NCBA Bank Kenya To M-Pesa Withdrawal Charges For 2023: A Comprehensive Guide for Mpesa And Airtel Money Wallets
Learn about the new transaction charges between NCBA and mobile money wallets starting January 2023
As we embrace the digital age, the convenience of mobile banking is undeniable. Mobile money wallets such as M-Pesa and Airtel Money have revolutionized financial transactions. One banking institution bridging the gap between traditional banking and mobile money platforms is NCBA. They provide an easy-to-use platform to move money between your NCBA account and mobile wallet. But how much does it cost? Let's delve into the details.
Transaction Charges for NCBA to Mobile Wallets
Starting January 1, 2023, a significant change occurred: banks began charging for transactions between your bank account and mobile money wallet. The opposite is also true. When moving money from your mobile money wallet to your bank account, you will incur charges as well. So, what is the NCBA to mobile money charges?
Breakdown of Charges
The charges differ based on the amount you're transferring and the specific mobile money platform you're using. For instance, transferring KES 501 to KES 1,000 from your NCBA account to your M-Pesa account is KES 12, while the same transfer to an Airtel Money account costs KES 18.
| AMOUNT TRANSACTED | BANK TO M-PESA CHARGES | BANK TO AIRTEL MONEY CHARGES |
|---|---|---|
| 1 – 100 | 0 | 0 |
| 101 – 500 | 10 | 11 |
| 501 – 1,000 | 12 | 18 |
| 1,001 – 1,500 | 14 | 20 |
| 1,501 – 2,500 | 23 | 25 |
| 2,501 – 3,500 | 33 | 35 |
| 3,501 – 5,000 | 43 | 45 |
| 5,001 – 7,500 | 55 | 55 |
| 7,501 – 20,000 | 65 | 65 |
| 20,000 – 150,000 | 67 | 65 |
Step-by-Step Guide to Transferring Money from NCBA to MPESA
Transferring money from your NCBA Loop account to your MPESA account is simple. Here is a step-by-step guide to help you navigate the process:
- Open the NCBA Loop mobile app on your phone.
- Sign in to your Loop account.
- Tap on 'Payments' and then the 'Lock' icon.
- Input your pin and select 'My Account.'
- Choose 'Send Money' once you click 'Payment.'
- Choose 'To Mobile.'
- Tap MPESA and follow the subsequent steps to complete the transfer.
READ ALSO: Co-Operative Bank to M-Pesa 2023: A Guide to Withdrawal Charges
Conclusion
In conclusion, the convenience of transferring money between your NCBA account and your mobile money wallet comes at a cost. While these charges may influence how Kenyans use cashless methods, the convenience and safety of mobile money platforms must be considered.
FAQs
How much does transferring money from NCBA to M-Pesa or Airtel Money cost? (H3)
The charges depend on the amount being transferred and the mobile money platform. The specific costs are outlined in the table above.
Does NCBA charge for transfers to mobile wallets?
Starting January 1, 2023, NCBA introduced transfer charges between your NCBA account and your mobile wallet.
What is the purpose of these charges?
The charges were introduced to encourage the adoption of cashless transactions.
How do I transfer money from my NCBA Loop account to my MPESA account?
To transfer money from your NCBA Loop account to your MPESA account, follow these steps:
- Open the NCBA Loop mobile app.
- Sign in to your Loop account.
- Tap on 'Payments' and then the 'Lock' icon.
- Input your pin and select 'My Account.'
- Choose 'Send Money' after clicking 'Payment.'
- Choose 'To Mobile.'
- Finally, tap on MPESA and follow the steps to complete the transfer.
What is the maximum amount I can transfer from my NCBA account to my mobile wallet?
You can transfer up to KES 150,000 from your NCBA account to your mobile wallet. However, remember that charges apply and will vary based on your transfer amount.
Can I reverse a transaction if I make a mistake?
Yes, it's possible to reverse a transaction. However, you must contact NCBA customer service immediately to initiate the process. Please note that reversal is not guaranteed and will depend on several factors, including whether the intended recipient has already received the funds.
Disclaimer !!!
The information provided in this article is for educational purposes only. It aims to clearly understand the transaction charges associated with moving money from your NCBA account to your mobile money wallet. While every effort has been made to ensure accuracy, always confirm the current costs and procedures with your bank before making any transactions. The author and publisher shall not be held responsible for any damages resulting from actions taken based on the information provided here.
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