Introduction

If you are a Kenyan residing abroad, having a dedicated banking solution back home is a must-have to get ahead. Indeed, with a reliable banking and investment solution, you have a safe and secure way of controlling your finances anytime and anywhere. Then, whether you are a student or a working Kenyan in the diaspora, you want the freedom to send, receive, and use your money fast, safely, and affordably. After all, it is maintaining connections to your homeland while enjoying unbeatable value propositions. And your dreams are borderless, and so should be your banking partner.

Getting Ahead Away From Home

There are at least three things a Kenyan residing abroad can benefit from having a dedicated banking solution back home.

First, your banking partner becomes a reliable channel for creating ongoing wealth for your retirement years. Second, you get real-time access to competitive currency exchange rates. It is an affordable way to make those inevitable international payments or transactions to your businesses or loved ones back home. And, depending on whether it is a traditional banking solution, SACCO, MFI, or other banking solution, you have quick access to loan facilities at affordable interest rates. Besides, saving your wealth back home may cushion it from looming economic shifts in your host country abroad. Recent case scenarios are the ripple effects of the Russia-Ukraine home for the Kenyans residing in Ukraine.

Banking Needs of Kenyans in the Diaspora: What Do Statistics Say?

First things first; if you are a Kenyan residing abroad, what kind of financial needs would you need back home? Well, if the Diaspora Remittance Mapping and Study by Pangea Trust  conducted between April and June 2021 is anything to go by, up to 75% of Kenyans in the Diaspora send money back home to support their families. Another 17% of the Diaspora remittances go towards donations to charities and religious groups. And a handful 15% is channeled to investments in businesses and properties. Then, here are some additional findings from the study: –

  • Up to 50% of the respondents remit funds to Kenya at least once every month
  • On average, more men send money back home than women. Women send less than $500 per month while men send above $1,000 per month. This disparity is due to more men remitting funds towards savings and investments back home compared to women
  • Most persons sending money back home are Kenyan Diasporas aged between 31 to 40 years. This age group has a higher disposable income than the younger diasporas who are mostly students or older folk who settled in their host countries.
  • Most of the remittances are by 1st generation Kenyans in the Diaspora. These are persons born in Kenya and now residing abroad. They maintain closer relation ties with their families and friends back in Kenya.
  • 54% of Kenyans in the Diaspora prefer mobile money services when remitting funds to Kenya, above traditional banking solutions, money transfer companies, and Hawala money transfer companies.

Further Statistics

Central Bank’s Diaspora Remittances Survey, December 2021, indicates that Kenyans in the Diaspora sent a 15-year record of USD 3,718 million back home in 2021. The remittance inflows accounted for 3% of the country’s GDP. The inflows were the top foreign exchange earner for the country. And in February 2022 alone, the diaspora community remitted USD 321.5 million back to Kenya, a 23.5% rise from USD 260.3 million at the same time in 2021.

From the above findings, we can conclude the following about the banking needs of Kenyans in the Diaspora: –

  • Kenyans residing abroad look for banking solutions that they can operate remotely regularly
  • Banking institutions with savings and investment products for the Kenyan Diaspora niche make it easier for Kenyans abroad to send money to relatives and still invest in profitable and secure ventures back home
  • The ideal banking solutions should have long-term yields allowing the working class Kenyans abroad to save and invest money into their retirement years
  • Banking institutions that invest in relationship management with the Kenyans in the Diaspora market facilitate the 1st generation Kenyans in the Diaspora to maintain their close ties back home instead of shifting all their income abroad
  • The banking needs of Kenyans in the Diaspora are changing. And, banking institutions geared toward embracing mobile money solutions stand a better chance of tapping into the needs of Kenyans abroad

Diaspora Banking Value Proposition:  What Does Kenya Diaspora Banking Entail?

Kenya Diaspora Banking

A typical diaspora banking solution allows you to gain control of your bank account from the comfort of your place in the host country abroad. As the bank account holders, you rely on technology-based solutions, internet banking, and mobile phone banking to undertake the following: –

1.      Online Payments

Kenyans in the Diaspora need a banking partner that facilitates bill payments and funds transfers from bank to mobile money wallets. Also, a banking solution with SMS alerts, paperless statements, an optional checkbook in foreign currencies, and an optional ATM card facilitates your withdrawals when visiting Kenya.

