Cómo sacar dinero de Kenia como expatriado

How to get money out of Kenya as an expat – that will be the topic of today’s article.

Implementing cross-border wealth transfer techniques is crucial for expats aiming to move money out of Kenya.

Nada de lo aquí escrito debe considerarse asesoramiento financiero ni una invitación a invertir. 

Para cualquier pregunta, o si desea invertir como expatriado, puede ponerse en contacto conmigo utilizando este formulario, o a través de advice@adamfayed.com 

Suele ser mejor “matar dos pájaros de un tiro” e invertir como expatriado, en lugar de enviar dinero a casa para comprar acciones o una casa.

Introducción

Kenya is a stunning country in East Africa with no less than 42 different tribes. The country borders Uganda, Tanzania, Ethiopia, Somalia, South Sudan, and the Indian Ocean. For people who enjoy wildlife watching and scenic countryside or beach views, Kenya is definitely the right place.

Expats moving to Kenia will undoubtedly enjoy many benefits, including friendly people, great climate, and affordable places to stay. However, like any other African country, Kenya has its drawbacks.

One of the great advantages of Kenya is the amazing landscape with its breathtaking flora and fauna, which is also ideal for families. The quality of health care in Kenya is not always up to Western standards, but private hospitals in major cities provide good service.

Certain vaccinations are required before moving to Kenya. Many expatriate parents choose an international school for their children due to problems in the Kenyan education system.

An expat living in Kenya is not just one long safari. However, while you’ll soon discover modern life beyond the cliché, your time in Kenya as an expat provides some opportunities to play tourist. In doing so, you will support the local hospitality industry, a sector that is undeniably important to Kenya’s growing economy.

Moving to Kenya

At first, the thought of moving to Kenya may conjure up images of magical landscapes and rare wildlife in the uninformed expat. However, those who come to settle in the country will find themselves in one of the most developed and cosmopolitan African countries. Without a doubt, Kenya offers fantastic natural landscapes with savanna grasslands, lakes, and mountains, while its wealth of national parks and reserves boast great biodiversity.

Expats don’t have to travel far to experience it, as the capital city of Nairobi is home to the popular Nairobi National Park and Mombasa offers refreshing coastal views. However, this East African country has much more to offer. Nairobi is considered the center of business and development in East Africa and offers an exciting lifestyle.

Many expats working in Kenya find themselves as highly paid managers in multinational companies, employees of embassies, or as development workers and NGOs and volunteers. Kenya is generally a politically stable country with advanced healthcare facilities, an improving public transportation network, and a strong education system that caters to a diverse population.

However, expats’ lives can be isolated from Kenyan society, as fear of crime, especially in the big cities, sometimes locks foreigners behind residential gates and locked car doors. Those who emerge from behind this veil of fear can truly enjoy the various cultures of Kenya, which are renowned for their hospitality and fun.

However, those moving to Kenya may not find the expat experience as comfortable as in more developed countries, and longing for the everyday conveniences and familiar efficiency of home is a common topic of discussion among expatriates.

On the other hand, many believe that the luxuries that Kenya has to offer, such as large houses and high salaries for expats, provide a higher quality of life than they have at home. All in all, whether living in Kenya turns out to be an undesirable job or a great opportunity, all expats will certainly have a truly unique and memorable experience.

It’s a good idea to find out what you will face when you move to Kenya. To help you decide if this is the place for you or not, here are some of the pros and cons of living in Kenya.

Pros of living in Kenya

Here are the benefits of living in Kenya:

1. Generally integrated foreign and local community. With the emergence of a huge working class, emigrant and local networks are no longer as isolated as they used to be. Kenyans and foreigners communicate freely in educational institutions, shopping centers, bars, restaurants, and other places of recreation.

2. Easily accessible places to stay. Kenya is home to world-famous game parks full of mind-blowing wildlife and scenery. Play parks can be found near Nairobi (the capital of Kenya) and other neighboring cities. In addition, the white sandy shores of the warm Indian Ocean lined with palm trees are perfect for relaxation.

