2024 Fees Unveiled: Standard Chartered Bank Kenya to M-Pesa Withdrawal Charges

Explore the latest Standard Chartered Bank Kenya to M-Pesa withdrawal charges for 2024. Learn fees, processes, and tips for efficient banking

Dec 21, 2023 - 11:10
Dec 21, 2023 - 11:11
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2024 Fees Unveiled: Standard Chartered Bank Kenya to M-Pesa Withdrawal Charges
Explore the latest Standard Chartered Bank Kenya to M-Pesa withdrawal charges for 2024. Learn fees, processes, and tips for efficient banking

Have you ever needed to transfer money from your Standard Chartered Bank account to M-Pesa and wondered about the charges? In 2024, staying updated on these fees is crucial for efficient financial planning. As one of the leading banks in Kenya, Standard Chartered offers a range of services, including seamless transfers to M-Pesa, a popular mobile money platform. In this blog post, we'll dive into the latest Standard Chartered Bank Kenya to M-Pesa withdrawal charges for 2024. Whether you're a long-time customer or new to mobile banking, this guide will help you navigate these charges with ease.

Understanding the Withdrawal Charges

Overview of Standard Chartered Bank Kenya

Standard Chartered Bank, a notable name in Kenya's banking sector, boasts a rich history dating back to 1910. As a subsidiary of the global Standard Chartered PLC, it stands out as the first international bank to set foot in Kenya, introducing innovations like ATMs. Today, it's not just about traditional banking; their mobile banking services have transformed how Kenyans manage their finances, offering convenience and accessibility.

Standard Chartered to M-Pesa Charges in 2024

In 2024, Standard Chartered updated its M-Pesa withdrawal charges. Here's a detailed look:

Amount to withdraw from Standard Chartered Mpesa charges 2024
Ksh1 – Ksh1,000 Ksh40
Ksh1,001 – Ksh5,000 Ksh55
Ksh5,001 – Ksh10,000 Ksh60
Ksh10,001 – Ksh20,000 Ksh65
Ksh20,001 – Ksh35,000 Ksh70
Ksh35,001+ Ksh75

Additional Charges and Considerations

Remember, the charges mentioned don't include taxes and other government levies. When budgeting, consider these additional costs. It's also noteworthy that similar rates apply to other mobile money platforms like Airtel Money and T-Kash, offering flexibility in your mobile transactions

The Withdrawal Process and Tips

How to Withdraw Money to M-Pesa

Withdrawing money from your Standard Chartered account to M-Pesa is straightforward, whether using the Standard Chartered Mobile Banking app or the USSD code *722#. Here's how you can do it:

Using the Mobile App:

    • Log into the app.
    • Navigate to 'Payments' and select 'Pay to Saved Biller' or 'One Time Bill Payment'.
    • Choose 'Mobile Money', select 'Mpesa', and enter the recipient's mobile number.
    • Select your account, enter the amount, and confirm the details.
    • A one-time password (OTP) sent via SMS will finalize the transaction.

Using USSD Code *722#:

    • Dial *722# from your registered Safaricom number.
    • Select 'Transfer Money Services' and then 'Withdraw from Bank'.
    • Follow the prompts to choose your account and enter the amount.
    • Input your Mobile Banking PIN to authorize the transaction.

Tips for Efficient and Safe Withdrawals

To ensure your transactions are both efficient and secure, consider the following tips:

  • Check Balances Regularly: Always verify you have enough funds before initiating a transfer.
  • Secure Your PIN: Never share your banking PIN with anyone.
  • Monitor Transaction Alerts: Keep an eye on SMS alerts for any unauthorized transactions.
  • Plan Your Transactions: To save on cumulative charges, plan your withdrawals and transfers strategically.

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FAQs

1. What are the current Standard Chartered to M-Pesa withdrawal charges?

  • Charges range from Ksh0 for transactions between Ksh1 - Ksh100, to Ksh70 for transactions between Ksh20001 - Ksh150000.

2. How can I withdraw money from Standard Chartered to M-Pesa?

  • You can withdraw via the Standard Chartered Mobile Banking app or by dialling the USSD code *722#.

3. Are there any additional charges for withdrawing money to M-Pesa?

  • Yes, the listed charges do not include taxes and other government levies.

Conclusion

In 2024, understanding the nuances of Standard Chartered Bank Kenya to M-Pesa withdrawal charges is key for anyone utilizing mobile banking services. From small to large transactions, it's essential to stay informed about the fees and the withdrawal process. By following the steps and tips outlined, you can ensure a smooth and secure banking experience. Remember, with the ever-evolving financial landscape, keeping abreast of these changes is vital for effective financial management

Joseph Richard Joseph Richard, a leading contributor to sledge.co.ke, uses his decade-long expertise in finance, business, and technology to offer clear, reliable guides and analyses. His work aids Kenyans in making informed financial and business decisions, earning him a reputation as a trusted industry authority.