Make Payments and Receive Payments in KES - Kenyan Shilling
Pay in Kenyan Shillings (KES)
Mondial Change allows you to make international payments in KES (Kenyan Shilling) with ease. Manage your Kenyan Shilling beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply any exchange commission on your KES operations (a spread is applied to the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your customer rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in KES (Kenyan Shilling)
Mondial Change allows you to receive payments in Kenyan Shilling (KES). Payments in KES are received in a pool account held by one of our partners. This KES account is made available to you free of charge. It allows you to receive KES payments from your clients or subsidiaries. Once the funds are received in the pool account, they are reconciled in our partner's books and credited to your Kenyan Shilling (KES) balance. These funds can be reused to make payments in KES or converted into EUR or any other currency of your choice and repatriated to your bank account.
Do you want to hedge your exchange risk on the Kenyan Shilling (KES)? Check our dedicated page for KES currency hedging.
Mondial Change Answers All Your Questions About Payments in Kenyan Shillings (KES)
What is the timeframe for a KES payment to be credited to the beneficiary's account?
It generally takes between 1 and 2 business days for a Kenyan Shilling transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if KES payments are credited beyond 2 business days to the beneficiary's account.
What are the fees for a payment in Kenyan Shilling (KES)?
The fees applied to Kenyan Shilling (KES) transfers generally range from 0 to 10 euros depending on the agreement with the Mondial Change trading room. The rate primarily depends on your annual KES exchange volume and the number of Kenyan Shilling payments made during the year.
Are there minimum or maximum amounts for payments in Kenyan Shilling (KES)?
Mondial Change and its partners verify that your Kenyan Shilling flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If there are restrictions on transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Kenyan Shilling (KES)?
For KES payments via the SWIFT network, you need to provide the following information:
• Full name of the beneficiary
• SWIFT/BIC code
• Account number
Is it possible to modify a payment in Kenyan Shilling (KES) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Kenyan Shilling (KES) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment was not executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
Is the Kenyan Shilling (KES) account provided to you a bank account, and is it nominative?
The Kenyan Shilling (KES) account for which we provide you with the details is a bank account opened in the name of one of our partners. It is a pool account where all KES transfers are received. The reconciliation of funds on your KES balance is generally done with your client account reference. You have a guarantee of segregation of your funds in our partners' books.
Is it possible to keep Kenyan Shillings (KES) on the KES account provided to you?
You can use this Kenyan Shilling (KES) account to receive Kenyan Shillings. The currencies will then be credited to your KES balance opened in our partner's books. The funds can then be reused to make payments in Kenyan Shilling or converted into other currencies.
What are the holidays when payments in Kenyan Shilling (KES) cannot be executed?
January 1st: New Year’s Day
Variable Date: Good Friday
Variable Date: Easter Monday
May 1st: Labour Day
June 1st: Madaraka Day (Self-Governance Day)
October 10th: Utamaduni Day (Culture Day)
October 20th: Mashujaa Day (Heroes' Day)
December 12th: Jamhuri Day (Independence Day)
Variable Date: Eid al-Fitr (Idd-ul-Fitr)
Variable Date: Eid al-Adha (Idd-ul-Azha)
December 25th: Christmas Day
December 26th: Boxing Day
History of the Kenyan Shilling
The Kenyan Shilling has been the official currency of Kenya since its independence in 1966. It is represented by the code KES and is divided into 100 cents. The Kenyan Shilling derives its name from the former currency unit used in East Africa during the colonial era. It is issued and regulated by the Central Bank of Kenya, which is responsible for the country's monetary policy.
Monetary Policy of the Kenyan Shilling
The monetary policy of the Kenyan Shilling is primarily focused on price stability and promoting economic growth. The Central Bank of Kenya implements various tools to achieve these objectives. It uses interest rates, foreign exchange reserves, and open market operations to influence the supply and demand of money in the economy. The ultimate goal is to maintain low and stable inflation, thereby fostering investor confidence and sustainable growth.
Characteristics of the Kenyan Shilling
The Kenyan Shilling has certain characteristics that distinguish it from other currencies. Firstly, it is considered a relatively stable currency in the African region. Despite some fluctuations, the exchange rate of the Kenyan Shilling has generally been supported by prudent monetary policy and effective management of foreign exchange reserves. Moreover, the Kenyan Shilling is widely accepted throughout the country and is used for daily transactions, both for goods and services. Finally, the mobile payment system M-Pesa has played a significant role in popularizing the Kenyan Shilling by providing a convenient solution for money transfers and electronic payments, thus contributing to economic growth and financial inclusion in Kenya.