Account holders can transfer funds to others via a mobile phone app; both the sender and receiver must live in the United States. Find out more about why, as well as the top alternatives, in our dedicated Zelle Canada guide. This does not affect the opinions and recommendations of our editors. Quick tip: You can also transfer money from your bank account to PayPal on the iOS or Android app. Should the alternative hypothesis always be the research hypothesis? Recommended for:Fast, affordable bank transfers, especially to North America and Europe. Finally, while M-Pesa has certainly been a huge success, there are still opportunities to capture new users in Kenya. But Venmo requires linking to a bank or a credit card, which means anyone who doesnt have one of those is locked out. Safaricom have just announced release of Mpesa public API: http://www.safaricom.co.ke/business/m-pesa/API. Some may argue that Safaricom has already started doing this. Confirm the amount you want to add, and hit the Add button. More than 80,000 people have responded to requests to help with our reporting. That said, Venmo alternatives in Kenya are Mpesa, T-Kash, Airtel Money, Mobi-Cash, and HFC Mobile Banking. Find out more about why, as well as the top alternatives, in our dedicated Zelle Puerto Rico guide. 7 Ways to Send Money From the USA to Kenya via M-Pesa 01. A writer at Monito, Byron possesses a keen interest in the intersection of personal finance and technology. Two faces sharing same four vertices issues, Sci-fi episode where children were actually adults. Learn more More info: See our full XE review or visit their website. Select your bank account, enter the amount of money you want to transfer, then click Add. There are already banks in the US that are online-only, trying to take advantage of the change in how we do transactions to avoid the high costs of physical branch locations. The mechanism in that case was largely remittances money sent home by family members living and working elsewhere. Monito's experts spend hours researching and testing services so that you don't have to. Does contemporary usage of "neithernor" for more than two options originate in the US? Banks (and PayPal) charge high service fees and exchange rates, making them a poor choice for most. Zelle isn't the only app to avoid foreign exchange for this reason: VenmoandSquare Cash do the same. The service provider has made it possible for someone abroad to make a direct deposit to Kenya through several banks, which include Barclays, Citibank, UBA Kenya, Diamond Trust, Standard Charter, Bank of Africa etc. More and more people are actually starting to use it, and everyone knows about the services. Indeed, despite being relatively new and relatively small, the sheer volume of transactions on Wave makes up 3 percent of Senegals GDP, according to Wave. Their partnership made it easier for its user to receive and send money from both platforms. Once you have your Skrill account after following the registration process, you have to create a mobile wallet by: After finishing this process, you can begin transferring your monies from M-pesa to Skrill using the method below: PayPal is a widely used means of money transfer. Mpesa transaction charges change gradually, depending on the market. The action you just performed triggered the security solution. Monito is trusted by 15+ million users across the globe. And yet, a decade after it first took off, it remains in many places underutilized. The fact that I dont need to carry cash and that the money is tied to my phone number (which hasnt and probably wont change) makes sending and receiving money very easy. Unlike, say, Venmo, Kenyans can use M-Pesa to receive their monthly government-issued pension payment. This was expected after Treasury CS Henry Rotich revealed that customers would now be charged twelve percent up from ten percent of every cost of money transfer, during 2018 budget reading. Cheapest destinations: Latin America, Africa. Welcome to the world of mobile money banking. A few minutes later, she meets a man with a cellphone and receives cash from him the withdrawal that she made on her phone. Mobile money apps dont require a brick-and-mortar bank, but they otherwise end up functioning a lot like a bank account and debit card would for an American meaning your average person in Kenya with such an account now has access to most of the same financial services a person in the US does. The team at Kopo Kopo is the most experienced I know of but I haven't heard of the specific service you're looking for. A 2016 paper by Ggombe Kasim Munyegera and Tomoya Matsumoto looked at households in rural Uganda and found a significant uptick in household consumption among households that had access to mobile money. Are you outside Kenya and want to send money to a person in Kenya via M-pesa? Itll be interesting to see how willing Safaricom is to support that, though I suspect the stake that the Kenyan government owns may compel it to play somewhat of a supporting role as well! That sort of work isnt flashy, but it lays the groundwork for a world where everyone can save, send, and spend money from their phones and that, the evidence suggests, can make a really big difference. Would love to hear about it if you figure it out. The mobile money alternatives in Nigeria are quite cheap, unlike those in Kenya. Verify your phone number and email address Add and verify your bank account You can also sign up for Venmo from your computer here. i want to transfer the money within my app by using lipisha web services at the backend but i haven't seen debitcard payment in lipisha rest