Sending money to loved ones in Kenya from the UAE is now easier than ever. With so many money transfer services and digital platforms available, it's easy to find one that works for you. These services offer fast and secure ways to transfer funds so you can rest easy knowing that your money is in good hands. And, with competitive exchange rates and low fees, it's more affordable than ever.
But while it’s a straightforward process, there are still some things you need to consider. In this blog, we'll give you all the information you need in order to send money from Dubai to Kenya or from any other emirate in the UAE. Let’s dive in.
Traditional Bank Account
Banks that are regulated by financial authorities offer international money transfer services to their clients, but these services can be quite costly. This is because traditional banks often set their own exchange rates and charge additional fees, such as a large up-front fee or a margin on top of the mid-market rate.
While sending money abroad through cashier's cheques or bank drafts may be a more affordable option, it can take a significant amount of time for the funds to reach the recipient. There may also be additional hidden costs associated with these services, such as recipient or correspondent fees that are incurred by third-party institutions. It's important to be aware of these potential expenses before making a decision on how to transfer money internationally.
Online Banking
Online banking can be a convenient way to transfer money to Kenya from the UAE. To get started, you need to open an account with your chosen bank by filling out a form and submitting the necessary documents such as an NOC from your employer, a salary certificate, your Emirates ID, passport and more.
Once your account is all set up, adding a payee is as easy. All you need is their bank account information, and once your new payee request is approved, you can follow the instructions to make the transfer.
Exchange Brokers
The UAE is a hub for foreign exchange brokers that cater to expats looking for competitive exchange rates. However, it's important to weigh in on factors such as transfer fees, regulatory clearance, reliability, customer service and online tracking before making a decision.
When you've found the right broker for you, the next step is to open an account with them. This process typically requires a copy of your passport and visa. After that, you can simply transfer the funds to your broker and they'll take care of getting the money to the recipient's bank account within a couple of working days. Make sure you have all the necessary information of the beneficiary, such as their SWIFT/IBAN and bank account number, to ensure a smooth transaction.
Digital Wallets or Apps
One of the most convenient ways to transfer your funds without leaving the comfort of your home is probably using an established digital wallet or financial services apps like Pyypl.
Digital wallets offer a more cost-effective and convenient option for money transfers compared to traditional banks and foreign exchange brokers. With fewer overhead costs, they’re able to provide more specialized services, such as lower transaction fees, transparent pricing, fast delivery, more favorable exchange rates and an overall improved user experience. With digital wallets, you can have more control over your money transfer and save on costs.
With Pyypl, there’s no need to visit a bank or fill out forms, just choose the amount and currency you want, add in the recipient details and send. That's it. You’ll get an excellent dirham to Kenya shillings rate, and your money will reach the beneficiary quickly and securely. And if you send money directly to a Pyypl family member in Kenya, the receiver will be able to withdraw money directly with his own M-Pesa account.
A Note on Exchange Rates
You'll want to keep an eye on the exchange rate in Kenya, as it changes daily. The rate at which you buy or sell your currency is determined by the bank, and it can fluctuate based on various factors. You'll want to make sure you're getting a good deal when exchanging your money from the Dirham to Kenyan shillings.
Keep in mind that exchange rates are based on supply and demand—the more people who want Kenyan shillings, the higher their value will be compared to other currencies like US dollars or euros. Additionally, this dynamic can be influenced by other factors like economic growth within Kenya itself (or even just in East Africa).
Conclusion
In this article, we’ve covered all of the most important things to consider before sending money to Kenya from the UAE. By keeping these in mind, you can make sure that your transfers go smoothly and will reach their intended recipient safely. For any queries, reach out to the Kenya Consulate in Dubai.
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