3. Wonderful climate. The regions, especially around Nairobi, have a mild climate all year round and do not face any extreme conditions. These regions have brighter days and cooler evenings. However, if you want to enjoy a warm climate, just head to Mombasa, a coastal city in Kenya. This is an amazing place with warm weather all year round.

4. Good social life for expats. Kenya offers many cafes, bars, and restaurants and a vibrant social life, especially in the capital. Numerous expats end up settling here because they adore it. You are sure to find some of the most upscale entertainment venues in Africa, especially in Nairobi, Nakuru, and Mombasa.

5. The locals are kind and pleasant, they speak English widely. Kenyans are kind and tolerant of guests. English is the most widely used language here; however, most of the locals are trilingual, communicating in Swahili, English, and an additional tribal language. Tribal languages ​​include Kikuyu, Luo, Luhya, Kalenjin, Kisii, and Kamba.

6. General expenses are reasonable. Kenyan foods and meats are exquisite, plentiful, and inexpensive. Moreover, agriculture, Kenya’s backbone in terms of income, earn a lot from horticulture.

7. Domestic workers are easy to find. In Kenya, the use of domestic workers for housework and childcare is the norm. The staff can be a great asset for any expat family as they are resourceful and affordable.

8. Financial discipline. Because life in Kenya is not always easy, living here is about learning how to save money and spend it wisely. The person develops money control and a certain vision and wisdom.

Cons of living in Kenya

Here are the cons of living in Kenya:

1. Corruption. As in many other countries of the African continent, corruption flourishes everywhere in Kenya. Numerous authorities demand bribes to move on. This vice negatively affected the economy of the country. Fortunately, since 2019, the government has been taking steps to arrest all prominent figures associated with corrupt activities. Some of those arrested on corruption charges voluntarily turned in the stolen money. And a huge part of these funds went to finance the war against COVID-19 in the country.

2. Individual security is a concern: Security is an issue, especially in the capital, where car theft and burglary are common. But just because a foreigner moves to Kenya doesn’t really mean they’ll be targeted by criminals. Most of the thieves’ victims are middle-class or unfortunate Kenyans.

3. Dangerous driving conditions. Poorly constructed roads, unusable trucks, and speeding matatus (public buses) make the roads in Kenya dangerous. Traffic accidents are not uncommon. Foreigners moving into the country are better off hiring local drivers who are better at maneuvering around hazards than driving themselves. However, not all roads are bad. In cooperation with the Chinese, the Kenyan government is taking steps to improve roads in the Nairobi metropolitan area.

4. Some utilities are expensive: Foreigners living in gated communities or self-contained homes are expected to pay for private security, which can be relatively expensive. In addition, electricity bills are also expensive. But opting for prepaid electricity tokens is the best choice as you can plan your expenses wisely.

5. Problems of adaptation for emigrants. A number of expats who are not flexible enough to meet new people face culture shock. Poverty is everywhere, and foreigners can be approached by intrusive salespeople. Instead of being scared, it’s better to learn to smile and say “no thanks” to them.

6. Lack of water: it depends on where the person lives. When looking for housing, you have to ask about water supply. It is better to find a site with a well or a well. The arid regions of the northeastern part of the country, including Turkana and Marsabit, usually experience drought.

How to get your money out of Kenya?

Individual bank cardholders can transfer money through an ATM or an Internet banking portal. The recipient does not need a bank card; he simply uses the code that the sender tells him, enters it in the appropriate field in the ATM, and can withdraw money.

After all the banking-related ways, below you can find some of the best working international money transfer companies that are convenient to get your funds out of Kenya and will help you transfer money in a few minutes without additional information such as a SWIFT code, details, etc.

MoneyGram

MoneyGram is the second-largest money transfer provider in the world and has an expected network of 350,000 points of sale and kiosks in over 200 countries. It also has a full range of funding and pickup options, including cash delivery and phone reloads in multiple markets. And transfers are fast: cash is usually available within minutes, while bank transfers take hours to many popular destinations.