api sdk. We cant rely on ads alone to do that. This innovative service is brought to you by Vodafone M-Pesa SA. No, Zelle is available only in the US. But no two countries are the same, and convincing an entire society to adopt a new way of doing financial transactions isnt an easy thing. Affiliate DisclosureInstead of banner ads and paywalls, Monito makes money through affiliate links to the various payment service providers featured on our website. You want your transfer to go through smoothly, with low fees, a fair exchange rate and a fast delivery time. When sending money internationally with your bank, your funds will go over SWIFT, meaning third-party banks (called correspondent banks) can potentially charge additional fees (called correspondent bank fees) that can further reduce the amount that arrives in your beneficiary's account. The step follows closely by a cash payment, to your recipients number. Agents function like an ATM: You go up to them and give them cash to get money deposited in your mobile money account, or transfer money out of your account to get cash. The second (and generally the far worse) alternative to using Zelle for international transfers is to use your bank or PayPal. While the banking community initially argued against the legality of M-Pesa due to regulatory issues, the Central Bank of Kenya ultimately ruled in favor of Safaricom. Companies such as Zain Telecom have launched competing services, but are failing to keep up. Not the answer you're looking for? While you can use the app in Pakistan if you're from the US and visiting the country, you cannot use it to send money from the US to Pakistan. Their sole money-making avenue is through the foreign exchange rates. In Senegal, for example, only 8 percent of the population has a bank account. By 2012, it had 15 million and more than 30,000 agents. After Kenyas success, many people expected that the same rapid uptake and gains in quality of life could be accomplished everywhere. Each offers M-Pesa payouts in Kenya and supports transfers from dozens of countries around the globe, including from the USA. RD.com, via help.venmo.com. 17 Sponsored by Forever Stamps Store Limited time offer: 56% off on Forever stamps. In fiscal year 2014, Safaricom sold roughly 38% of its total airtime through M-Pesa. These monies can be sent to Kenya, Ghana, Nigeria, and Uganda. By clicking Post Your Answer, you agree to our terms of service, privacy policy and cookie policy. While you can use the app in Australia if you're from the US and visiting the country, you cannot use it to send money from the US to Australia. To learn more, see our tips on writing great answers. Theres a lot of interest [charged by banks for loans]. Use MoneyGram 06. PTAs typically need to collect more than just payments (such as T-shirt size, contact information, etc.). Today, Monitos award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests all allowing you to make the savviest decisions with confidence. Why is Noether's theorem not guaranteed by calculus? The best way to send money from the USA to Kenya via M-Pesa is to choose a digital money transfer platform. [10] Groupe Spcial Mobile Association, 2015 State of the Industry Report: Mobile Money, (2015), accessed November 2016. We recommend using Monito.com to compare money transfer providers and find the best alternative for your needs in real-time. Venmo began as an app that allows you to pay and request money from friends, and while it's still the simplest and most popular way to split cab fare, Venmo has grown into a financial platform . [A] Consultative Group to Assist the Poor, M-Pesa Mobile Money, (July 2010), accessed November 2016, https://www.youtube.com/watch?v=ewJ-lpvWDEU. The Success of M-Pesa and Value Creation for Users, M-Pesa became the first mobile money transfer service in Kenya, and the lack of competition has led to rapid consumer adoption. In countries where almost no one has a bank account or a bank branch, agents represent a huge step forward in the availability of cash when you need it and a safe place to deposit it when you dont. Since Vox launched in 2014, our audience has supported our mission in so many meaningful ways. Send Money via Safaricom App You'll get a chance to review your transaction before it's processed. Kenya was full of airtime distributors small-business owners who would sell people prepaid airtime. But theres plenty of room for mobile money to gain ground among Kenyas neighbors, many of which still have a huge population with no access to mobile money or conventional banking. M-Pesa is a virtual banking system that provides transaction services through a SIM card. https://vc4a.com/blog/2014/01/15/m-pesa-and-beyond-why-mobile-money-worked-in-kenya-and-struggles-in-other-markets/. No, Zelle does not work in South Africa. In 2007, just prior to the launch of the mobile payment service M-Pesa, less than 20% of Kenyans had access to any type of formal financial service. Cheapest: On 15% of Monito searches for transfers from the US to foreign bank accounts. The main alternative was carrying cash, which left you vulnerable to theft. Moreover, this only applies to the mainland US, as Zelle is unavailable in US territories, including the US Virgin Islands, Puerto Rico, American Samoa, Guam, and the Northern Mariana Islands. Use your bank 08. Great read Kevin! These transactions are conducted at a small fee, making M-pesa one of the cheapest ways to send money to Kenya. While this technology is inclusive, charging a 2% fee on sending money in a country where the average GDP per capita is ~$1,300, compared to ~$55,800 in the United States