2.      Accounts

Below are the most common savings and investment accounts that Kenyans in the diaspora can open with Kenyan banks: –

  • Online Transactional Accounts – These are transactional accounts with online and mobile banking services
  • Student and Kids Current Accounts – Facilitate sending of tuition fees or pocket money by parents or guardians to students studying abroad. Most student or kids accounts offer free-standing orders and banker’s checks for school fee payments.
  • Global Savings Accounts – Typical savings accounts include diaspora deposit accounts that facilitate investing in call or fixed-term deposits of varying maturity periods to fit your investment goals. Other savings accounts like lock savings accounts allow you to save money for a minimum of 6 months and use your savings as collateral to access loans at discounted rates. And a Youngstar Savings Account is for Kenyans in the Diaspora who are also parents with kids living in Kenya. The account helps the parents save for their kids’ education and lifestyle expenses while instilling the saving culture in the young ones.
  • Secured Credit Cards – Obtain international credit cards from your Kenyan bank. Ideally, this locally-issued credit card should be acceptable in local and international locations to facilitate your travels.

3.      International Remittances

Most banks partner with international money remittance providers to facilitate instant funds transfers from a bank account abroad to a Kenyan bank account, mobile wallet, or agent outlet. For example, the National Bank partners with World Remit to offer a fast, safe, and secure funds transfer from over 130 countries. Still, you must register with the international money remittance provider before accessing these services. The value proposition here includes: –

  • Sending and receiving international funds transfers in minutes
  • Enjoy better exchange rates and lower fees than those charged by conventional banks
  • Strict verification processes that guarantee the safety of your money and personal information
  • Use your preferred mode of payment like Visa, Mastercard, Maestro, PayPal, and Apple Pay
  • Send money in up to 70 foreign currencies
  • Have access to 24/7 customer support in different languages

4.      Investment Services

Kenya Diaspora Banking

Let’s face it; making a living abroad does not necessarily come with an investment education. And, without financial discipline, you may have nothing to show for your hard work abroad. For this, Kenyans in the diaspora rely on banking partners with teams of well-seasoned fund managers. They advise and help their customers decide on the appropriate investments in Kenya. Then, are conversant with government papers and securities, want to start a business or own real estate property, explore pension products and unit trusts? The ideal banking partner tailor-makes investment solutions that deliver higher and stable returns from a pool of trustworthy and independent institutional players.

Our benchmark for picking a banking partner for investment solutions is: –

  • What advisory services do you get?
  • How fast can the bank facilitate liquidating your investments fast when you need to raise funds?
  • Does the bank have a strong lending history
  • Does the bank charge reasonable fees and commissions

5.      Diaspora Mortgages

Buy land, residential or commercial property in Kenya while in your resident country abroad. Here, your banking partner offers attractive financing options, including financing the outright purchase of the developed property, purchasing plots and developing them, or using the current property as collateral to access funds for other local investments. You get competitively-priced diaspora mortgage products to suit your real estate investment appetite back home.

6.      Advisory Services

Are you running an enterprise in Kenya while residing abroad? If so, find a reputable Kenyan banking partner doubling as a financial advisor for your business. More so, this bank leverages its extensive network and strategic relationships to help you deal with fundraising, mergers and acquisitions, joint ventures, and project finance. Most banking service providers charge an annual fee of 0% to 5% for their advisory services.

7.      Custody Services

Diaspora banking may include custody services like safekeeping, settlement, and servicing investment portfolios. The banking partner has a team of industry specialists providing a holistic approach to wealth management beyond traditional investing.

8.      Insurance

Financial institutions offer insurance packages to their customers abroad to secure the lives of their children, spouses, and extended family in Kenya. Typical insurance products include personal accident cover, emergency medical cover, death and funeral cover, inbound travel, premium financing, and education cover.

Choosing the Best Kenyan Financial Institution for Your Banking Needs While Abroad

Below is a checklist you can use when deciding on the Kenyan banking partner for you: –

a)     What type of bank account do you need?

Opt for a bigger and more traditional bank if you want checking accounts with better yields than SACCOs or other online banks.

b)     Compare the available online & mobile banking services

Consider the convenience and availability of online and mobile banking services.

c)      Does the bank support your lifestyle? 

Salary accounts, savings accounts, student accounts, and fixed deposit accounts target persons with varying lifestyles. Decide on a banking partner with products and services that facilitate your current lifestyle and fulfill your investment appetite.

d)     What digital features do they have?