But all of these features come at a price. MoneyGram used to be one of the most expensive transfer providers. MoneyGram also has a minimum transfer amount of £1. The maximum transfer amount is £5,000, so the service is best suited for relatively small amounts. In addition to the transaction limit, there is also a cumulative limit of £5,000 per month. For any amounts in excess of this, you will need to contact one of MoneyGram’s retail agents and arrange for a personal transfer.

Now let’s see what transfer options MoneyGram offers its customers in Kenya:

• Send money in person
• Send to bank account
• Send to mobile wallet

If you want to get your money out of Kenya via MoneyGram, you must first of all find a point near you, prepare for your visit, and here you need to have the following information and documents with you:

• Su documento de identidad, si procede
• The recipient’s full name that matches their ID. and their location
• El importe que desea enviar más la tasa

The next two steps involve completing the transaction and notifying the recipient that you have sent the money. If applicable, complete the submission form. Provide the agent with the completed form with the appropriate funds (including the transaction fee). Save the receipt and provide the recipient with an 8-digit reference number to receive.

Si prefiere transferir dinero a una cuenta bancaria, deberá facilitar la siguiente información:

• Tu DNI
• Nombre completo del destinatario, correspondiente a su identificador, nombre del banco y número de cuenta
• Your recipient’s location
• El importe que desea enviar más la tasa

Comparta el número de referencia de 8 dígitos con su destinatario y los fondos se abonarán directamente en su cuenta.

Si elige la tercera opción, es decir, transferir dinero a un monedero en línea, deberá facilitar su DNI, el nombre completo del destinatario correspondiente a su DNI y su número de teléfono móvil con un código de marcación internacional, así como la cantidad que desea enviar, más las comisiones . Por lo demás, los fondos se abonarán directamente en el monedero móvil del destinatario.

Western Union

Western Union es el mayor proveedor de transferencias de dinero del mundo, con más de 500.000 oficinas en más de 200 países y territorios. A diferencia de muchos proveedores, Western Union ofrece transferencias nacionales e internacionales; la capacidad de enviar y recibir dinero en efectivo rápidamente en el extranjero es su especialidad.

But Western Union has a complex pricing structure, and the FAQ lacks guidance for some key customer situations, such as canceling a transfer before delivery. In addition, the company has failed to protect consumers in the past.

Las transferencias a través del sistema internacional de Western Union llevan un número de control de transferencia de dinero, que permite encontrar rápidamente la transferencia y comprobar su estado. El dinero puede recibirse en pocos minutos tras el envío en más de 200 países de todo el mundo.

There are 2 options for transferring funds:

• Personal visit to a Western Union branch or partner bank
• Online transfer – with this method you do not need to visit bank branches, instead you can do it through a computer or mobile phone with Internet access

You do not need to have a bank account to transfer money using Western Union. The maximum transfer amount in bank branches is 7400 US dollars or the equivalent amount in the required currency. The only drawback of the system may be that the dollar will be greatly overvalued, which will affect the transfer of money abroad.

Una vez transferidos los fondos, el banco emite un recibo con un número de control de 10 dígitos. Éste, así como el importe, el país y la ciudad de la transferencia, deben ser nombrados por el destinatario.

La comisión de transferencia sólo la paga el remitente. En casos excepcionales, puede cobrarse una comisión del destinatario, por ejemplo, cuando se transfiere a una persona jurídica.

Sabio

Es una empresa estonia que te permite hacer transferencias a otros países, pagando sólo la diferencia de tipos y una comisión baja. Es una gran alternativa a las transferencias bancarias, ya que el dinero va a la tarjeta bancaria del destinatario, pero no pierdes dinero en intereses.

To transfer you need:

• Registrarse en el sitio web de la empresa (sólo para el remitente). Obtienes una cuenta IBAN real, que también puedes utilizar para recibir dinero de otros países.
• Seleccione el importe que desea enviar
• Añadir datos bancarios del destinatario
• Verificar la identidad (foto de carné)
• Pagar la transferencia
• Puede seguir su transferencia

Money transfer startup Wise offers cheap ways to send money from the US to over 70 countries. The exchange rates are among the best you will find. You can fund the transfer in various ways, such as using a bank account or card, but the recipient must have a bank account. The highly-rated mobile apps and websites provide useful cost calculators and other information to make transfers convenient.

