Expatriates Induction Guide Final - Edited 2017

Currency Exchange
The Central Bank of Kenya provides average
selling and buying rates of major participants
in the foreign exchange markets at the
beginning of every business day. This gives a
price indicator for those interested in
changing currency; that is buying or selling
the shilling. Once can change currency at any
of the several forex dealers in the country.
Forex dealers include forex bureaus and
banks.
Summary
This chapter gives a quick overview on some of
the key areas one needs to understand when
banking in Kenya.
Both local and foreign banks exist in Kenya. It is
possible to access cash through ATMS as Visa
and MasterCard services are available. One can
also open a local account at the bank of their
choice by providing:
i) A completed account opening form
ii)
iii)
A completed specimen signature card
Two recent passport pictures
iv) An address verification document (such as a
utility bill),
v) Valid identification(passport, license or
National ID card)
Banks provide better rates when changing
larger amounts of wire transfers. However, it
is often more convenient to change money at
a forex bureau.Forex bureaus are licensed to
cater specifically for the retail end of the forex
market,
i.e. buyers and sellers of small amounts of
currency, mainly cash. They are therefore
likely to provide better rates for these
transactions. ABC Forex Bureau Ltd. is
conveniently located in ABC Shopping
Centre. There are also others located at the
airport and most major malls.
Money Transfer
It is a common need to transfer funds outside
the country or to receive funds. Direct wire
transfers to and from foreign accounts is
possible. Well known money transfer services
such as MoneyGram and Western Union, are
also available. These services can be
accessed through most banks. New
innovative services such as Worldremit allow
individuals to transfer money from a foreign
account directly to your MPesa or other
mobile money account.
vi) A resident Permit.
Payments can be made in 4 ways:
i) Cash
ii)
Debit/Credit Card
iii) Mobile Payment
iv) Cheque
It is best to go to the bank for large currency
exchange transactions while small cash
transactions are best conducted at a forex
bureau.
Finally one can transfer funds to and from Kenya
using well know services such as MoneyGram
and Western Union.