Does your banking partner provide the diaspora banking solutions on a mobile app? Can you transfer funds, make payments, lock your debit card remotely when you misplace it or get mobile banking alerts at the click of a button on your cell phone? Other advance digital features include finding nearby ATMs, searching your transaction history, and using Apple Pay and Samsung Pay at store checkout counters.

Opening a Kenyan Bank Account While Abroad: With Case Study

 

Kenya Diaspora Banking

 

1.      What You Require

Here is a list of the most common requirements for opening a Kenyan bank account while residing abroad: –

  • Proof that you currently reside abroad
  • KRA PIN certificate in digital form
  • Scanned copy of a valid passport or Kenyan National ID
  • Notarized proof of address, for example, a utility bill, bank statement, local authority tax bill, student ID card, or driver’s license
  • Colored passport-sized photo in digital form

Further, a bank official may call you to obtain additional information depending on the type of bank account you want. And you will need to visit your nearest attorney, banker, consulate, high commission, or notary public to get your supporting documents certified.

Are you a Kenyan residing in the United States and currently a U.S. taxpayer? If so, your banking partner in Kenya needs to report to the IRS information regarding all your financial accounts or businesses outside the U.S. This requirement is per the Foreign Account Tax Compliance Act (FATCA). Hence, all US-based Kenyans opening bank accounts back home must fill out the FATCA W-9 and confidentiality waiver forms.

2.      The Sign Up Process

  • Download signature card and signing instructions
  • Sign, certify, and scan the instructions
  • Download, certify, and sign the indemnity sign
  • Attach your certified supporting documents in digital form

3.      Case Scenario: Opening an Equity Bank Diaspora Bank Account

Below is the sign-up process for opening a diaspora bank account with Equity Bank: –

  • Download the opening bank account application form and the email indemnity form
  • Read, complete, and sign the forms above
  • Collect all the supporting documents as listed on the application forms, depending on the type of bank account you need
  • Save the supporting documents as one zip file
  • Click the “Open an Account” section on the Equity Bank website
  • Fill out the online form for opening the Equity Ordinary Account or the Diaspora Business Account
  • Attached the zip file containing your supporting documents
  • Click submit to send your application to Banking@equitybank.co.ke
  • Send the hard copies of your original email indemnity form to Equity Bank using the address below: –

Diaspora Banking

Equity Bank Limited

Global Centre, 4th floor.

Argwings Kodhek Road, Kilimani

P .O. Box 103098 – 00101,

Nairobi. Kenya.

 

15 Best Kenyan Banks for Diaspora Banking

 

1.      Kenya Commercial Bank (KCB)

  • Diaspora Banking Products: Transactional Accounts, Student Accounts, Savings Accounts, Chama Accounts, Money Transfer Services, Insurance, Mortgage,
  • Diaspora Account Main Features:
  • Minimum Opening Balance: 1,000 or its equivalent
  • Account Maintenance Fees: Zero for Amounts Above $1,000 or equivalent; $5 maintenance charges for amounts below $1,000 or equivalent
  • Available Currencies: KES, USD, GBP, EUR, AUD, CHF, CAD, ZAR
  • Available Money Transfer Services: World Remit, Transfast, RIA, Western Union, Money Gram
  • Frequency of Withdrawals: Unlimited
  • Access to Visa Services: Visa Debit Card.
  • Access to Internet & Mobile Banking: Yes

 

  • What We Like:
  • Unrestricted deposit amounts into the accounts
  • Zero minimum operating balance
  • No monthly ledger fees for balances above $1,000 or equivalent
  • Unlimited withdrawals
  • Has KCB agents abroad

2.      Paramount Bank

 

 

  • Diaspora Banking Products: Diaspora E-account, Diaspora Deposit Account, Secured Credit Cards, Mortgages, Safe Deposit Lockers, Money Transfer Options
  • Diaspora Account Main Features:
  • Minimum Opening Balance: Zero
  • Monthly Account Maintenance Fees: Zero
  • Available Currencies: KES, USD, EUR, GBP
  • Available Money Transfer Services: SWIFT / Telegraphic Transfer, CHAPS Sterling
  • Free Monthly E-statements: Yes, Online Paperless Statements
  • Frequency of Withdrawals: 2 Free Withdrawals Per Month
  • Access to Visa Services: International Mastercard Credit Cards
  • Access to Internet & Mobile Banking: Yes
  • What We Like:
  • Access to a dedicated relationship manager for personalized banking service
  • Optional checkbooks & ATM cash cards, SMS alerts & bill payments
  • Has small, medium, & large safe deposit boxes for valuables and important documents
  • Has free monthly e-statements (online paperless statements)
  • No cash handling fee for KES Account

