How to Use Pesalink Money Transfer Service
PesaLink Realtime Interbank Money Transfer Service
Pesalink money transfer service allows you to transfer funds from your bank account to another bank account in Kenya in seconds. Unlike RTGS ,Swift transfer or cheques, the funds are credited to your account instantly. PesaLink website states this can be within 45 seconds. The Interbank transfer allows transactions from as low as KES 10 to KES 1 million almost instantly from your Phone, ATM or at your bank.
PesaLink System is the brain child of Kenya Bankers Associations and is offered in all Kenyan banks affiliated to the Kenya Bankers Associations. PesaLink is managed and operated by KBA’s wholly owned subsidiary – Integrated Payments Service Limited (IPSL) – and was envisaged to in the first instance interconnect all banks in Kenya, and ultimately MFI’s, Saccos and other switches and MNOs as well.
Pesalink is faster than SWIFT or RTGS and costs way less. An RTGS costs KES 500 with most banks in Kenya while PesaLink transactions at Cooperative for say KES 999,9000 is KES 152. No brainer.
Below is a comparison of Pesalink charges and MPESA charges.
MPESA CHARGES (For ease of comparison we are using the max amount at any range)
0 – 500 Charge 15
501 – 10,000 Charge 85
10,001 -50,000 Charge 110
50,001 – 70,000 Charge 110
Mpesa allows transactions in maximum units of KES 70000. And a maximum of KES 140000 per day. So with PesaLink you can easily send KES 999,999 within a second securely and fast. You do not need to look for an MPESA agent etc.
PesaLink is available 24/7 including weekends and public holidays. You have access to your money can move it securely to other bank accounts in 45 seconds.
How do you sign up on Pesalink?
- Go to your bank’s nearest branch and request to sign up for PesaLink Interbank money transfer service.
- Alternatively check your bank’s USSD service. For Cooperative bank simply dial *667# and select PesaLink.
- Also you can activate this service at your Banks ATM. Make sure your bank is participating on the PesaLink Interbank money transfer service.
Disadvantages on PesaLink
PesaLink is in the current set up suitable for individuals…as most business accounts need multiple signatories per transaction. You need a debt card or access to your banks mobile platform (USSD) code to transact.