as per data from the world bank (http://data.worldbank.org/indicator/NY.GDP.PCAP.CD), it feels unfair. In a nutshell, Zelle international transfers aren't possible because foreign exchange is a hugely complex market, with many rules, regulations, and industry standards that companies are obligated to follow. The world's oldest online money transfer company, XE Money Transfer is widely-known in the world of currency exchange. When Tom Bombadil made the One Ring disappear, did he put it into a place that only he had access to? Second, theres the idea that the most promising 21st-century technologies are ones that meet users where they are: on their phones, which nearly every American has. Countless teachers have told us about how theyre using our work in their classroom. Research suggests that the fast spread of these mobile money systems led to significant economic growth in the areas affected. With a simple SMS text, those who traditionally lacked access to financial institutions can now easily send and receive money. In fiscal year 2016, M-Pesa accounted for 21% of the companys total revenue. It is wise to bring with you your I.D card for ease of identification and authentication. In Kenya, which has led the world in the expansion of these services and where 96 percent of households have a mobile money account, you can find an agent almost anywhere. In Kenya and some neighboring countries, its overwhelmingly common for people working in the city to send much of their salary back to support their rural family, which is a huge driver of mobile money adoption and not necessarily common everywhere. Kenyan people have good reception of technological advancements. Begin by finding a suitable MoneyGram close to you. It can also be sent to a bank account, where you will be able to access it instantly or after three working days. The regulation has lagged this sort of innovation with regulators trying not to impede on progress. Our recommendations are always unbiased and independent. M-Pesa is a mobile financial service that allows you transfer and withdraw money, pay bills as well as buy airtime (vouchers), Credelec, Jackpot and pay different services, such from your mobile phone. In Kenya, Tanzania, and Romania, MoneyGram provides M-pesa services. If you live in the USA but keep a bank account in Kenya, it's sometimes possible to convert foreign currency to shillings and deposit it into somebody's M-Pesa account. Open the Venmo app. Global Impact Finance LtdRue du Pont 221003 LausanneSwitzerland. While you can use the app in the Dominican Republic if you're from the US and visiting the country, you cannot use it to send money from the US to the Dominican Republic. It makes saving attainable, reduces their risk of being victims of crime, lets them take risks and move around for work while sending money home, and can be a key element of a households rise out of poverty. A former journalist, he strives to bring complex information to life in a way that can be widely understood and appreciated. No, Zelle does not work in Puerto Rico. In a lot of ways, you can think of the apps that are widely used for mobile transactions in some African countries as equivalent to a send-your-friends-money app like Venmo. 2. Use Remitly 02. Another indicator of their technical prowess is in the number of financial services available in the Kenyan market, all of which offer services at a cheaper rate. (What's more, the money typically arrives in Kenya in only a few minutes!). For decades, Suri and Jack point out, the global development community has dedicated lots of effort and energy to programs like microfinance, which are meant to give poor people access to sophisticated financial instruments like long-term business loans. Thats the reason mobile money didnt take off in Niger, according to a 2020 paper. Now, more than ever, PTAs are looking to take paymentsincluding membership renewals and fundraisersvirtual. Essentials About How to Use Cash App Without an SSN, Complete List of PayPal Fees and Rates Updated For 2023, How to Transfer From Xoom to GCash (Plus Cheap Alternative), Remitly as a Zelle international alternative, Wise as a Zelle international alternative, WorldRemit as a Zelle international alternative, Banks or PayPal as Zelle international alternatives. Youre probably all too familiar with the often outrageous cost of sending money abroad. (Pesa is Swahili for money; the M stands for mobile.). 1. Get started by choosing M-pesa. While you can use the app in Europe if you're from the US and visiting the country, you cannot use it to send money from the US to Europe. Yes, you can send money from the USA to Kenya via M-Pesa. In communities where basic needs like these were going unmet, M-Pesa took off. One of the most popular and widely-used money transfer services out there, London-basedWisehas built a solid reputation on fast, affordable bank transfers over its user-friendly web and mobile platforms. FWIW, as I understand it multi-country MPesa connectivity can only happen by working with VAS providers country by country. What screws can be used with Aluminum windows? And lots of other factors vary, too. The Kenyan government has been boasting and heavily pushing the idea of a Silicon Savannah around Nairobi, to tap into and build the countrys start-up and technology ecosystem. Essentially, in Nigeria, only banks are allowed to offer mobile money services. Looking to buy BTC? Tags: Cash App and Venmo drool M-Pesa rules Quest Means Business. While poor families ordinarily experience consumption shocks having to go without basic needs when their income falls poor families with access