3.      National Bank

  • Diaspora Banking Products: Savings Accounts (Fixed and Call Deposit Accounts, Vision Account for Kids), Transactional Accounts, Diaspora Mortgage, Money Transfer Services, Investment & Advisory Services (Equities & Treasury Bonds), Medical Insurance
  • Diaspora Account Main Features:
  • Minimum Opening Balance: 500 or its equivalent
  • Account Maintenance Fees: Zero
  • Available Currencies: KES, USD, GBP, EUR
  • Available Money Transfer Services: World Remit
  • Frequency of Withdrawals: Varies Depending on Type of Account
  • Access to Visa Services: Visa Debit Card
  • Access to Internet & Mobile Banking: Yes
  • What We Like:
  • Single or co-ownership of savings and transactional accounts
  • Optional check books in foreign currencies
  • Free checkbook, Platinum Visa Debit Card, Priority Pass, and access to National Bank Premium Lounges for Premium Current Account Holders
  • Interest of up to 7% on the savings accounts

4.      ABC Bank

Kenya Diaspora Banking

  • Diaspora Banking Products: Transactional Accounts, Student Accounts, Savings Accounts, Salary Accounts, Global Loan Products, Investment Products (Property, Stocks, Bills & Bonds) Money Transfer Services, Insurance, Mortgage
  • Diaspora Account Main Features:
  • Minimum Opening Balance: 1,000 to KES 5,000 or its equivalent
  • Account Maintenance Fees: KES 100 for balances below KES 100,000
  • Available Currencies: KES, USD, GBP, EUR, ZAR
  • Available Money Transfer Services: iREM, MoneyGram, Western Union, Al-Dahab Exchange, RTGS, Foreign Demand
  • Frequency of Withdrawals: Unlimited Deposits and Withdrawals
  • Access to Visa Services: Mastercard Debit Card
  • Access to Internet & Mobile Banking: Yes, RTGS, EFTs, SWIFTS
  • What We Like:
  • Reasonably priced loan facilities & insurance products
  • Competitive forex rates
  • Attractive fixed, Flexi-fixed, & call deposits
  • Convenient mobile banking app
  • 24/7 customer service

5.      Equity Bank

Diaspora Banking Kenya

  • Diaspora Banking Products: Personal Transactional Accounts, Business Accounts, Savings Accounts, Forex Accounts, Money Transfer Services, Insurance, Mortgage,
  • Diaspora Account Main Features:
  • Minimum Opening Balance: Zero
  • Account Maintenance Fees: Zero
  • Available Currencies: KES, USD, GBP, EUR
  • Available Money Transfer Services: World Remit, Terrapay, Hellopaisa, Transfast, Smallworld, Sendwave, Remitly, RIA, Homesend, SWIFT Transfer, Money Gram, Equity Direct, Western Union, Pesa Link
  • Frequency of Withdrawals: Unlimited
  • Access to Visa Services: US Debit Cards, Equity Premium Cards, Diaspora Credit Cards, Visa Direct, Paypal
  • Access to Internet & Mobile Banking: Yes
  • What We Like:
  • Real-time processing of cash transactions on account
  • Check book available on request
  • Free monthly e-statements
  • Free standing order setup and transactions
  • Free funds transfer to other Equity bank accounts

6.      Family Bank

Diaspora Banking Kenya

 

  • Diaspora Banking Products: Transactional Accounts, Savings Accounts, Money Transfer Services, Insurance, Mortgage, Custody Services
  • Diaspora Account Main Features:
  • Minimum Opening Balance: KES 10,000 or its equivalent
  • Account Maintenance Fees: Zero
  • Available Currencies: KES, USD, GBP, EUR
  • Available Money Transfer Services: Send Wave, Airtel Money, Safaricom MPESA, MoneyGram, Western Union, PesaLink, SWIFT, RTGS
  • Frequency of Withdrawals: Unlimited
  • Access to Visa Services: Visa Debit Card
  • Access to Internet & Mobile Banking: Yes
  • What We Like:
  • Has a convenient PesaPap mobile banking app
  • Offers free financial advisory services
  • Access to affordable loan facilities and competitive interest rates
  • Access the bank’s pre-qualified service providers for specific financial and investment advice

