.

How to Pay for Transferwise or WorldRemit Money Transfer

Transferwise money transfers can be funded via a bank transfer, debit and credit card, Payment Initiation Service Provider (PSIP), SOFORT, iDEAL, Trustly, SEPA Direct Debit, Apple Pay, Android Pay, and SWIFT.

PISP (Payment Initiation Service Provider) payments are instructions you give TransferWise to make a bank transfer directly from your bank account — without having to leave Transferwise app and log in to your online banking. PSIP is as cheap as a manual bank transfer, but it is not yet supported by all banks.

How Long Does It Take to Send Money to Kenya via Transferwise or WorldRemit?

It is essential that the payment reaches the recipient in good time. The time taken depends on the countries you are sending from, the payment methods (some are quicker than others) and security checks.

TransferWise has instant money transfer. However, sometimes, different payment methods or routine checks may affect the transfer delivery time. For example, card payments are usually instant while bank transfers take longer. Once TransferWise receives the money, it usually arrives in your recipient’s bank account on the same working day. Conversion can take up to 2 working days.

With WorldRemit, 90% of their mobile money transfers to Kenya are paid in less than 10 minutes. However, receiving method can affect transfer time. For instance, cash pickup, mobile money and airtime topup are usually instant, while bank to bank may take several days.

What Are Transferwise and WorldRemit Maximum Transfers

There are limits for how much you can send with Transferwise. The limits depend on which currencies you send to and from, and how you pay. You can check the limits for each currency in this article. We’ll also let you know if you try to send too much at one time. In case you want to send more than the limits, you need to set up several transfers that are under the limits. When sending money to M-Pesa, you can send up to 150,000 KES per transfer and 300,000 KES per day to M-Pesa.

Note that your recipient’s bank may have limits or may not have limits. You should find out from your beneficiary.

Using WorldRemit to send to a bank account in Kenya, the limits are:

You can send a maximum of USD 19,000 or the Kenyan Shilling equivalent per transfer.
For Co-op accounts you can send a maximum of USD 9,999 or the Kenyan Shilling equivalent per transfer.
For DTB accounts you can send a maximum of USD 5,000 or the Kenyan Shilling equivalent per transfer.
For first-time transfers over USD 800, WorldRemit may need a copy of your recipient’s ID.

For mobile money transfers with WorldRemit to M-Pesa, the limits are as follows:

You can send a maximum of KES 150,000 per transfer to M-Pesa accounts
If you are sending to multiple recipients, your combined daily limit for all transfers cannot exceed KES 140,000
You can send a maximum of 20 transactions over 30 days period
You can send a maximum of USD 5,000 (or KES equivalent) over a 30 days period

WorldRemit money transfer to Equitel, the limits are as follows:

You can send a maximum of KES 300,000 per transfer to Equitel accounts
If you are sending to multiple recipients over the Equitel network, the cumulative amount you can transfer within 24 hours cannot exceed KES 1,000,000.

Security

Both services are safe for sending money as they are regulated. TransferWise is regulated by FinCEN and the Financial Conduct Authority (FCA) in the United Kingdom. WorldRemit is approved and regulated by the FCA under the Payment Service Regulations 2017 and Electronic Money Regulations 2011.

Supported Languages

TransferWise provides access to its website in English, Hungarian, German, Russian, Portuguese, Italian, Spanish, French, Polish, and Japanese. WorldRemit’s website is available in English, French, and Spanish.

Final Thoughts on Sending Money to Kenya Using Transferwise or WorldRemit

Sending money to Kenya has become easier because of new money transfer services such as Transferwise and WorldRemit. They offer you cheaper and faster money transfer services to Kenya. Moreover, your recipient has a number of options for receiving the money.