Kenyans Abroad: 7 Smart Ways to Manage Money You Send Home

For Kenyans living abroad, supporting people back home can involve regular family expenses such as school fees, rent, medical bills, utilities, shopping and other household needs.

Without a clear system, it can become difficult to track how much money you send home and where it goes. Separating family expenses from your personal finances can make managing these payments easier.

Start by listing the expenses you regularly support in Kenya. You can divide your money into categories such as:

1. School fees and education
2. Rent and household bills
3. Medical expenses
4. Food and shopping
5. Family support
6. Emergency expenses
7. Savings and investments
8. Other planned payments

Setting a specific amount for each category can help you avoid sending money without a clear purpose. It also allows you to review your spending and identify areas where you may need to adjust your budget.

Consider Using a Kenyan Bank Account When Handling Family Expenses 

A Kenyan bank account can make it easier to manage expenses remotely without relying entirely on relatives or friends to make payments on your behalf. For example, Co-operative Bank of Kenya offers diaspora banking services for Kenyans living abroad.

Its diaspora transactional accounts support KES, USD, GBP, CAD and EUR, while mobile and internet banking allow customers to manage transactions remotely. The bank says customers can use the account to pay tills and PayBills for expenses such as rent, school fees and shopping.

The account can also be used for utility payments, including KPLC tokens and Nairobi Water bills, as well as statutory payments such as KRA and NSSF obligations. Customers can also make local and international transfers.

You Can Apply for a Diaspora Account Remotely

Co-op Bank’s diaspora banking service allows a Kenyan living abroad to apply for a Jamhuri account without having to return to Kenya for the application.

The bank’s current account-opening information requires identification documents, a passport-size photograph and proof of residential address. Documents may need certification by a notary public, Kenyan embassy or high commission, a bank or a Co-op Bank diaspora agent.

The bank says account opening normally takes 24 to 48 hours after it receives the completed forms and required documents.

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Pay Bills Directly From Abroad

One advantage of managing your Kenyan account remotely is the ability to make payments yourself. Co-op Bank says its mobile and internet banking services allow diaspora customers to pay tills and PayBills, transfer money locally and internationally, and pay various household and statutory bills.

This means that instead of sending money to a family member and asking them to settle every bill, you can handle some payments directly.

• That can also make it easier to keep records of your spending.
• Keep Family Support Separate From Other Expenses

Family support is different from fixed household expenses.

For example, you could have separate amounts for your parents’ support, siblings’ needs or other regular commitments. This prevents family support from being mixed with rent, school fees or emergency money.

You can also agree with family members on which expenses you will cover regularly and which ones require prior communication.

Set Aside Money for Emergencies

Unexpected expenses can arise, including medical treatment, urgent repairs or other family needs. Instead of relying on your monthly budget whenever an emergency occurs, consider maintaining a separate emergency fund in Kenya.

The amount will depend on your income and family responsibilities, but the goal is to avoid disrupting money already allocated for rent, school fees or other essential expenses.

Also Read:Top 10 Banks With Most Deposit Accounts Below Ksh 500,000

Track Every Payment

Keep a simple record of the money you send and the payments you make.You can use a spreadsheet, budgeting app or notes on your phone to record:

• Date of payment
• Amount
• Purpose
• Person or organisation receiving the money
• Remaining balance

This gives you a clearer picture of your family-related spending each month.

Plan Before Sending Money Home

The most important part of managing family expenses from abroad is having a system. Decide in advance how much you can comfortably allocate to education, household expenses, family support, emergencies and savings.

A Kenyan bank account with remote banking services can then help you make some of these payments directly and monitor your transactions while you are abroad.

Co-op Bank says its diaspora accounts can also be linked to internet banking, allowing customers to access and manage their accounts remotely.

Bank products, requirements and charges can change, so customers should confirm the latest terms directly with the bank before opening or using an account.

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Photo of Cooperative Bank Building based in Nairobi CBD. PHOTO/Citizen