7.      Stanbic Bank

Diaspora Banking Kenya

  • Diaspora Banking Products: Transactional Accounts, Savings Accounts, Asset Finance, Property Finance, Secured Loans, Money Transfer Services, Insurance, Wealth Management
  • Diaspora Account Main Features:
  • Minimum Opening Balance: KES 1,000 or its equivalent
  • Account Maintenance Fees: KES 2,100 maintenance charges for amounts below KES 155,000 or equivalent
  • Available Currencies: USD, GBP, EUR, ZAR
  • Available Money Transfer Services: PesaLink, SimbaPay, Remitbee, Western Union, MasterCard Internet Gateway Service, mPOS
  • Frequency of Withdrawals: Unlimited
  • Access to Visa Services: Visa or Master Debit Card
  • Access to Internet & Mobile Banking: Yes
  • What We Like:
  • Access to trade finance and loan products
  • Access to self-service e-channel for business account holders
  • Competitive rates for foreign exchange transactions
  • Reliable mobile banking app
  • Free monthly e-statements

8.      NCBA Bank

Diaspora Banking Kenya

  • Diaspora Banking Products: Transactional Accounts, Savings Accounts, Money Transfer Services, Insurance, Mortgage, Investment Advisory Services, Wealth Management, Trade Finance, Asset Finance, Secured Loans
  • Diaspora Account Main Features:
  • Minimum Opening Balance: Zero
  • Account Maintenance Fees: Zero
  • Available Currencies: More than 120 Global Currencies
  • Available Money Transfer Services: Western Union, World Remit, MoneyGram, Wave, Exchange, Visa Direct, Swift, Local Bank Transfers, M-PESA
  • Frequency of Withdrawals: Unlimited
  • Access to Visa Services: Visa Debit Card.
  • Access to Internet & Mobile Banking: Yes
  • What We Like:
  • Dedicated relationship manager
  • Free monthly e-statements
  • Free intra-account transfers
  • Free email alerts on every transaction
  • Communication via Secure email

9.      Cooperative Bank of Kenya

Diaspora Banking Kenya

  • Diaspora Banking Products: Transactional Accounts, Business Current Accounts, Kids Accounts, Fixed and Call Deposits Accounts, Treasury Bonds, Treasury Bills, Trade Shares, Custody and Registrar Services, Insurance, Mortgage, Secured Loans
  • Diaspora Account Main Features:
  • Minimum Opening Balance: KES 5,000, USD 100, GBP 100, EUR 100
  • Account Maintenance Fees: KES 1 – KES 300
  • Available Currencies: KES, USD, GBP, EUR
  • Available Money Transfer Services: Remitly, Transfast, Sendwave, InstantCash, MoneyGram, SWIFT, Western Union, Poa Pay,  WorldRemit, Co-opRemit
  • Frequency of Withdrawals: Unlimited
  • Access to Visa Services: Visa Debit Card.
  • Access to Internet & Mobile Banking: Yes
  • What We Like:
  • No minimum operating balance
  • Negotiated forex rates
  • Free internal standing orders
  • Competitive interest rates on fixed and call deposits

 

10.  Gulf African Bank

Diaspora Banking Kenya

 

  • Diaspora Banking Products: Transactional Accounts, Children’s Accounts, Savings Accounts, Money Transfer Services, Insurance, Mortgage
  • Diaspora Account Main Features:
  • Minimum Opening Balance: KES 1,000 or its equivalent
  • Account Maintenance Fees: KES 300 or its equivalent
  • Available Currencies: KES, USD, GBP, EUR, AED
  • Available Money Transfer Services: Western Union, Express Money, SpeedCash, SWIFT, MoneyGram, Safaricom MPESA
  • Frequency of Withdrawals: Unlimited
  • Access to Visa Services: Visa Debit Card
  • Access to Internet & Mobile Banking: Yes
  • What We Like:
  • Has sales representatives worldwide for account opening assistance
  • Dedicated communication via WhatsApp, Chatbot, and email
  • Competitive forex exchange rates
  • Optional Pay As You Go (PAYG)

11.  HF Group

Diaspora Banking Kenya

 

