SyncX

With an M-Pesa account, you can now receive money from various international places, including the United States and the United Kingdom. This has been made possible thanks to Transferwise. Furthermore, the steps you need to follow to send money from Transferwise to M-Pesa wallet directly are relatively easy.

Gone are the days when Kenyans heavily relied on Western Union to receive funds from abroad. That's no more because of the many e-money platforms that have emerged in the 21st century. Fortunately, platforms such as Transferwise are safe and convenient.

What is TransferWise?

TransferWise, currently referred to as Wise, is a London-based financial technology company. It was founded in 2011 by Estonian businessmen Kristo Karmann and Taavet Hinrikus. It is one of the safest ways to send and receive money overseas.

Receiving money into your account works just like a regular bank account. Simply share the account details of the currency you want to be paid to the person. In other instances, you share the business that wants to pay you and are authorised to transfer using the platform.

PAY ATTENTION: Don't miss trending Kenyan news. Follow TUKO.co.ke on Twitter!

Does TransferWise send money to Kenya? Like most e-money platforms, this one allows you to transfer cash to your friends and family in Kenya.

Transferwise to M-Pesa wallet transfers

Does Transferwise work with M-Pesa? Yes, it does. Transferwise transfers can be received directly on M-Pesa. Fortunately, receiving money through M-Pesa is faster and more convenient for most people in Kenya.

How to withdraw from TransferWise to M-Pesa

TransferWise to Kenya via M-Pesa is simple. All you need is the recipient's full name and M-Pesa mobile number, which starts with the country code 254. However, first, you need to create a TransferWise account.

Once you have an account, the steps involved are as follows:

How long does it take from TransferWise to M-Pesa?

Conversion can take up to 2 working days. Once Wise receives and converts your money, it arrives in the recipient's bank account on the same working day.

Transferwise to M-Pesa charges

The transaction fees are low compared to banks and other money transfer companies. The platform charges a flat fee plus a percentage of the transferred amount. However, your currency pair will determine the fees you will pay.

Take, for instance, when you are transferring GBP to Kenya. You will pay a flat fee of 2.05 GBP + 0.78% of the converted amount. Additionally, when sending cash through M-Pesa, you should consider the maximum limits. You can only send up to Ksh. 150,000 per transfer to an M-Pesa wallet, and you can send up to Ksh. 300,000 per day.

How long does it take to receive money via TransferWise?

It should take one working day to receive a wire transfer and 1 to 3 days to receive money sent by ACH (Automated Clearing House). However, it takes 4 to 5 days to receive money sent from outside the United States. It can also take longer due to time differences or multiple intermediary banks.

You can send money from Transferwise to M-Pesa wallet using the procedure above. Remember, the platform is secure, and it's convenient. So if you wish to send or receive cash to your Kenyan friends, family, and business partners, this is the platform to use.

DISCLAIMER: This article is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!

Tuko.co.ke recently published an excellent article on M-Pesa charges across the various networks. M-Pesa service has been at the heart of money transfers in Kenya. Interestingly, the service has been revamped to allow users to send money to Airtel Money and TKash.

The senders of cash between networks incur transaction fees. The cost is determined by the amount being sent and whether it's being sent to a registered or unregistered line. Nonetheless, the costs are low and affordable.

Source: TUKO.co.ke

ncG1vNJzZmivp6x7tcHKqGWcp16gsnCywJyrrGWcnrOmtMCcoqxnl6q2pbHSaGttamFrf260zrBkrJ2emXquu82esGasopa7tLLEq66iq5Vium68xKyYZq%2BRobmmwIyknKexkWQ%3D