Kenyan Banks Offering Free PesaLink Transfers Up to Ksh 1,000
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Kenyans using PesaLink can now send up to Ksh 1,000 for free through 21 banks, following changes to transfer charges adopted by participating financial institutions.
According to a statement by the National Bank of Kenya, the banks have also introduced a flat Ksh 20 fee for transfers ranging from Ksh 1,001 to Ksh 999,999.
This means that customers sending larger amounts through PesaLink will pay the same Ksh 20 fee as long as the transaction remains within the stated limit.
“Send money directly and conveniently with PesaLink. Transfer Ksh 1,000 and below for FREE, or pay a flat Ksh 20 fee for transfers from Ksh 1,001 to Ksh 999,999,” National Bank stated.
Co-op Bank and NCBA Join Banks Offering Reduced Charges
The update comes after Co-operative Bank and NCBA joined other banks offering the revised PesaLink charges.
According to Pesalink, the following are the 21 banks listed under the new PesaLink pricing structure:
- Co-operative Bank
- NCBA
- KCB Bank Kenya
- Absa Bank Kenya
- Stanbic Bank Kenya
- Diamond Trust Bank (DTB)
- Prime Bank
- HFC
- Victoria Commercial Bank
- Access Bank Kenya
- Citibank N.A. Kenya
- Commercial International Bank (CIB)
- Faulu Microfinance Bank
- GT Bank
- SBM Bank
- Paramount Bank
- Credit Bank
- Ecobank Kenya
- Bank of Baroda
- Choice Bank
- Caritas Microfinance Bank
How to Send Money Using PesaLink
Kenyans can send money through PesaLink using their bank’s mobile banking app, internet banking platform, or USSD service.
To make a transfer, customers should first open their bank’s mobile banking app, log into the internet banking portal, or dial the bank’s official USSD code. They can then select PesaLink or PesaLink Transfer from the available menu.
Also Read: How to Qualify for KCB M-PESA Loan and Boost Your Loan Limit
Thereafter, customers can choose between Send to Phone, which allows them to send money using the recipient’s phone number linked to their bank account, and Send to Account, which requires the recipient’s bank account details.
The sender then enters the recipient’s details and the amount to transfer. PesaLink allows customers to send amounts ranging from KSh10 to KSh999,999 and add an optional reference or reason for the payment.
Before completing the transaction, customers should confirm the recipient’s name, the amount, and any applicable transaction fee. They can then enter their PIN or password to authorise the transfer.
Once the transaction is completed, the customer receives an SMS confirmation indicating that the money has been sent.
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National Bank Of Kenya. PHOTO/NBK