  • Diaspora Banking Products: Savings Accounts, Money Transfer Services, Insurance, Mortgage, Custodial Services
  • Diaspora Account Main Features:
  • Minimum Opening Balance: KES 5,000 or its equivalent
  • Account Maintenance Fees: Zero
  • Available Currencies: KES, USD, GBP, EUR
  • Available Money Transfer Services: SWIFT, Western Union, MoneyGram, HF Whizz Money Transfer
  • Frequency of Withdrawals: 1 withdrawal per quarter
  • Access to Visa Services: Visa Debit Card
  • Access to Internet & Mobile Banking: Yes
  • What We Like:
  • Up to 105% home loan financing
  • Tax relief for occupied homes
  • Competitive interest on savings
  • Fast pre-qualification for mortgage and cash cover facility
  • Earn points redeemable for branded items and household appliances

12.  Eco Bank

Diaspora Banking Kenya

  • Diaspora Banking Products: Transactional Accounts, Student Accounts, Savings Accounts, Money Transfer Services, Insurance, Mortgage, Loan Facilities
  • Diaspora Account Main Features:
  • Minimum Opening Balance: Zero
  • Account Maintenance Fees: Zero
  • Available Currencies: KES, USD, GBP, EUR
  • Available Money Transfer Services: RapidTransfer, RIA, Western Union, Safaricom MPESA
  • Frequency of Withdrawals: Unlimited
  • Access to Visa Services: Visa Debit Card, Diaspora Card, Ecobank Visa Card
  • Access to Internet & Mobile Banking: Yes
  • What We Like:
  • Access a dedicated relationship manager
  • Free monthly e-statements
  • Access your money in 33 countries
  • Real-time SMS and e-alerts for transactions
  • Services accessible on Ecobank mobile banking app

13.  I & M Bank

Diaspora Banking Kenya

  • Diaspora Banking Products: Transactional Accounts, Student Accounts, Savings Accounts, Money Transfer Services, Insurance, Mortgage, Auto Loans, Investment and Custody Services
  • Diaspora Account Main Features:
  • Minimum Opening Balance: KES 1,000 or its equivalent
  • Account Maintenance Fees: Zero
  • Available Currencies: KES, USD, GBP, EUR
  • Available Money Transfer Services: Western Union, MoneyGram, I & M Webpay, SWIFT, PesaLink, Airtel Money, Safaricom MPESA, Brisk
  • Frequency of Withdrawals: Unlimited
  • Access to Visa Services: Visa Debit Card, International MasterCard
  • Access to Internet & Mobile Banking: Yes
  • What We Like:
  • Free standing order
  • Daily SMS/email notifications
  • Access to a pool of relationship managers
  • Access to professional networking forums
  • Competitive interest rates on savings

14.  ABSA Bank

Diaspora Banking Kenya

  • Diaspora Banking Products: Transactional Accounts, Student Accounts, Savings Accounts, Money Transfer Services, Insurance, Mortgage
  • Diaspora Account Main Features:
  • Minimum Opening Balance: Zero to KES 3,100 or its equivalent
  • Account Maintenance Fees: Zero
  • Available Currencies: KES, USD, GBP, EUR
  • Available Money Transfer Services: MoneyGram, NovoFX, Absa Visa Send Money
  • Frequency of Withdrawals: Unlimited
  • Access to Visa Services: Visa Debit and Credit Cards
  • Access to Internet & Mobile Banking: Yes
  • What We Like:
  • 50% cashback on bank fees when taking up a credit card, loan, or savings product
  • Access unsecured loans and fast mortgage approvals
  • Has Islamic Banking products
  • Services accessible via a convenient mobile banking app

15.  UBA Bank

Diaspora Banking Kenya

  • Diaspora Banking Products: Transactional Accounts, Savings Accounts, Money Transfer Services, Insurance, Mortgage, Trade Finance
  • Diaspora Account Main Features:
  • Minimum Opening Balance: 1,000 or its equivalent
  • Account Maintenance Fees: Zero
  • Available Currencies: KES, USD, GBP, EUR
  • Available Money Transfer Services: Western Union, Money Gram, UBA Remit, SWIFT
  • Frequency of Withdrawals: Unlimited
  • Access to Visa Services: Visa Debit Card
  • Access to Internet & Mobile Banking: Yes
  • What We Like:
  • Pay As You Go current account
  • Free monthly e-statements
  • No account closure charges
  • Debit card shipped to your country of residence

Conclusion

As you conquer the world to actualize your dream, have the right financial institution back home to back you up. And this quick guide defines the scope of diaspora banking in the Kenyan context to list and compare the available options. Indeed, we summarized the diaspora banking solutions by Kenyan banks and elaborated on ways to access such services while miles away in a foreign country? Then, select the Kenyan bank that best meets your diaspora banking needs.

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