La empresa ofrece comisiones bajas. El coste fijo para muchos países es una combinación de una cantidad fija de alrededor de $1 y un porcentaje de algo menos de 1% del importe de la transferencia.

Las comisiones de las tarjetas de crédito son más elevadas. Utilizar una transferencia ACH desde su cuenta bancaria o tarjeta de débito suele ser más barato. Si pagas por transferencia bancaria con TransferWise, es probable que tu banco te cobre una comisión.

But this international money transfer is not always the best option for large transfers. Some providers charge no fees and offer competitive markups, which can make some transfers cheaper than Wise.

WorldRemit

WorldRemit is an online money transfer service that allows people from all over the world to send money to their friends and family abroad. The company was founded in 2010 by Somali migrant Ismail Ahmed while studying at a university in London, who found an opportunity to make money transfers cheaper and easier to send money.

Payment methods also vary greatly but include (depending on the country) bank transfers, debit and credit cards, SOFORT, Apple and Android Pay, Poli, Interac, ACH, and Trustly. In the United States, WorldRemit offers money transfer services from all 50 states and, according to TechCrunch, “they are currently looking to expand further in Asia.”

WorldRemit es una alternativa de bajo coste a los servicios tradicionales de transferencia de dinero, y el hecho de que puedas transferir dinero en cualquier momento y lugar utilizando el sitio web o la aplicación móvil de WorldRemit lo convierte en un servicio muy cómodo. No hay necesidad de ir a un agente, hacer cola y esperar. Todo ocurre online, lo que significa que las comisiones de WorldRemit son más asequibles que las de muchos de sus competidores, y sus clientes ahorran en costes.

How WorldRemit works:

• Abra una cuenta. Visite el sitio web de WorldRemit y abra una cuenta de forma gratuita.
• Enter the recipient’s details. Tell WorldRemit where and to whom you need to send money
• Personalice su transferencia a través de WorldRemit. Introduzca el importe de la transferencia y la forma de pago
• Pague la transferencia. Transfiera fondos desde su cuenta bancaria local o pague con tarjeta de débito o crédito.
• Deje que WorldRemit haga el resto. WorldRemit convertirá tu dinero en la divisa del destinatario y se lo enviará a través de la opción de pago seleccionada.

Here is another option for secure money transfer. If you are in Kenya and want to urgently get your money abroad, you have a very wide range of options available. Now let’s see what each sender should consider when transferring money.

General tips for international money transfers

1.Compare el coste de la traducción de varios proveedores

Hay dos tipos de costes: el pago por adelantado y el margen sobre el tipo de cambio. Busque un proveedor que le ofrezca la combinación más barata de comisiones bajas y el mejor tipo de cambio posible. Normalmente, los proveedores online no bancarios ofrecen transferencias más baratas que los bancos.

2. Saber cómo funcionan los tipos de cambio (y cómo encontrar el mejor)

An exchange rate is the price of one currency in relation to another currency. For example, if you want to convert US dollars to euros, you should check how much one US dollar is worth in euros. Most transfer providers won’t give you the exchange rate you’ll find on a currency exchange platform like Bloomberg.com (or when you exchange rates on Google), but a currency platform can be a useful starting point to see what the best rate looks like. like this minute. When checking the exchange rate for an international transfer using services such as Western Union, be guided by the amount in foreign currency. The higher it is, the more money your recipient will receive.

3. Evite pagar con tarjeta de crédito

Esta es una opción para algunos proveedores, pero puede haber un pago inicial más alto y el emisor de su tarjeta de crédito puede ser responsable de cargos como intereses y anticipos en efectivo. Si necesita una entrega rápida del dinero, utilice una tarjeta de débito. Una transferencia pagada directamente desde una cuenta bancaria suele ser mucho más lenta.

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