to mobile money have more stability. M-Pesa works similar to Venmo or PayPal except you don't need a smartphone or a bank account. . In other words, people were using it as a substitute for critical financial institutions they didnt have access to: In these instances, an overnight safe, low-friction and low-fee transfers of money, saving money for later, and avoiding a long trip with cash. The Success of M-Pesa and Value Creation for Users. To make sure its really you, well send you a code via text message. Will you help us keep Vox free for the next nine years by making a gift today? Kenya is somewhat unique. Connect and share knowledge within a single location that is structured and easy to search. But from 2008 to 2010, some of the households the researchers surveyed had several M-Pesa agents within walking distance and some did not, mostly by random chance. Select your bank account, then tap the green Transfer button. It was safer than carrying cash around, and more convenient than a bank because airtime vendors were ubiquitous. How small stars help with planet formation, New external SSD acting up, no eject option. Input your information and those of your recipient. If you are in these countries, you can send your payment online, following a simple procedure is shown below, and the good news is that M-pesa charges for sending money are relatively low with this process. Cheapest destinations:North America, Europe, Asia-Pacific. In the US, its much rarer to be wholly unbanked. For billions of people around the world, however, having alternatives to carrying all your wealth in cash is new. Ultimately, the best digital provider for you will depend on factors such as 1) which country you're sending to, 2) how much you're sending, and 3) how your recipient will receive their funds. Source: Quest Means Business. You have to create an account with Payoneer for you to be eligible to send or receive money. More info:See our Remitly review, or visit their website. M-Pesa is an easy, simples, fast, affordable and safe way of moving . We go through each option in more detail below: Remitly is a US-based remittance platform that's usually the fastest and cheapest way to send money to Kenya. It was a combination of the right technology, at the right time, rolled out in the right way, with the right decisions from the Kenyan government to allow the system without applying onerous regulations or high government fees on every transaction. Once you find one, provide your recipient's mobile number, with international codes, i.e., Kenya, Tanzania, Romania, and Zimbabwe. One can send money across the world, even to Kenya. After facing this frustration themselves back in 2013, co-founders Franois, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Click the Wallet tab, then Transfer Money. While this seems low at first, if nearly everything is transacted using M-Pesa, somebody (either the consumer or the vendor) is losing that 2% to Safaricom. Search for or tap on the name of your first recipient. We wont bug you too much because thats more work for all of us. Be the first to get hottest news from our Editor-in-Chief, Check your email and confirm your subscription. A former journalist, he strives to bring complex information to life in a way that can be widely understood and appreciated. We would like to show you a description here but the site won't allow us. You are already subscribed to our newsletter! i didn't find any api regarding this process. Only some kinds of business require rapid cross-country money transfer, only some countries have huge cash availability problems.. Its a common conversation, and for good reason. Is there a way to use any communication without a CPU? (What's more, the money typically arrives in Kenya in only a few minutes!). If you're looking to transfer money, here are some of the most convenient ways to do it. Do any online payment providers allow payment to alipay accounts or Chinese bank accounts from outside of China? To find out how much it will cost you to send money to M-pesa via Moneygram, estimate the fees on Moneygram's site. Although legacy platforms are usually more expensive than online platforms, they usually still offer decent exchange rates, and the cheaper option will depend on how much you're sending and the country you're sending to Kenya from. Average cost from the US to Kenya: Approx. [1] International Finance Corporation, M-Money Channel Distribution Case Kenya: Safaricom M-Pesa, (2010), accessed November 2016. Instant transactions will be charged a 1.5% fee. Nonetheless, most people still grapple with the technology, not knowing the right procedure involved in sending money to a loved one from abroad, or a beneficiary. The way we thought about this was wed had no idea mobile money could do this, and it did it in these places, so it can do it everywhere, right? But its not that simple. Mobile money isnt the one easy fix to global poverty theres no such thing but it is an extraordinarily simple tool that works remarkably well. SimbaPay is a secure way of sending money from the European nations, like Spain, Italy, Germany, UK, France. Mobile money, on the other hand? The transfer process from PayPal to M-pesa in Kenya is quite simple and is as follows: MoneyGram offers mobile wallet service that allows its users to send money to various mobile wallets. Yes, you can send money to Kenya from Nigeria through M-Pesa. There is a good process for locking your account if you lose the device on . No, Zelle does not work in the UK. While you can use the app in Nigeria if you're from the US and visiting the country, you cannot use it to send money from the US to Nigeria. Better still, there's no monthly or annual fee, although credit cards do attract a 3% fee if you don't have anything else to hand.. Will you help us keep Vox free for the next nine years by making a gift today. Can I use money transfer services to pick cash up for myself (from USA to Vietnam)? Instead, she takes out her phone and texts a password and a request for money. Use WorldRemit 03. We recommend using Monito.com to compare alternatives instead. When you want to send money to Kenya via Mpesa, it is advisable to be familiar with the Mpesa transfer charges and the Mpesa tariffs, so that you can make informed decisions. But the breakthrough was the extraordinary early success of Kenyas M-Pesa, which actually predates apps like Venmo. Often the cheapest of the legacy operators for transfers to Kenya, Small World is another well-known alternative for sending money, and it supports transfers from the USA to M-Pesa as well as other mobile wallets. In Kenya, the money can be sent directly to a mobile wallet, like M-pesa, and accessed instantly. For example, Equity Bank offers this service to residents in some countries abroad, including in America. Take payments with most major credit cards, PayPal, and Square. And in the three years since we launched the Vox Contributions program, tens of thousands of people have chipped in to help keep our unique work free. This means you'll need to find alternatives. The Nigerian regulators believe its a banking service. Users in Kenya were purchasing and reselling airtime phone data, or minutes transferring it to relatives, and in some cases effectively using it as a savings account by putting most of their wealth into airtime they could resell later. While you can use Zelle if you're outside the US and already have the app, you cannot use Zelle to transfer money internationally. [4] Safaricom, Get Started with M-Pesa, accessed November 2016, http://www.safaricom.co.ke/personal/m-pesa/get-started-with-m-pesa. Our recommendations are always unbiased and independent. Go to the You tab and tap Transfer balance. Is the amplitude of a wave affected by the Doppler effect? World Remit allows you to make payments using debit and credit card, or even your bank account. [6]. M-Pesa, Kenya's largest mobile-money transfer service, made headlines last month when it struck a deal with Western Union to launch M-Pesa Global. However, while some links on Monito may indeed earn us a commission, this fact never impacts the independence and integrity of our opinions, recommendations, and evaluations. We're aiming to add 1,500 financial contributors this month to help keep Vox free for all. Researchers found similar effects in other countries. For example, our research revealed that sending $1,000 from the US to a Eurozone country withWells Fargowould cost$30 in service feesand$50 in exchange rate margin fees. Can dialogue be put in the same paragraph as action text? No, Zelle does not work in India. I understand that the system is easy to use, especially with such widespread mobile phone access, but 2% on all transactions can add up. And yet, over 10 years later, most Africans still lack access to affordable ways to save, transfer or borrow the money they need to build businesses or provide for their families, Waves splash page points out. First, theres the conclusion of the many studies of M-Pesa: When people dont have access to banking, getting them that access helps lift them out of poverty. Safaricoms overall revenue per user for voice, message, and data services has increased over time as a result of M-Pesa. One can deposit or withdraw money into Skrill, at an affordable rate. WorldRemit is a UK-based online remittance provider that offers another excellent way to send money from the USA to someone's M-Pesa account in Kenya. It often offers the best way to transfer money internationally regarding the number of foreign currencies and countries it covers. Conclusion for "Can You Use Venmo in Kenya" Venom despite its great service is not available in Kenya. One such company is Wave, a sleeker low-fee mobile money app. But if credit cards (or maybe debit cards?) i) i'm storing the debit card details for the futrue payments and then transfering the funds to mpesa paybill account. You can learn more about the high costs of using your bank to send money abroad in our dedicated explainer. Its fast, and affordable for everyone with the need to get their money across the world. And given PayPal's similarly high exchange rate margins, the story isn't very different with them either. [5] T.S., Why Does Kenya Lead the World in Mobile Money? The Economist, (May 2013), accessed November 2016, http://www.economist.com/blogs/economist-explains/2013/05/economist-explains-18. Cheapest:On 15% of Monito searches for transfers from the US to foreign bank accounts. [3] To address this lack of financial inclusion, Safaricom (a subsidiary of Vodafone and the largest mobile network operator in Kenya) launched the revolutionary mobile payment systemM-Pesa. Being a mobile platform, be assured that the recipient will receive the cash instantly. With cellphones in widespread use, getting everyone access to banking is within reach. You'll then be able to enter your recipient's mobile number and name and then make a bank or card transfer from your local currency to their M-Pesa account in Kenyan shillings at excellent exchange rates. However, sending money from the USA to somebody's M-Pesa wallet in Kenya is still possible. Maybe thats the right approach or maybe its still thinking too small. 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